AIA Life Launches '(Non)Guaranteed to Care: Advance Payment Whole Life Insurance'

Up to 10% Premium Discount Offered When Enrolling in Vitality Integrated Plan
100% Advance Payment of Insurance Amount Upon Diagnosis of Critical Illness or Major Surgery

[Asia Economy Reporter Ki Ha-young] AIA Life announced on the 6th that it launched the '(Non) From Coverage to Care Advance Payment Whole Life Insurance' on the 1st, which allows customers to prepare all at once from disease prevention, risk coverage, to post-management.

This product is a Vitality-integrated type, and when subscribed, it applies AIA Vitality, AIA Life's health habit formation program, to motivate customers to manage their health proactively for disease prevention. By making health management efforts through the AIA Vitality app, customers receive rewards worth 3,000 to 4,000 KRW, such as weekly discounts on communication fees and coffee coupons, for five years from the contract date. Additionally, depending on the Vitality grade determined by the customer's health management, a system is applied that offers up to a 10% discount on premiums throughout the entire payment period.

The (Non) From Coverage to Care Advance Payment Whole Life Insurance is a whole life insurance that provides death coverage, but if the insured is diagnosed with a major disease specified in the policy or undergoes a critical surgery, it pays 100% of the insured amount (50% if within two years from the contract date) once for the first time after the coverage start date as a 'Lifetime Care Insurance Benefit,' allowing coverage of disease risks while alive. If no advance payment reason occurs during the insurance period (whole life), the death benefit guarantees 105% of the insured amount. After receiving the Lifetime Care Insurance Benefit due to an advance payment reason, the coverage is the 105% of the insured amount minus the already paid Lifetime Care Insurance Benefit.

It also guarantees a high subscription limit and offers optional riders with broad coverage items. In particular, besides the whole life death coverage provided by the main contract, an additional whole life rider with death coverage can be added. This whole life rider is a non-surrender value rider during the payment period (after the payment period, it is the same as the surrender value rider), allowing subscription at a lower premium compared to the surrender value rider. The subscription limit is 700 million KRW, and combined with the main contract limit of 300 million KRW, customers can subscribe up to a maximum of 1 billion KRW.

This product broadly covers 21 diseases through various riders. Especially, the critical illness rider covers five severe diseases: multiple sclerosis, severe aplastic anemia, Lou Gehrig's disease, severe lupus nephritis, and severe bacterial meningitis.

If the insured is diagnosed with a major disease, undergoes critical surgery triggering the Lifetime Care Insurance Benefit, or suffers a disability of 50% or more, all remaining payments including riders are waived for the remaining period, reducing the customer's burden. For contracts with a combined subscription amount of 50 million KRW or more for the main advance payment whole life insurance contract and whole life rider, AIA Healthcare Service provides real-time health consultations with medical specialists, large hospital appointment scheduling after disease diagnosis, and caregiver support services to assist rapid treatment and recovery.

The (Non) From Coverage to Care Advance Payment Whole Life Insurance can be subscribed from age 15 up to a maximum of 60 years, depending on the payment period.

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