Hanwha Life Insurance Launches 'Cham Pyeonhan Kidari Term Insurance' Providing Living Expenses to Bereaved Families

Focused Support on Family Living Expenses Including Payment of Living Allowance to Bereaved Families Upon Head of Household's Death

[Asia Economy Reporter Oh Hyung-gil] Hanwha General Insurance announced that it will launch and start selling the new “Cham Pyeonhan Kidari Term Insurance” from the 10th, which provides not only death benefits but also living expenses for surviving family members to secure their uncertain future in the event of the breadwinner’s death.

This product, which is structured with accidental death as the basic coverage, includes a lump-sum insurance payout upon the breadwinner’s death or severe disability, as well as monthly living expenses payments. It is characterized by being composed only of essential coverages to ensure the surviving family can live stably.

Type 1 is a simplified notification type designed for the convenience of mild pre-existing condition patients, while Types 2 and 3 are general notification products. Notably, Type 3 also offers a premium waiver system.

Customers can choose to enroll with coverage for accidental and illness-related death, or for accidental and illness-related disabilities of 80% or more. The period for receiving family living expenses due to accidental or illness-related death or disability of 80% or more can be selected as either monthly payments for 2 years or 5 years, allowing families to maintain a stable livelihood. It is also worth noting that driver cost coverage can be added to cover fines related to recent issues such as accidents in school zones (Seukuljon).

The eligible age for this product is from 25 to 90 years old, with insurance terms of 10, 20, or 30 years renewable up to age 100. The payment period can be designed as a single payment.

This content was produced with the assistance of AI translation services.