Kyobo Life Launches Mini Insurance with Reduced Premiums... Industry-First Healthcare Service Introduced

Kyobo Life Insurance Launches '(Non-Linked) Kyobo Mini Protection Insurance' and '(Non-Linked) Kyobo Mini Savings Insurance'

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance has introduced a new concept of mini insurance. This new product was launched to target customer needs amid the recent spread of lifestyle trends pursuing minimalism.

On the 15th, Kyobo Life Insurance announced the release of ‘(Non-)Kyobo Mini Protection Insurance’ and ‘(Non-)Kyobo Mini Savings Insurance,’ which significantly reduce premium burdens while providing coverage and lump-sum savings for the necessary period.

This product is characterized by the ability to design insurance tailored to customer needs during the required period with affordable premiums. It is designed to reduce the scale and prepare reasonable coverage for the 20s to 40s generation who feel burdened by insurance enrollment.

Kyobo Mini Protection Insurance is a protection-type insurance that helps reduce the burden of hospitalization and surgery costs caused by illness or accidents at an affordable premium. To provide broad customer coverage, it strengthens hospitalization and surgery coverage that frequently occur in daily life.

For example, when subscribing to one unit (coverage amount of 10 million KRW), if hospitalized, the insured can receive 20,000 KRW per day for hospitalization costs, and 50,000 KRW per day if hospitalized in a tertiary general hospital. It also covers surgery costs ranging from 100,000 KRW to 3 million KRW per surgery, depending on the type of surgery (types 1 to 5), preparing for both minor and major surgeries.

For the first time in the industry, there is also the Kyobo Mini Healthcare Service, a health management service provided to mini insurance customers. This service is added when subscribing to Kyobo Mini Protection Insurance and supports one-on-one health consultations with medical professionals through the Kyobo Life product add-on service application (app), as well as guidance to specialized hospitals and renowned medical staff and appointment arrangements in case of illness, aiding treatment and recovery.

Subscription is available from age 15 up to a maximum of 50 years old. Customers can choose between 3-year or 5-year terms. Premiums can be paid monthly or annually. For a 30-year-old male, the premium is 4,500 KRW per month (3-year payment, 3-year term).

Kyobo Mini Savings Insurance is a savings-type insurance that allows customers to accumulate a lump sum after 3 or 5 years by paying premiums of 30,000 to 100,000 KRW monthly.

This product accumulates at a declared interest rate higher than bank savings or deposit rates and guarantees the principal even if maintained for only one month, enhancing stability. It adopts a method where business expenses are deducted from the interest on accumulated funds rather than the paid premiums, resulting in a refund rate exceeding 100% from one month after subscription.

With affordable premiums and no principal loss, it is possible to prepare medium- to short-term funds for purposes such as children’s education, self-development, and hobbies, making it easy for young adults, office workers, and housewives to use in daily life. Subscription is available from age 15 up to a maximum of 50 years old, with a choice between 3-year or 5-year terms.

A Kyobo Life Insurance official said, “We have recently launched mini insurance that reflects customer needs by adding additional service benefits to broad coverage,” and added, “It is expected to enhance customer convenience and maximize customer value as it can be subscribed not only through financial planners (FP) but also through telemarketing (TM) channels.”

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