Kyobo Life Launches Hybrid Variable Universal Life Insurance Providing Death Benefit and Living Expense Coverage

Economic Activity Period Death Coverage
Up to 30 Years of Living Expenses After Retirement

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 20th that it has launched the '(Non-Participating) Kyobo Plus Hybrid Variable Whole Life Insurance,' which invests a portion of the premium in funds.

If the fund's performance is good, the death benefit or accumulated value increases, and even if the performance is poor, the death benefit and living expenses are guaranteed at a minimum. Additionally, during the economic activity period, death is covered, and after retirement, living expenses can be received for up to 30 years, up to 90% of the insured amount.

The starting age for receiving living expenses can be set between 45 and 90 years old, and the period for receiving living expenses can be chosen from 10, 15, 20, 25, or 30 years.

At the time of retirement, it is also possible to convert to a general whole life insurance policy. When converting to general whole life insurance, if the fund yield is good, the yield is fixed, and if the yield is poor, the accumulated value at the level of premiums already paid is preserved. It is also possible to change the insured person to a child or spouse and succeed the contract.

By utilizing special riders, coverage is available for cancer, mild/moderate dementia, as well as cerebral hemorrhage, cerebral infarction, acute myocardial infarction, artificial joint replacement surgery, cast treatment, chemotherapy/radiation drug treatment, diabetes, shingles/gout, and various hospitalizations and surgeries. If you subscribe to the 'GI Diagnosis Premium Refund Rider,' you can receive a refund of the main contract premium in case of GI (21 types including cancer, cerebral hemorrhage, acute myocardial infarction, etc.).

Depending on the insured amount, you can receive a high-value maintenance bonus of up to 8% of the accumulated value, and contracts maintained for more than 10 years can receive a long-term maintenance bonus of up to 5%. Living expense celebration bonuses and long-term maintenance management fee refunds are also added to the accumulated value.

The fund lineup has been diversified by newly establishing funds such as AI Global Asset Allocation and Global Commodity.

Subscription is available from age 15 up to a maximum of 70 years old. The premium for the basic main contract with an insured amount of 100 million KRW and a 20-year payment period is 206,000 KRW per month for a 30-year-old male and 184,000 KRW per month for a 30-year-old female.

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