BNP Paribas Cardif Life Launches Refundable Loan Protection Term Insurance

BNP Paribas Cardif Life announced on the 3rd that it will launch a non-dividend refund-type 'Loan Protection Term Insurance' through independent insurance agencies (GA).

[Asia Economy Reporter Oh Hyung-gil] BNP Paribas Cardif Life announced on the 3rd that it will launch a refund-type 'Non-dividend Loan Protection Term Insurance' through independent insurance agencies (GA).

This product repays the loan on behalf of the insured if repayment becomes difficult due to death caused by major diseases or accidents. In the event of death, the insurance company pays the insurance benefit plus 100% of the premiums paid, and if there is no accident and the policy matures, 100% of the premiums paid are refunded.

When purchasing insurance, if there is an existing loan, customers can choose the 'Fixed Premium Type' which includes loan repayment service, or if there is no loan but the customer wants to prepare coverage according to future loan plans, they can select the 'Optional Type'.

It is also possible to subscribe to special riders for diseases such as cancer diagnosis, minor cancer diagnosis, cerebral hemorrhage diagnosis, acute myocardial infarction diagnosis, and severe aftereffects.

Eligible applicants are between 19 and 60 years old. For a main contract insurance amount of 100 million KRW, 30-year maturity, 10-year payment period, monthly payment, the monthly premium for a 40-year-old is 267,000 KRW for men and 135,300 KRW for women.

Oh Jun-seok, Chief Business Development Officer of BNP Paribas Cardif Life, said, "In unexpected situations, to avoid having to urgently liquidate assets or to prevent the cycle of debt, separate preparation for loan repayment is necessary," adding, "The benefits of existing loan protection insurance are now available in a refund-type product, expanding the range of choices for customers."

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