Dongyang Life Launches 'Suho Cheonsa Easy Self-Made Guarantee Insurance' Available for Planning

Customizable Simple Underwriting Insurance Designed Freely with Customer-Desired Coverage
Major Coverage Including 3 Major Diseases, Hospitalization, and Surgery Guaranteed in One Policy Through Riders

[Asia Economy Reporter Oh Hyung-gil] Dongyang Life Insurance announced on the 5th that it has launched the '(Non-Participating) Guardian Angel Easy Customizable Protection Insurance (Renewable),' a simplified underwriting insurance that allows customers to freely design the coverage they want and provides customized protection.

This product is a simplified underwriting insurance that allows people with pre-existing conditions and elderly individuals to enroll by simplifying the disclosure requirements. Unlike existing products with fixed coverage and amounts, the biggest feature is that subscribers can select the necessary coverage according to their desired premium level by utilizing detailed special riders.

It is a product with accidental death as the main contract, and through subscribing to 19 different special riders, it covers major protections such as the three major diseases (cancer, cerebrovascular disease, ischemic heart disease), surgery, hospitalization, and treatment costs all in one insurance.

For example, customers who want to focus on cancer diagnosis and treatment coverage can securely receive protection from surgery to recovery by subscribing to cancer-related special riders. The '(Non-Participating) General Cancer (excluding breast and prostate cancer) Diagnosis Rider G (Renewable)' pays a diagnosis benefit of 10 million KRW upon confirmed diagnosis of cancers other than breast and prostate cancer, and the '(Non-Participating) High-Cost Treatment Cancer Rider G (Renewable)' provides 10 million KRW coverage if diagnosed with high-cost cancers requiring expensive treatment.

The '(Non-Participating) Specific and Minor Cancer Diagnosis Rider G (Renewable)' pays 10 million KRW upon diagnosis of breast or prostate cancer, and 5 million KRW upon diagnosis of carcinoma in situ, other skin cancers, borderline tumors, thyroid cancer, or colorectal mucosal cancer. Each benefit is paid only once initially, and if diagnosis is confirmed within less than one year from the contract date, only 50% of the diagnosis benefit is paid. If diagnosed with breast cancer within 180 days after insurance enrollment, only 10% of the diagnosis benefit is covered.

The 'Targeted Anticancer Drug Approved Treatment Rider G (Renewable)' provides 10 million KRW once upon confirmed diagnosis of cancer, colorectal mucosal cancer, other skin cancers, or thyroid cancer and receiving targeted anticancer drug approved treatment directly for treatment purposes. The '(Non-Participating) Cancer Treatment Cost Rider G (Renewable)' pays up to 50,000 KRW per day for hospitalization exceeding 3 days and up to 2 million KRW for surgery within a 120-day limit when diagnosed with cancer and hospitalized or undergoing surgery for direct treatment purposes. Radiation and anticancer drug treatment costs are also paid up to 500,000 KRW each once initially. However, if diagnosis, surgery, or hospitalization occurs within one year from the initial contract date, only 50% of the coverage amount is paid. (Based on 10 million KRW subscription amount per rider)

In addition, diagnosis and surgery costs for cerebrovascular disease and ischemic heart disease, which are prone to occur due to aging, as well as thrombolytic therapy costs and hospitalization and surgery costs due to illness or accident, can be covered through special riders.

This product consists of 'Type 1 (Simplified Underwriting)' and 'Type 2 (General Underwriting)' that allow enrollment through simplified underwriting without submitting additional documents or diagnosis depending on underwriting conditions. The eligible age for 'Type 1 (Simplified Underwriting)' is from 30 to a maximum of 80 years old, and the insurance period can be selected between 10 or 20 years. Coverage can be renewed up to age 100, and premium payment is waived if disability exceeds 50%. Through the premium waiver rider, if diagnosed with cancers other than breast or prostate cancer, cerebral hemorrhage, or acute myocardial infarction, the premium for the initial contract of the waived contract from the next time onward can also be waived.

A Dongyang Life Insurance official said, "We developed this product so that people with pre-existing conditions and elderly individuals, who find it difficult to receive insurance benefits due to complicated subscription procedures and frequent rejections, can receive the same coverage as our representative product, Guardian Angel Customizable Protection Insurance, through simplified underwriting," adding, "The biggest feature is providing coverage tailored to each customer's needs through one-on-one customized product design."

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