Shinhan Life Launches 'Simple Genuine Dementia Insurance' Providing Caregiving Expense Coverage

Shinhan Life announced on the 9th that it has launched the 'Jinsimeulpumeun Ganpyeonhan Jjin Dementia Insurance,' which allows individuals with pre-existing conditions or elderly people to enroll through a simplified screening process.

[Asia Economy Reporter Oh Hyung-gil] Shinhan Life announced on the 9th that it has launched the 'Jinsimeul Pumeun Ganpyeonhan Jjin Chimae Boheom,' an easy-underwriting dementia insurance that allows individuals with pre-existing conditions or elderly people to enroll.

Based on a main contract subscription amount of 10 million KRW, if diagnosed with severe dementia after the dementia coverage start date, a monthly nursing care fee of 1 million KRW will be paid for life, and a lump sum of 5 million KRW will be paid upon diagnosis of mild or higher dementia. The guaranteed payment period for nursing care fees, regardless of survival, is diversified to 1, 3, or 5 years.

Additionally, diagnosis benefits for shingles and gout, diagnosis benefits for neurodegenerative diseases such as Parkinson's disease and Lou Gehrig's disease, additional lump sum coverage for severe dementia, and funeral expense preparation upon death can be selected as special riders.

The All-Pay Benefit function is also included. The All-Pay Benefit allows the insured to receive a diagnosis benefit that sums the premiums already paid and the premiums to be paid after the diagnosis upon diagnosis of severe dementia.

Enrollment is possible up to age 70, and the coverage period can be selected up to a maximum age of 100.

A Shinhan Life official said, "This is an upgraded dementia insurance that strengthens nursing care fee coverage and includes a payback function upon diagnosis of severe dementia," adding, "We will practice warm insurance by launching products that reflect social needs such as elderly care."

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