Fubon Hyundai Launches 'Happiness Return Health Insurance' Allowing Refund of Paid Premiums Before Maturity

Fubon Hyundai Life Insurance launched the 'Fubon Hyundai Happy Return Health Insurance' on the 12th, which allows policyholders to receive a full refund of paid premiums before maturity and provides coverage up to 100 years of age.

[Asia Economy Reporter Oh Hyung-gil] Fubon Hyundai Life Insurance launched the 'Fubon Hyundai Happiness Return Health Insurance' on the 12th, which allows policyholders to receive a full refund of paid premiums before maturity and provides coverage until the age of 100.

Policyholders can receive a full refund of paid premiums before maturity in either a lump-sum payment type or an installment payment type. For the lump-sum payment type, if the insured survives 20 years from the contract date, the total paid premiums are refunded in a lump sum.

For the installment payment type, if the insured survives at the end of the premium payment period, the premiums are refunded monthly or annually over a period equal to the premium payment period.

Additionally, depending on the coverage, policyholders can choose between the cancer coverage type and the three major diseases coverage type. The cancer coverage type provides diagnosis benefits for high-cost cancer, general cancer, breast cancer and male/female reproductive organ-related cancers, and minor cancers. The three major diseases coverage type includes the cancer coverage benefits plus diagnosis benefits for cerebral hemorrhage or acute myocardial infarction.

The eligible age for subscription is from 15 to 60 years old, with coverage lasting until 100 years old. The premium payment period can be selected from 3, 5, 10, 15, or 20 years. Those with pre-existing conditions and elderly applicants (up to 70 years old) can subscribe through a simplified process, but the premium refund method is limited to the installment payment type.

For a 40-year-old male, cancer coverage type (insurance amount 10 million KRW), and a 20-year payment period, the monthly premium is 226,500 KRW for the lump-sum payment type and 75,300 KRW for the installment payment type. After 20 years from subscribing to the lump-sum payment type, the paid premium of 54.36 million KRW is refunded, and coverage continues until the age of 100.

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