Orange Life Launches 'Meotjin Orange Whole Life Insurance v2.0' with Reduced Premium Burden

Orange Life announced on the 28th that it will launch the 'Wonderful Orange Whole Life Insurance v2.0,' which lowers the insurance premium burden while providing coverage tailored to the purpose and situation, on January 1st next year.

[Asia Economy Reporter Oh Hyung-gil] Orange Life announced on the 28th that it will launch the 'Wonderful Orange Whole Life Insurance v2.0,' which lowers the insurance premium burden while providing coverage tailored to the purpose and situation, on January 1st next year.

The product features the ability to select the type of death benefit and surrender value according to the purpose and situation of subscription. After completing the premium payment, regardless of the type chosen, a surrender value of over 100% is applied.

The 'Type 1 (Value Type) Plan 1 (Premium Type)' increases the death benefit annually from the first contract date after the premium payment period until the insured reaches 100 years old, rising up to 200% compared to before the premium payment completion. Additionally, the surrender value after premium payment completion gradually increases by 1.7% annually for contracts with a premium payment period of less than 20 years, and by 2.0% annually for contracts of 20 years or more.

The 'Type 1 (Value Type) Plan 2 (Light Type)' offers a fixed death benefit with lower premiums than 'Type 1 Plan 1,' and the surrender value after payment completion is 100%.

In particular, as a partial surrender value payment product, if canceled within a certain period during the insurance period, it pays a lower surrender value compared to Type 2 (Standard Type) but allows subscription with lower premiums than Type 2 (Standard Type).

By applying for the living fund conversion option, the insured amount can be reduced stepwise and converted into living funds, paid annually within a range of 2 to 20 years. Additionally, it can be used as a pension for retirement life through the 'Non-dividend New Pension Conversion Rider.'

It includes various riders that cover cancer, diabetes, cerebrovascular disease, ischemic heart disease, as well as hospitalization, surgery, and accidents, allowing preparation for unexpected illnesses and accidents. The subscription age ranges from 15 to a maximum of 63 years old.

Jae-woo Park, Executive Director of Orange Life, said, "By offering a premium type with increased death benefits and surrender values and a light type with affordable premiums, we expand customer choices and provide reliable fixed coverage amounts and surrender values even in unpredictable economic and social environments."

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