Prudential Life Launches '100-Year Satisfaction Dollar Annuity Insurance' Offering Simultaneous Death and Retirement Coverage

Guaranteed Lifetime Pension Even After Living Beyond 100 Years
Guaranteed for Life

[Asia Economy Reporter Ki Ha-young] Prudential Life Insurance announced on the 1st that it has launched the '(Non-Participating) 100-Year Satisfaction Dollar Annuity Insurance,' which guarantees a fixed annuity amount for life while providing death coverage.

This product guarantees death coverage during the economic activity period after enrollment, and from the annuity start date onward, the fixed annuity amount can be received for life, allowing preparation for both death risk and longevity risk. However, if death occurs before age 100, the annuity amount receivable until age 100 is guaranteed, which can be used as living expenses for surviving family members or inheritance funds.

In particular, during the death coverage period, it guarantees a fixed expected interest rate of 2.5% compound annual interest (1.0% compound annual interest during the annuity payment period), allowing assets to be safely protected in a low-interest-rate environment. Also, since the annuity can be received in US dollars, it can be used immediately without currency exchange when traveling abroad or utilized for overseas education expenses for children or grandchildren.

A Prudential Life Insurance official explained the background of the product development, saying, "Generally, many customers subscribe to public and private pensions, but they do not know the exact amount of annuity they will actually receive. To reduce this uncertainty, we developed a fixed-type dollar annuity and added death coverage during the active period."

The minimum subscription amount for this product is $30,000, and depending on the maturity, it is available for those aged 15 to 55. The annuity start ages selectable at enrollment are 55, 60, 65, and 70. Premiums can be paid in Korean won at the time of subscription, and annuity or death benefits can be received in either Korean won or US dollars.

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