Hanwha Life Launches 'Neulgyeote Care Insurance' Covering Home Care and Rehabilitation Therapy

Hanwha Life Insurance launched 'Neulgyeote Care Insurance' on the 3rd, the industry's first comprehensive care insurance that covers the entire care process from diagnosis to hospitalization, nursing, disability, and rehabilitation.

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life has launched on the 3rd the industry's first comprehensive caregiving insurance, 'Neulgyeote Caregiving Insurance,' which covers the entire caregiving process from diagnosis to hospitalization, caregiving, disability, and rehabilitation.

This product provides long-term care diagnosis benefits up to 45 million KRW by classifying the insured's long-term care status into mild, moderate, and severe as the main contract. It consists of Type 1 (partial surrender value payment type) and Type 2 (standard type) main contracts.

Each stage is distinguished according to the elderly long-term care system grades rather than the dementia CDR scale, expanding the coverage range by adding behavioral disorder coverage for dementia.

In particular, through the caregiving support benefit rider, caregiving support funds are paid in cash up to 150,000 KRW per day for hospitalization of 30 days or more, regardless of the type of nursing hospital. Customers can receive services from their preferred caregivers without prior application and claim insurance benefits afterward, regardless of partnership status.

Caregiving funds are also paid upon survival after diagnosis of specific severe disabilities (excluding intellectual and mental disabilities), long-term care, and the three major diseases, including chronic illnesses.

Additionally, home caregiving (home nursing) is covered through a rider. When subscribing to the rider, after being assessed as moderate or higher long-term care status, 300,000 KRW per month is paid annually for survival (3 years, 36 guaranteed payments, up to 15 years (180 payments)); 200,000 KRW per visit (limited to once per month) is paid for visiting care, bathing, nursing, and other home visit services; and 100,000 KRW per visit (limited to once per month) is paid for protective home care services.

The eligible age for subscription is 15 to 75 years old, and the monthly premium for a 50-year-old male subscribing to Type 1 main contract with a coverage amount of 10 million KRW, 20-year payment period, and maturity at age 90 is 28,600 KRW for males and 38,100 KRW for females.

On the 29th, Hanwha Life applied for a 12-month exclusive use right for seven risk rates, including three caregiving-related coverages and four rehabilitation treatment-related coverages for Hanwha Life Neulgyeote Caregiving Insurance.

A Hanwha Life official said, "This product is essential at a time when society is entering a super-aged era, as it provides coverage not only for hospital caregiving but also for home caregiving and extensive rehabilitation treatment," adding, "It is expected to receive great response as it addresses the needs of elderly customers and reduces the burden on their children."

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