Heungkuk Life Launches Whole Life Insurance with Enhanced Death Benefit Coverage

Heungkuk Life announced on the 6th that it has launched a whole life insurance policy called 'Akimeopsi Juneun Jongsin Boheom' that enhances the death benefit coverage.

[Asia Economy Reporter Oh Hyung-gil] Heungkuk Life Insurance announced on the 6th that it has launched a whole life insurance product called 'Akimeopsi Juneun Jongsin Boheom' that enhances the death benefit guarantee function.

This is an increasing whole life insurance, where the death benefit increases by 5% of the insured amount annually for up to 10 years starting from the increase base date (the contract date 5 years before the end of the premium payment period). For example, if the insured amount is set at 10 million KRW and a 10-year payment product is purchased, the death benefit increases by 500,000 KRW annually starting from the 5th year, guaranteeing a maximum death benefit of 15 million KRW.

Additionally, after the premium payment period ends, a completion bonus ranging from a minimum of 2% to a maximum of 6% of the main contract premium paid is accumulated and paid in addition to the death benefit or surrender value.

As a partial surrender value payment type, if the policy is surrendered during the premium payment period, 50% of the standard surrender value is paid, allowing coverage at a lower premium compared to the standard type.

It also offers various riders that cover not only death but also diagnosis of cancer, cerebrovascular disease, ischemic heart disease, as well as hospitalization and surgery, preparing for unexpected illnesses. It is available for subscription from age 15 up to a maximum of 67 years, with premium payment periods selectable among 7, 10, 12, 15, or 20 years.

A Heungkuk Life Insurance official said, "As an increasing type product with partial surrender value payment, it enhances cost-effectiveness and can protect the real asset value of customers," adding, "We expect to provide various benefits through designs tailored to customer needs."

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