Shinhyup Launches Cancer Insurance Product Providing 1 Million KRW Monthly Until Full Recovery

Eobuba Credit Union Monthly Cancer Insurance (Renewable) Product Guide. Photo by Shinhan Central Association

[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea (NACUFOK) has launched an insurance product that pays monthly benefits until complete recovery from cancer.

According to NACUFOK on the 26th, the "Eobuba NACUFOK Monthly Cancer Insurance (Renewable)" pays 1 million KRW monthly for two years following the initial cancer diagnosis. If cancer cells remain, or in cases of recurrence, metastasis, or new diagnosis after two years, the same benefits apply. The coverage is renewed every two years up to a maximum age of 100.

An optional rider covers up to 50 million KRW for the highly effective "targeted anticancer drug approved treatment." This treatment directly inhibits tumor growth, progression, and spread, suppressing cancer cell proliferation. Unlike conventional chemotherapy, it has fewer side effects but is costly.

Enrollment is open to individuals aged 15 to 70, with renewals every 10 or 20 years up to age 100. For a 40-year-old subscribing to the basic plan with a 20-year term, the monthly premium is 31,930 KRW for males and 40,080 KRW for females. If diagnosed with cancer or if a disease or accident causes a disability of 50% or more, premium payments are waived for the remaining insured period before renewal.

Additionally, as a dividend-paying product, annual dividends from NACUFOK’s profits are paid once a year to policyholders, and income tax deductions are available for one year’s premiums during year-end tax settlement.

Other optional coverage includes ▲ cancer surgery costs ▲ direct cancer treatment hospitalization and outpatient expenses ▲ chemotherapy, radiation, and drug treatment costs ▲ high-cost cancer diagnosis fees.

Kim Sang-beom, Head of Insurance Planning at NACUFOK, emphasized, "The distinguishing feature of this product is that it pays monthly benefits until cancer treatment is completed," adding, "It offers coverage for advanced, expensive anticancer treatments at reasonable premiums."

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