"I Buy Insurance Online"… Mini Insurance Becomes the Trend

From Leisure to Smartphones: Introduction of Lifestyle-Integrated Insurance
DIY Products Allowing Direct Design of Specific Coverage

Life Insurance Companies' Online Channel First Premium Status (Source: Life Insurance Association)

[Asia Economy Reporter Oh Hyung-gil] As non-face-to-face insurance subscriptions increase due to COVID-19, life insurance companies are launching various online mini insurance products.

According to the life insurance industry on the 17th, the initial insurance premiums through online channels of life insurers last year amounted to 25.2 billion KRW, an increase of about 50% compared to the previous year. Consumer preference for non-face-to-face channels such as online rather than traditional face-to-face channels is rising.

Life insurers are offering products that cover major cancers or allow consumers to select specific cancers, smartphone-related illnesses, injuries related to hobbies and leisure activities, and COVID-19-related products.

Mini cancer insurance covers major cancers with high incidence rates or allows consumers to choose specific types of cancer for coverage. Mirae Asset Life Insurance’s 'Mini Cancer Insurance' covers major cancers in men such as stomach cancer, lung cancer, colon cancer, and prostate cancer, as well as major cancers in women such as breast cancer, thyroid cancer, and female reproductive cancers. Hanwha Life’s 'Life Plus Oh My Pick Cancer Insurance' is a DIY mini cancer insurance that allows coverage for only the necessary areas, providing coverage of 40 million KRW for general cancer, 20 million KRW for minor cancer, and 4 million KRW each for similar cancers.

KDB Life Insurance launched 'Smartphone Disease Coverage Insurance' targeting the MZ generation (Millennials + Generation Z), who frequently use smartphones. It pays 200,000 KRW per surgery and 10,000 KRW per day for hospitalization exceeding three days for VDT syndrome (dry eyes, carpal tunnel syndrome, myofascial pain syndrome, turtle neck syndrome).

There are also insurance products that cover medical treatment, surgery, and hospitalization costs related to injuries such as fractures and cruciate ligament injuries that frequently occur during hobbies or leisure activities. Shinhan Life’s 'Shinhan Sports & Leisure Coverage Insurance' covers Achilles tendon injury surgery benefits, major accident surgery benefits, accident fracture treatment benefits, and emergency room visit medical expenses.

With the expansion of COVID-19 vaccination, insurance products have emerged that cover anaphylactic shock or pay insurance benefits in case of death directly caused by specific infectious diseases.

Ryana Life Insurance’s '安心되는Anaphylaxis Shock Diagnosis Insurance' provides coverage of up to 2 million KRW for anaphylactic shock diagnosis for one year by paying only 1,560 KRW in premiums. It also covers anaphylactic shock diagnosed during daily life other than vaccination.

Kyobo Lifeplanet’s 'm Specific Infectious Disease Death Insurance' is a specialized infectious disease insurance that provides coverage in case of death directly caused by specific infectious diseases. It pays death benefits if death is directly caused by the relevant infectious disease.

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