[Becoming an Insurance Insider] You Need to Properly Understand the Flood of Vaccine Insurance to Choose Wisely

Check 'Main Contract and Special Clauses' to Ensure Anaphylaxis Coverage

[Editor's Note] Difficult insurance, a definitive explanation of insurance that remains confusing even after listening to explanations. There is no bad insurance in the world, only insurance that doesn't suit me. Following easy-to-understand insurance explanations, the path to becoming an 'insurance insider' is not far away.

[Asia Economy Reporter Oh Hyung-gil] As COVID-19 vaccinations increase, insurance companies are successively launching insurance policies for vaccine side effects. Their biggest feature is that they all cover 'anaphylaxis,' one of the side effects of the COVID vaccine.

Anaphylaxis is an acute systemic allergic reaction caused by a response to specific external antigens such as food, toxins, or vaccines. Respiratory and circulatory symptoms usually appear within 30 minutes after exposure to the cause, and in severe cases, it can lead to death, requiring caution.

According to the insurance industry on the 4th, KB Insurance and Hyundai Marine & Fire Insurance plan to launch policies in the form of health insurance riders, similar to Samsung Fire & Marine Insurance, while DB Insurance and Kyobo Lifeplanet will release standalone mini-insurance products.

Kyobo Lifeplanet Life Insurance has launched the 'm Anaphylaxis Shock Diagnosis Insurance,' which guarantees a diagnosis payment for anaphylactic shock. It is a specialized insurance that pays benefits upon diagnosis of anaphylactic shock, including side effects from COVID-19 vaccination. With a one-time premium of 1,400 KRW (for a 40-year-old male, 1-year term), it provides coverage up to 2 million KRW without additional costs.

Launched as a mobile-only subscription product, it can be subscribed through Kyobo Lifeplanet's mobile webpage or application (app). The eligible age for subscription is from 19 to 70 years old. This product is available in general and partnership types. The partnership type will be introduced to more consumers through collaborations with various companies. The insurance period can be 1, 2, or 3 years.

Carrot Insurance, together with T map Mobility, has prepared an event allowing customers who received the COVID vaccine to join the 'Carrot Anaphylaxis Safety Insurance' for free. To reduce anxiety about COVID-19 vaccination and contribute to forming a rapid herd immunity system, Carrot Insurance and T map Mobility agreed to provide the Carrot Anaphylaxis Safety Insurance free of charge.

The Carrot Anaphylaxis Safety Insurance is designed to compensate 2 million KRW if diagnosed with anaphylactic shock within six months from the subscription date. This event applies to the first 30,000 people who complete the vaccine insurance subscription process through the 'Get Free Insurance Benefits' event detail page within the T map app.

Hana Insurance also released the 'Hana Anaphylaxis Shock Guarantee Insurance,' which guarantees a diagnosis payment for anaphylactic shock. It pays 1 million KRW (premium 880 KRW) or 2 million KRW (premium 1,770 KRW) upon confirmed diagnosis of anaphylactic shock. A Hana Insurance official explained, "Only the insurance payout amount differs depending on the premium," adding, "All are one-time payment products with a 1-year insurance period."

Samsung Fire & Marine Insurance and LINA Life Insurance launched insurance products covering anaphylactic shock diagnosis in March, and Samsung Fire & Marine Insurance obtained a 3-month exclusive usage right for this rider from the General Insurance Association. With Samsung Fire & Marine Insurance's exclusive usage period ending last month, other insurance companies can now also release products that cover anaphylaxis diagnosis fees.

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