Kyobo Life Insurance Obtains Exclusive Usage Rights for Specific Calculation Exception Targeted Coverage Rider
[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 26th that it has obtained a 6-month exclusive usage right for the Special Coverage Rider related to the Specific Calculation Exception Target Guarantee.
The Calculation Exception System is a system that reduces the patient's out-of-pocket rate when applying for and being recognized for registration as a calculation exception for high out-of-pocket medical expenses for cancer, heart disease, cerebrovascular disease, and severe intractable diseases by the National Health Insurance Service.
Kyobo Life Insurance's Specific Calculation Exception Coverage Rider consists of the Severe Disease Patient Calculation Exception Target Coverage Rider and the Rare Disease Patient Calculation Exception Target Coverage Rider, which apply when registered as a calculation exception target for heart disease, cerebrovascular disease, or rare diseases.
The Life Insurance Association's New Product Review Committee recognized the originality and usefulness of the product, noting that it allows broad coverage without restrictions on disease classification codes when designated as a calculation exception target for heart disease, cerebrovascular disease, and rare diseases, and minimizes potential disputes related to insurance payments.
The Rare Disease Patient Calculation Exception Target Coverage Rider guarantees 5 million KRW for rare diseases, and the Severe Disease Patient Calculation Exception Target Coverage Rider guarantees 10 million KRW per registration for severe cerebrovascular disease or severe heart disease.
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A Kyobo Life Insurance official stated, "It is significant that we developed a rider linked to the National Health Insurance System's Calculation Exception System for the first time in the industry," adding, "We will strive to develop products that provide practical benefits to customers by demonstrating differentiated competitiveness."
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