Hanwha Life, Online Direct 'Sangsang e Sang Variable Annuity Insurance'
[Asia Economy Reporter Oh Hyung-gil] Hanwha Life announced on the 23rd that it has launched the first variable product in online direct insurance, the 'LifePlus Sangsang e-Sang Variable Annuity Insurance.'
It is the industry's first product to link the expense ratio of variable insurance to the customer's investment returns, meaning that if there is no investment return, the expense for that month is not deducted.
Customers do not need to adjust asset allocation themselves, as they can choose the newly established 'Hanwha Income Plus Asset Allocation Fund,' which reduces the customer's burden. The proprietary model periodically adjusts the portfolio in response to market conditions. It invests in global income assets to pursue stable performance through steady dividends and interest income. Three fund lineups are established according to stock and alternative asset allocation limits, allowing fund selection based on risk appetite.
Even if customers want to select individual funds themselves, suitable fund portfolios are suggested according to their investment tendencies to assist in fund selection. Customers can choose from lifetime annuities (at ages 60, 70, 80, 90, 100, or guaranteed payment for life expectancy), fixed annuities (10, 15, or 20 years), or inheritance annuities as the annuity payment type.
It is also designed to reduce the guarantee cost burden according to the customer's investment tendency. Various options are provided for the minimum guaranteed annuity reserve level, including 100%, 90%, 70%, and 0%. Before the annuity starts, in case of an 80% disability due to an accident, 10 million KRW is paid.
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The minimum subscription premium is 100,000 KRW per month (120,000 KRW for 5-year payment), and the subscription age is from 19 to 63 years old. As an online-exclusive product, it can be subscribed through Hanwha Life Direct Insurance OnSure site via mobile or PC.
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