If You Switch to 4th Generation Real Loss Insurance by June, Your Premiums Will Be 'Half Price' for One Year

[Asia Economy Reporter Oh Hyung-gil] The insurance industry will offer a 50% discount on premiums for one year to existing policyholders who switch their contracts to the 4th generation indemnity health insurance.

The Life Insurance and Non-life Insurance Associations announced on the 9th that policyholders of the 1st to 3rd generation indemnity insurance who switch to the 4th generation by June this year will receive premium discount benefits.

For those who applied for contract conversion in January but did not receive the discount benefit, the respective insurance company will process the discounted premium settlement after completing system setup and preparations.

To switch indemnity insurance, policyholders can inquire at the customer center of their insurance company or apply through their agent.

If the insurance company the policyholder is enrolled with has stopped selling new indemnity insurance, they should inquire with the insurer about the timing and method to enroll in the '4th generation contract conversion product.'

The 4th generation indemnity insurance, launched in July last year, includes safeguards such as premium adjustments based on medical usage volume, and is expected to maintain stable premium levels going forward. However, it differs from existing indemnity insurance in terms of the deductible ratio (20% for covered services / 30% for non-covered services), and premiums may vary depending on the volume of non-covered medical usage.

An industry official advised, "Since there are differences in coverage and other aspects between the currently enrolled 1st to 3rd generation products and the 4th generation product, individuals should assess their health status and medical usage tendencies," adding, "It is important to comprehensively consider economic factors such as premium affordability to determine whether switching to the 4th generation is reasonable."

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