Hanwha Life Insurance launches non-dividend LifePlus Income Security Health Insurance

[Asia Economy Reporter Changhwan Lee] Hanwha General Insurance announced that it will start selling the 'Non-dividend LIFEPLUS Income Security Health Insurance' from the 14th.

This product focuses on covering the three major critical illnesses and severe aftereffects, and its main feature is that it pays the full amount of premiums paid back as a no-accident maturity refund if no accidents occur.

It preserves income reduced due to economic activity gaps caused by severe diseases such as cancer, acute myocardial infarction, stroke, and severe aftereffects, and expanded the coverage amount of the diagnosis benefit up to 50 million KRW to be used as daily living funds.

The coverage amount for severe aftereffects of diseases is also set up to a maximum of 100 million KRW to enable focused protection against critical illnesses.

A no-accident maturity refund type that returns the full amount of premiums paid if no accidents occur until maturity was newly established. In addition to maturities at ages 80 and 90, products with maturities at ages 60, 65, and 70 are offered to diversify customer choices so that the receipt timing of the no-accident maturity refund can be aligned with retirement and used as retirement funds.

Furthermore, for the first time in the industry, diagnosis benefits for specific severe incurable diseases (excluding HIV, mental illnesses, and some mild diseases) designated by the Ministry of Health and Welfare, such as benign pituitary neoplasms, exudative macular degeneration, and dilated cardiomyopathy, have been newly introduced to expand coverage for specific diseases.

The eligible age for subscription is from 15 to a maximum of 60 years old, the insurance period can be designed from maturity at age 60 up to 90, and the payment period can be set at 10, 15, or 20 years.

A Hanwha General Insurance official said, “Due to the recent increase in single-person households, low birth rates, and decreased mortality rates, the trend will shift from insurance for survivors to insurance focused solely on oneself,” adding, “The non-dividend LIFEPLUS Income Security Health Insurance is an insurance product that considers not only coverage but also retirement funds if no accidents occur.”

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