Hanwha Life "Launches 2 Types of Variable Whole Life Insurance, Strengthens Product Competitiveness"

[Asia Economy Reporter Changhwan Lee] Hanwha Life announced on the 21st the launch of two variable universal life insurance products: 'Hanwha Life The Special Variable Universal Whole Life Insurance 2202' and 'Hanwha Life Cancer Variable Universal Whole Life Insurance 2202.'

'Hanwha Life The Special Variable Universal Whole Life Insurance 2202' applies a higher assumed interest rate compared to general insurance. The company emphasized that, based on the same death benefit, it is a cost-effective product that allows subscription with lower premiums.

The main contract death benefit is structured to increase every five years. Additionally, as it is a variable universal life insurance, higher coverage can be expected depending on the fund's rate of return.

'Hanwha Life Cancer Variable Universal Whole Life Insurance 2202' is a product reflecting the needs of customers who want both variable universal life insurance and cancer coverage simultaneously. Cancer-related coverage increases every five years according to the fund's rate of return, with a maximum increase limit of 60 million KRW.

Moreover, the main contract includes an enhanced cancer premium waiver feature. Even without separately subscribing to the cancer premium waiver rider, insureds do not have to pay the main contract premiums due after a cancer diagnosis.

Hanwha Life explained that along with the launch of the new variable products, the fund lineup has been further strengthened by establishing 10 new funds.

They added three popular asset allocation funds: ‘Hanwha Income Plus V30, V50, V70’ and two new asset allocation funds: ‘NEW LIFEPLUS TDF2035V, TDF2045V.’ These funds initially invest aggressively and gradually shift to more stable assets as the target year approaches.

Sung Yunho, head of product development at Hanwha Life, said, “In the era of low interest rates and rising inflation, variable universal life insurance, which can expect higher coverage depending on fund returns, is necessary rather than general whole life insurance to increase guaranteed assets. We expect strong consumer response to these two variable universal life insurance products that provide inheritance tax resources considering inflation and cancer diagnosis benefits that increase according to fund returns.”

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