NH NongHyup Life, SmartPay NH Whole Life Insurance Obtains 3-Month Exclusive Usage Rights

[Asia Economy Reporter Changhwan Lee] NH NongHyup Life announced on the 30th that its 'Smart Pay NH Whole Life Insurance (Partial Surrender Value Payment Type, Non-participating)', launched last month, has obtained an exclusive usage right from the Life Insurance Association for three months (March 23 to June 22).

NH NongHyup Life explained that it received favorable evaluations from the review committee by being the first in the industry to introduce a product structure that differentiates premium payments by period.

In the case of whole life insurance, which provides coverage for a lifetime, there has been difficulty due to the long premium payment period and the need to continuously pay high premiums.

To resolve this, the 'Smart Pay Payment Method' is designed to divide the premium payment period into two segments, allowing customers to pay lower premiums during the income gap period (the second payment period) compared to the economic activity period (the first payment period).

This product alleviates the burden of paying premiums over a long time, enabling customers in the income transition period approaching retirement to subscribe to insurance. It is available for subscription up to age 72, and there is also a product available for those with pre-existing conditions.

For example, for a 55-year-old male subscribing to an amount of 10 million KRW with a 7-year payment term, the premium during the first payment period of 3 years is 366,700 KRW per month, and for the remaining 4 years, it is 10% of that amount, 36,670 KRW per month.

The company emphasized that this product is differentiated from typical whole life insurance in that it refunds the paid premiums along with the insured amount in the event of death.

Kim Intae, CEO of NH NongHyup Life, said, "We hope this product will provide an opportunity to increase insurance accessibility for middle-aged people, self-employed individuals, and farmers who hesitate to subscribe due to income instability."

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