ABL Life Launches 'DIY (Non-Guaranteed) ABL THE Health Integrated Insurance'

[Asia Economy Reporter Changhwan Lee] ABL Life announced on the 31st that it will launch the ‘DIY (Non-Payment) ABL THE Health Integrated Insurance,’ which allows customers to design their own health coverage by selecting various riders, on the 1st of next month.

The ‘DIY (Non-Payment) ABL THE Health Integrated Insurance’ features a 'DIY (Do It Yourself)' function that enables customers to choose only the coverage they need.

With 38 different optional riders available, it is possible to design most health coverage needs, including cancer coverage, brain and heart diseases, hospitalization and surgery, and dementia coverage.

If customers design the product focusing on cancer coverage, they can prepare comprehensively for cancer with coverage for minor cancer, general cancer diagnosis fees, chemotherapy drug treatment costs, radiation therapy costs, cancer surgery benefits, targeted cancer drug treatment costs, as well as cancer diagnosis living expenses.

When configured mainly for brain and heart diseases, it offers broad coverage from treatment of pre-symptomatic stages of cerebrovascular and cardiovascular diseases, mild diagnosis, stroke, cerebral hemorrhage, acute myocardial infarction, to severe diagnosis and even re-diagnosis.

Focusing on hospitalization and surgery provides benefits for surgeries of types 1 to 5, hospitalization, as well as surgeries and hospitalization for male-specific chronic diseases, urinary system diseases, female-specific chronic diseases, and gynecological diseases.

For those concerned about dementia, it can be designed to receive diagnosis funds for mild, moderate, and severe dementia, as well as living expenses for severe dementia caregiving.

Choosing the ‘Non-Payment of Surrender Value’ option results in lower premiums compared to the ‘Basic’ plan. However, if the contract is canceled during the premium payment period, no surrender value is paid, and if canceled after the premium payment period is completed, the surrender value is less than that of the ‘Basic’ plan.

The eligible age for subscription is from 15 to 80 years old, the main contract insurance amount ranges from 1 million KRW to 4 million KRW, and optional riders range from 5 million KRW up to 100 million KRW. The coverage period can be selected from age 80, 90, or lifetime.

Eun Jaekyung, Head of Product & Marketing at ABL Life, said, "The ‘DIY (Non-Payment) ABL THE Health Integrated Insurance’ was developed so that customers can select various coverage riders considering family history and lifestyle to prepare for their own health risks." He added, "It also reflects the latest insurance trends by reducing premium burdens with the ‘Non-Payment of Surrender Value’ option."

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