Kyobo Life Insurance Obtains Exclusive Rights for 'Esophagus-Related Specific Disease Diagnosis Special Contract'

[Asia Economy Reporter Changhwan Lee] Kyobo Life Insurance announced on the 19th that four types of riders, including the '(Non-Participating) Esophagus-Related Specific Disease Diagnosis Rider (Renewable)', have obtained a 3-month exclusive usage right from the Life Insurance Association.

The exclusive usage right is a type of patent granted by the Life Insurance Association for innovative financial products. It grants exclusive sales rights for a certain period to protect the profits of the company that developed the new product, preventing other companies from selling similar products during that time.

Earlier this month, Kyobo Life Insurance launched the '(Non-Participating) Kyobo Okay Cancer Insurance', which broadly covers everything from cancer precursors and high-risk diseases to examinations, new medical treatments, complications, and follow-up treatments.

For the first time in the industry, they introduced riders that cover esophagus-related specific disease diagnosis, diagnosis of nine major complications after anticancer radiation therapy, urostomy surgery, cystostomy surgery, and skin reconstruction surgery, enabling coverage not only for cancer precursors and high-risk diseases but also for various complications and sequelae after cancer treatment.

Among these, six new coverages (four riders) have obtained exclusive usage rights.

The Esophagus-Related Specific Disease Diagnosis Rider strengthens cancer prevention by covering conditions such as esophageal achalasia and Barrett's esophagus, which can develop into esophageal cancer.

Additionally, the rider covering nine major complications after anticancer radiation therapy, which selects representative complications that may occur in radiation-exposed areas (such as osteonecrosis, radiation enteritis, and radiation cystitis), has also attracted attention.

The Life Insurance Association's New Product Review Committee recognized the originality and usefulness of this product, noting that it is the industry's first to develop 'esophagus-related specific diseases' that can progress to esophageal cancer, thereby enhancing cancer prevention functions and presenting a new paradigm in cancer insurance by expanding coverage areas before and after cancer occurrence.

For a single subscription unit, the Esophagus-Related Specific Disease Diagnosis Rider guarantees KRW 1,000,000 (one-time initial payment), and the Nine Major Complications Diagnosis Rider after Anticancer Radiation Therapy guarantees KRW 3,000,000 (one-time initial payment) for five major complications and KRW 300,000 (one-time initial payment) for four other complications.

The 'Artificial Urination and Organ Incision Surgery Rider' covering urostomy surgery and cystostomy surgery guarantees KRW 2,000,000, and the 'Female-Specific Cancer Diagnosis and Three Major Specific Surgeries Rider' covering skin reconstruction surgery guarantees KRW 1,000,000 (once annually).

A Kyobo Life Insurance official stated, “Unlike existing products that focus only on cancer diagnosis and treatment, this product manages the entire cancer treatment process, providing new value from the customer's perspective, which is significant.”

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