Hanwha Life Signature Cancer Insurance Obtains 6-Month Exclusive Use Rights

[Asia Economy Reporter Changhwan Lee] Hanwha Life announced on the 20th that its 'Hanwha Life Signature Cancer Insurance,' launched earlier this month, has obtained an exclusive usage right for six months from the Life Insurance Association.

This product is characterized by eliminating the premium payment during the coverage exclusion period (90 days), which had been taken for granted in cancer insurance until now.

It has been evaluated as a product that shifted the paradigm from a seller-centered to a customer-centered approach by aligning the start of cancer insurance coverage with the premium payment timing.

The average monthly premium for customers subscribing to Hanwha Life Signature Cancer Insurance is around 50,000 KRW, but during the 3-month exclusion period, it is about 22,000 KRW per month, effectively reducing the initial premium burden by approximately 30,000 KRW.

This product has sold about 20,000 cases within two weeks of its launch, showing strong customer response. On business days, it sold about 2,000 cases daily. Although cancer insurance is something almost everyone has at least one policy of, the company emphasized that this product demonstrated that well-selling products do sell.

The subscription rate among the 2030 generation, known as the MZ generation, was relatively high at 27.1%.

A Hanwha Life official said, “Although the MZ generation is known for pursuing current consumption, it is analyzed that many young people are preparing for the future with cancer insurance as the age of cancer onset is getting younger and survival rates are increasing.”

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