Shinhan Life Launches 'Rozi Whole Life Insurance,' Exclusive Product for MZ Generation

[Asia Economy Reporter Changhwan Lee] Shinhan Life announced on the 27th that it will launch 'Logi Whole Life Insurance,' an insurance product exclusively for the MZ generation (born from the early 1980s to the early 2000s), on the 1st of next month.

'Logi Whole Life Insurance (non-dividend, partial surrender value payment type)' was developed focusing on the diverse needs of different age groups regarding death coverage. It is explained that the premium burden was reduced through reasonable coverage design for the MZ generation, who have a lower need for disease-related death coverage.

Shinhan Life emphasized that it is launching Logi Whole Life Insurance from the perspective of overturning the MZ generation’s perception of whole life insurance as 'insurance for dads for their families' to 'insurance we need to subscribe to at our age.'

The product is designed so that young people in their 20s and 30s, who have a low need for death coverage due to disease, can choose coverage levels by reducing early death coverage according to their desired premium level.

For those who need high death coverage at the beginning of insurance subscription, it is possible to add term riders according to the desired level of death coverage, enabling a cost-effective design compared to general whole life insurance main contracts.

When designing riders, the subscription limit criteria linked to the main contract amount have been relaxed, allowing diagnostic riders for cancer, cerebral hemorrhage and cerebral infarction, acute myocardial infarction, etc., to be configured as non-renewable even with the minimum main contract subscription amount.

Additionally, it offers the industry's highest level of payment completion bonuses. Up to 20% (based on a 10-year payment period) is paid at the completion point without differentiation in payment conditions according to the insurance subscription amount.

Customers can use the payment completion bonus withdrawal function to access funds, and since a refund rate is provided according to the maintenance period even after the payment completion point, it can be utilized as retirement living funds through annuity conversion.

Along with this, Shinhan Life will also launch 'Wonderful Life Whole Life Insurance (non-dividend, partial surrender value payment type)' for the 40s and 50s generation who need death coverage due to life cycle changes such as marriage and childbirth. It is designed to reduce the burden of insurance subscription for middle-aged people who think they subscribed late despite needing death coverage.

The subscription age is 15 to 39 years old for Logi Whole Life Insurance and 40 to a maximum of 60 years old for Wonderful Life Whole Life Insurance. As a 'partial surrender value payment type' product, if the insured cancels before the contract anniversary linked to age 100, they receive a lower surrender value compared to the 'general type' but can subscribe at a lower premium than the 'general type.'

Shinhan Life’s Customer Strategy Group Head, Hyeongcheol Bae, said, “The products launched this time were developed so that not only the MZ generation but also the 40s and 50s generation can prepare coverage 10 years earlier,” adding, “They are products that allow various coverage designs with reasonable premiums and increase coverage utilization according to customers’ changing life cycles.”

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