Insurance Association "Introduction of Simple Calculator for Conversion of Real Loss Insurance Contracts"

[Asia Economy Reporter Changhwan Lee] The General Insurance Association and the Life Insurance Association announced on the 4th that they will newly introduce a simple calculator for switching contracts of indemnity health insurance to help existing indemnity health insurance policyholders (1st to 3rd generation) who are considering switching to 4th generation indemnity health insurance make rational decisions.

The simple calculator for switching indemnity health insurance contracts is a service that, by entering information such as one's annual medical usage, calculates and compares specific figures to determine whether it is advantageous to switch to the 4th generation indemnity health insurance or to maintain the existing product.

The indemnity health insurance contract switching system allows existing indemnity insurance policyholders (1st to 3rd generation) to change their contracts to the 4th generation indemnity insurance offered by their current company, and except for some cases, switching is possible without separate screening.

The calculator can be used by accessing the online insurance supermarket Insurance Damoa website and selecting the 'Simple Calculator for Switching Indemnity Health Insurance Contracts.'

A representative from the General Insurance Association expressed expectations that "Along with the special contract switching discount (50% premium) available until the end of this year, this service will help policyholders considering switching to the 4th generation indemnity health insurance make rational decisions."

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