Samsung Life Launches 'Woori Jip Good Whole Life Insurance' to Reduce Premium Burden

[Asia Economy Reporter Changhwan Lee] Samsung Life Insurance announced on the 9th that it will launch the 'Samsung Uri Jib Good Whole Life Insurance (hereinafter Uri Jib Good Whole Life Insurance),' which provides practical inheritance assets, inheritance tax, and survivor living expenses preparation along with death coverage.

Uri Jib Good Whole Life Insurance is designed as a 'Low Surrender Value Type,' which pays 30% of the surrender value of the high surrender value type product if canceled during the payment period, and 50% if canceled after the payment period ends.

The 'Low Surrender Value Type' is a product that offers relatively lower premiums in exchange for a lower surrender value compared to the high surrender value type product if the contract is terminated prematurely.

Additionally, this product applies a higher interest rate of 2.75% (the rate used to calculate premiums) to the main insurance compared to the company's existing high surrender value type products, further reducing the premium.

The company emphasized that compared to other low surrender value type products from Samsung Life Insurance, this product allows preparation of higher death coverage assets with lower premiums, enabling practical preparation of inheritance assets and securing funds for inheritance tax.

Uri Jib Good Whole Life Insurance has expanded the payment period and subscription age compared to existing low surrender value type products to meet various customer coverage needs.

For the main insurance, new payment periods of 5, 12, 25, and 30 years have been added, allowing selection among 5, 7, 10, 12, 15, 20, 25, and 30 years. Also, for the 5-year payment period, subscription is possible up to age 80, enabling more customers to prepare coverage.

A Samsung Life Insurance official said, “Uri Jib Good Whole Life Insurance is a product focused on death coverage, the core function of whole life insurance, with reasonable premiums,” adding, “It is suitable for customers who want to prepare inheritance assets practically in an era where inheritance has become common.”

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