KB Insurance Launches Affordable 'KB Himi Doeneun Care Insurance' with Comprehensive Care Coverage

[Asia Economy Reporter Changhwan Lee] KB Insurance announced on the 1st that it has launched the ‘KB Him-i Doeneun Care Insurance,’ which provides comprehensive coverage for caregiving and dementia at a lower premium than existing care insurance.

This product introduces a hybrid new structure where, if no major illness occurs until the maturity set at the time of insurance subscription, the maturity is extended up to 100 years old without additional premiums.

It offers focused coverage for long-term care expenses due to elderly risks, cognitive impairment (dementia), and the three major diagnoses at premiums 30-50% cheaper than existing care insurance until age 85.

Additionally, it is a comprehensive care insurance that simultaneously covers long-term care expenses, dementia, and daily wages for caregivers.

A step-up structure has been introduced for the daily wages of caregivers. This is a special contract that compensates with a fixed premium increase of 10% every 5 years based on the initial subscription amount.

Bae Joonseong, Head of Long-term Products Division at KB Insurance, said, “In South Korea, where the elderly population and single-person households are rapidly increasing, preparation for long-term care and caregiving has emerged as an important issue, and we wanted to reflect this in our product. KB Insurance will continue to strive to develop advanced insurance products that reflect the trends of the times and customer demands.”

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