Kyobo Life Insurance Launches '(Non) Dodeundunhan Kyobo Whole Life Insurance'

[Asia Economy Reporter Changhwan Lee] Kyobo Life Insurance announced on the 5th that it has launched the ‘(Non-Participating) Deodeundeunhan Kyobo Whole Life Insurance,’ which allows customers to prepare solid coverage with reasonable premiums.

This product is an interest rate guaranteed whole life insurance, applying relatively high guaranteed interest rates (2.5% for less than 15 years, 2% for 15 years or more) regardless of market conditions, enabling strong death benefits and stable accumulation of reserves.

It also features a practical coverage structure such as increasing disease death benefits and a low surrender value type, which reduces the premium burden.

In the early subscription period, disease death coverage is eased and the coverage increases by 10% annually, lowering the premium. The disease death benefit is about 30% of the main contract amount at subscription but increases by 10% each year for 7 years, becoming equal to the contract amount after 7 years.

For example, if the contract amount is 100 million KRW, the disease death benefit is 30 million KRW at subscription but increases by 10 million KRW each year, reaching 100 million KRW after 7 years.

This is a ‘low surrender value type’ whole life insurance that reduces the premium burden by having a lower surrender value during the premium payment period compared to the general type, allowing customers to prepare the same coverage at a lower premium.

It is also notable that the subscription age has been expanded to increase opportunities for the elderly. Men can subscribe up to age 74, women up to age 77, and the premium payment period can be selected from 7, 10, 12, or 15 years.

Another advantage is that the death benefit can be utilized in various ways according to life changes. The death benefit can be designed to be paid monthly or annually for the desired period according to the customer’s situation, making it usable as living expenses or children’s education funds. This product is available for subscription from age 15 up to 77.

Meanwhile, Kyobo Life Insurance also introduced the ‘(Non-Participating) Deodeundeunhan Kyobo VIP Whole Life Insurance’ on the same day to help wealthy clients prepare stable inheritance tax funds.

It is the same interest rate guaranteed whole life insurance as the ‘Deodeundeunhan Kyobo Whole Life Insurance,’ with a practical coverage structure that lowers premiums, expanded subscription age, flexible death benefit design, and added benefits such as Kyobo Prestige Health Care Service.

When the premium payment period ends, a maintenance bonus of 12.5% to 14.5% of the reserve is accumulated, increasing the benefits. It is available for subscription from age 15 up to 77, with a minimum main contract amount of 1 billion KRW.

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