Hanwha General Insurance Launches 'Non-Dividend 355 WELL100 Simple Health Insurance'

[Asia Economy Reporter Changhwan Lee] Hanwha General Insurance announced on the 13th that it has launched a new simplified underwriting insurance product, the "Non-dividend 355 WELL100 Simplified Health Insurance," to strengthen product competitiveness in the increasingly segmented insured-with-illness insurance market.

Simplified underwriting insurance is a product that allows individuals with pre-existing conditions to enroll by answering simplified health questions (disclosure items) compared to general insurance products, albeit with increased premiums.

Following the currently sold "325, 333, 335 WELL100 Simplified Health Insurance," Hanwha General Insurance has diversified its simplified underwriting insurance product lineup by launching the "Non-dividend 355 WELL100 Simplified Health Insurance."

This product only asks about hospitalization/surgery/additional examination opinions within the last 3 months, hospitalization or surgery within the last 5 years, and diagnosis/hospitalization/surgery for major diseases within the last 5 years. Mild pre-existing condition patients who are managing their health through outpatient treatment or medication can enroll at a lower premium than the "325, 333, 335 WELL100" products.

Coverage has also been expanded with new riders. Earlier this year, it obtained exclusive usage rights from the Korea Insurance Development Institute's New Product Committee for three types of specific perforation diagnosis benefits and included injury and disease treatment support funds that cover medical expenses exceeding the selected ratio (50%, 100%, 200%, 300%) of the annual medical expense portion relative to the median income of wage workers (currently applied as 2.34 million KRW).

Treatment costs for the latest medical technologies such as CAR-T anticancer drug approved treatments, cardiac arrhythmia radiofrequency and cryoablation, coronary angioplasty, specific breast lesion vacuum-assisted excision, and specific cerebral artery disease vascular embolization are also covered as fixed amounts.

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