Hanwha Life Insurance Launches 'Non-Dividend LIFEPLUS Health Grade Health Insurance'

[Asia Economy Reporter Changhwan Lee] Hanwha General Insurance announced on the 15th that it has launched the 'Non-Dividend LIFEPLUS Health Grade Health Insurance,' which expands the health grade insurance premium discount, previously applied only to insured persons with pre-existing conditions, to general customers for the first time in the industry.

This product uses customers' health checkup results and medical usage records to classify health grades from 1 to 9, providing greater premium discounts to customers with better grades. For grades 1-2, which correspond to the top 28%, a maximum discount of 38% is available, while grades 3-4, representing the top 60%, can receive about a 14% discount on premiums.

The health grade can be checked without submitting separate documents by accessing the mobile app 'Log,' developed by GHC (Grade Health Chain), which provides related services, after identity verification and consent to provide information. The health grade is reassessed every five years after enrollment, and if the grade improves, additional premium discounts are applied; however, premiums will not increase even if the grade declines.

The 'Non-Dividend LIFEPLUS Health Grade Health Insurance' focuses on coverage for cancer, brain, and heart disease diagnosis fees, as well as hospitalization and surgery costs related to illnesses. For a 40-year-old, cancer-related diagnosis fees up to 70 million KRW and brain and heart disease diagnosis fees up to 50 million KRW can be insured.

The eligible age for enrollment starts from 15 years old, and the product is sold with either a three-year or annual renewal term. The coverage period for the three-year term is up to age 100, while the annual term offers coverage periods of 10, 20, or 30 years. There is also a premium waiver benefit upon diagnosis of disability with 80% or more impairment due to injury/disease, cancer, stroke, or acute myocardial infarction.

Kim Junyeop, Head of Product Development Part 1 at Hanwha General Insurance, said, "Generally, health discounts required cumbersome document submissions or separate health checkups, but this product verifies customers' health status through a mobile app," adding, "We expect this product to provide convenience in enrollment and reasonable premiums tailored to customers' expectations."

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