No Insurance Premium Payments for 1 Year After Childbirth... Launch of 'Hanwha Signature Women's Health Insurance'

Support for Childbirth and Infertility Management Provided
Insurance Premium Payment Deferred for 1 Year During Parental Leave

Hanwha General Insurance has launched a women-only health insurance product that offers special coverage considering women's life cycles, including childbirth support and infertility management.

On the 4th, Hanwha General Insurance announced that it began selling the 'Hanwha Signature Women’s Health Insurance' from the previous day.

This product is the first creation of the Hanwha General Insurance Lifeplus Femtech Research Institute, established last month. It includes specialized coverage and services tailored to women exposed to unique physiological phenomena such as menstruation, pregnancy, childbirth, menopause, and high-risk diseases like breast cancer, thyroid cancer, and ovarian and uterine cancers.

For the first time in the industry, a ‘Women-Specialized Integrated Diagnosis Benefit’ was introduced, providing broad coverage under a single rider for high-risk female diseases such as breast, ovarian, uterine, and thyroid cancers, as well as pre-cancerous symptoms like hyperthyroidism.

The product also features the industry's widest premium waiver system based on comprehensive insurance standards. While existing major premium waivers were limited to the three major diseases?cancer, stroke, and acute myocardial infarction?this product adds ‘50% or more permanent disability and cerebrovascular and ischemic heart diseases’ as conditions for the premium waiver rider. For example, if a woman undergoes complete removal of her ovaries, which qualifies as a 50% or more permanent disability, future premium payments for the coverage are waived.

Furthermore, whereas existing insurance products focused only on disease and accident coverage, this product introduces a ‘Childbirth Support Package’ and an ‘Infertility Care Package’ to address women’s practical concerns and contribute to solving the social issue of ‘low birth rates.’

The ‘Childbirth Support Package’ was developed by gathering feedback from women who experience a decrease in household income due to maternity leave while facing increased immediate living expenses from childcare. Through the ‘One-Year Premium Waiver After Childbirth’ and ‘One-Year Premium Payment Deferral for Leave’ riders, Hanwha General Insurance covers the insurance premiums for one year after childbirth. When taking leave for childcare, premium payments can be deferred for one year to reduce the financial burden.

The ‘Infertility Care Package’ is a rider developed to support the issues of ‘low birth rates’ and ‘female infertility,’ structured according to the infertility treatment cycle of diagnosis, treatment, and childbirth. Upon infertility diagnosis, a one-time payment of KRW 1 million is provided; for covered artificial insemination treatments, the insured amount is paid (up to KRW 3 million, based on in vitro fertilization); and upon childbirth after infertility treatment, a congratulatory payment of up to KRW 4 million is given. These riders operate on a 3-year or 10-year renewable term basis.

The eligible age for subscribing to ‘Hanwha Signature Women’s Health Insurance’ is from 15 to 70 years old. It is sold in a basic plan that pays a full payment maintenance bonus (up to 10% of total premiums paid) upon completion of premium payments, and a no-surrender value plan with lower premiums but minimal surrender refunds. Additionally, if no claims occur after subscription, the contract conversion system offers premium discounts every year, with up to approximately 30% discount after five years.

A Hanwha General Insurance official stated, "Before its launch, the product was selected as the first excellent case of the Financial Supervisory Service’s Win-Win Cooperation Financial New Product, including a one-year premium payment deferral for childbirth and childcare leave and expanded coverage for major diseases for five years after childbirth," adding, "We will continue to introduce products and services for women to the market."

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