Lowering Mid-Term Surrender Rates and Offering Retention Bonuses... Samsung Life Launches 'Samsung Pension Insurance Plus'

The Longer You Leave It, the Higher the Amount Received

Samsung Life Insurance has launched an annuity insurance product that offers a lower surrender value but provides higher payouts for long-term maintenance.

Samsung Life Insurance announced that it will start selling the 'Samsung Annuity Insurance Plus (Non-dividend)' from the 17th.

This product is the first annuity product released by Samsung Life Insurance since the insurance supervision regulations were revised in June, easing the 'surrender value regulation.' Until now, annuity insurance had been subject to regulations focused on protecting against early termination, similar to savings-type insurance. Through this revision, it became possible to develop products that increase the annuity amount the longer the annuity insurance is maintained.

'Samsung Annuity Insurance Plus' operates in two types: the 'Annuity Enhancement Type,' which offers maintenance bonus benefits the longer the contract is kept in exchange for a lower surrender value, and the 'Basic Type,' which is designed under the existing surrender value regulations.

The 'Annuity Enhancement Type' lowers the surrender refund but increases the future annuity amount by adding a maintenance bonus to the annuity accumulation amount the longer the contract is maintained. The maintenance bonus is applied at the annuity start date and is calculated by multiplying a certain bonus rate by the contract holder's accumulation amount as of the day before the bonus date. In particular, the longer the maintenance period until the annuity start and the payment period are set, the greater the maintenance bonus added. Additionally, for the accumulation type (monthly payment), maintenance bonus benefits can also be received at the payment period milestone (however, if the payment period is less than 10 years, the milestone is at 10 years).

This product offers options among ▲Lifetime Annuity Plus Type ▲Fixed Period Annuity Plus Type ▲Inheritance Annuity Type ▲Early Concentrated Annuity Type ▲Inheritance Annuity Type (Death Benefit Type). Payment methods can also be chosen between lump-sum (single payment) and accumulation type (monthly payment). Furthermore, flexible fund utilization is possible through additional payments, early withdrawals, and management of retirement planning funds.

The eligible age for subscription ranges from 0 to a maximum of 80 years old. The annuity payment start age can be selected between 45 and 90 years old.

A Samsung Life Insurance official explained, "This product was developed in line with the regulatory relaxation aimed at revitalizing annuity insurance," adding, "It is suitable for customers who want to maintain annuity insurance for a long period to receive higher annuity payments for retirement security, which is the primary purpose of annuity insurance."

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