KB Insurance Launches Health Insurance Enhanced for MZ Customers' Product Appeal

KB Insurance announced on the 4th that it has revised and relaunched the ‘KB 5.10.10 (OtenTen) Plus Health Insurance,’ enhancing product competitiveness for customers in their 20s and 30s through an analysis of its insured customers.

In April last year, KB Insurance launched the ‘KB 5.10.10 Plus Health Insurance,’ which is up to approximately 29% cheaper compared to its comprehensive health insurance, provided that applicants pass the ‘health disclosure’?which requires notification of surgery and hospitalization history over the past 10 years (extended from 6 years) and the presence of three major diseases (cancer, stroke, acute myocardial infarction)?in addition to the existing ‘pre-contract disclosure obligation.’

Analysis of customers who enrolled during the seven months following the product launch showed a high subscription rate among those under 40, aligning with the product’s purpose of targeting healthy customers. Based on these results, KB Insurance revised and relaunched the ‘KB 5.10.10 Plus Health Insurance’ to significantly strengthen product competitiveness for customers in their 20s and 30s by segmenting subscription age groups.

The revised product divides customers into Type 1 for ages 15 to 40 and Type 2 for ages 41 to 65. Type 1 customers, who have a lower risk of accidents, can now subscribe at reasonable premiums, and the number of premium waiver reasons has been expanded to 12, increasing benefits. Additionally, the premium waiver benefit, which was previously applied for diagnoses of permanent disability of 80% or higher, has been extended to cover diagnoses of 50% or higher permanent disability. The premium waiver benefit for diagnoses of stroke and acute myocardial infarction has also been expanded to include cerebrovascular and ischemic diagnoses, exempting future premium payments for the insured coverage.

New coverages have also been added. Coverage for daily caregiver fees and nursing care service fees has been strengthened to alleviate the burden of caregiving costs due to aging. Furthermore, a progressive coverage feature has been added, increasing the insurance payout by 30% each time (up to 5 times) the insured undergoes surgery for major diseases such as cancer, cerebrovascular, and ischemic diseases, helping to reduce the financial burden of surgeries for diseases with a high risk of recurrence.

Shin Deok-man, Head of Long-term Insurance Products at KB Insurance, said, “The ‘KB 5.10.10 Plus Health Insurance,’ designed with a new structure where premiums decrease as health improves, was the most popular product among customers in their 20s and 30s throughout 2023. KB Insurance will continue to develop products that meet customer needs through various analyses.”

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