Heungkuk Life Insurance Launches Five New Riders to Strengthen Long-Term Care Benefits
"Up to 1 Million KRW Coverage...
30% Lower Premiums Compared to Industry Average"
Heungkuk Life Insurance announced on May 8 that it has launched five new riders designed to strengthen coverage for home-based and institutional care benefits required after a long-term care grade assessment.
The "Long-Term Care Comprehensive Home-Based Benefit Rider" provides coverage of up to 1 million KRW if a policyholder with a long-term care grade of 1 to 5 uses two or more of the following home-based care services: home-visit care, home-visit bathing, home-visit nursing, day and night care, or short-term care. The premium for this rider is more than 30% lower compared to industry averages.
The "Long-Term Care Dementia-Focused Day and Night Care Rider" pays 1 million KRW once per year if the policyholder, with a long-term care grade of 2 or higher or with a cognitive support grade, uses a dementia-focused day and night care facility such as a daycare center.
The company has also released the Long-Term Care Family Caregiver Home-Visit Care Rider, the Long-Term Care Dementia-Focused Institutional Benefit Rider, and the Moderate or Higher Severity Long-Term Care Rider.
Yoon Hwa-kyung, head of product planning at Heungkuk Life Insurance, stated, "As the number of long-term care insurance beneficiaries has been rapidly increasing, there is growing demand for diverse forms of home-based and institutional care benefits rather than hospital admission. In response, we aimed to provide not only diagnosis benefits but also practical, daily-life coverage to enhance quality of life after dementia."
The new riders are available under the "Chimaedameun Senior Protection Insurance" plan.
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