AIA Life Insurance Secures 9-Month Exclusive Usage Right for "Designated New Medical Treatment Rider"

On March 9, AIA Life Insurance announced that its “Non-Participating Designated New Medical Treatment (Benefit) Rider (Renewable)” has been granted an exclusive usage right for nine months by the Korea Life Insurance Association.

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The “Non-Participating Designated New Medical Treatment (Benefit) Rider (Renewable)” is a product designed to enhance consumer accessibility by covering four of the latest new medical technologies under a single rider. Among these, AIA Life Insurance has been granted exclusive usage rights for three procedures: percutaneous radiofrequency ablation, percutaneous microwave ablation, and intraperitoneal hyperthermic chemotherapy. Through this, the company has expanded the scope of treatment beyond the surgery, medication, and radiation stages traditionally covered by insurance, providing practical alternative treatment options for patients who are inoperable or at high risk of metastasis or recurrence.

Additionally, AIA Life Insurance received high praise for focusing on alleviating the economic burden of high-cost treatments by designing benefit amounts based on patients’ actual out-of-pocket expense data.

This rider helps reduce the financial burden of treatment, allowing patients to choose the optimal treatment method when battling cancer. Notably, stomach, liver, and lung cancers account for 34% of all cancer cases in Korea and are associated with high mortality rates. Patients with these cancers require new medical technology treatments to overcome the limitations of existing therapies, but the high cost of new medical technologies has made access difficult. The granting of exclusive usage rights for this product is recognized as an innovation, being the industry’s first to provide benefits for new medical technology treatments beyond the scope of conventional cancer insurance. AIA Life Insurance stated that it focused on reflecting customers’ treatment journeys and real needs throughout the product design process when launching this rider.

Shinok Yoo, Chief Customer Officer at AIA Life Insurance, said, “AIA Life Insurance puts customers at the starting point of every decision in order to realize our vision of ‘Healthier, Longer, Better Lives.’ Since this rider was designed based on customers’ actual cancer treatment journeys and diverse feedback, it will provide practical support by expanding treatment choices and reducing financial burdens.”

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