Fubon Hyundai Life Insurance Launches "MAX Pension Insurance Hybrid Plus Accumulation Type"

Fubon Hyundai Life Insurance announced on April 15 that it has launched the "MAX Pension Insurance Hybrid Plus Accumulation Type (Non-participating)."

원본보기 아이콘

The product guarantees the minimum contract holder’s accumulated amount at a guaranteed interest rate of 3.70%, regardless of the declared interest rate, if the contract is maintained for five years after enrollment.

The longer the contract is maintained, the greater the pension funds that can be accumulated. This is because a long-term maintenance bonus can be additionally credited to the contract holder’s accumulated amount.

The premium payment period is divided into 3-year, 5-year, and 10-year terms. For the 3-year and 5-year terms, a minimum monthly premium of 200,000 won is required, while for the 10-year term, a minimum monthly premium of 100,000 won is required.

The eligible enrollment age ranges from 0 years old; for the 3-year and 5-year terms, up to a maximum age of 79, and for the 10-year term, up to a maximum age of 77. Pension payments can begin between the ages of 45 and 90. If enrolling via a bank’s mobile application, enrollment is available from age 19.

The long-term maintenance bonus is credited at a certain payout rate to the contract holder’s accumulated amount, based on the basic premium, on the contract anniversary after five and ten years from the contract date.

For the 10-year term, an additional 3.80% is credited at the five-year mark, and 4.45% at the ten-year mark.

If, prior to the commencement of pension payments, the insured is diagnosed with a disability payout rate of 80% or more due to the same accident, an accidental disability benefit of 10 million won is paid once.

Starting one month after the contract date, up to 12 partial withdrawals per year can be made without a fee. Funds can also be flexibly managed through additional premium payments and designated withdrawals.

At the time of initial enrollment, annuity receipt is selected as a whole-life annuity type, but it can later be changed to either a fixed-term annuity or an inheritance annuity type.

The MAX Pension Insurance Hybrid Plus Accumulation Type (Non-participating) is available at Woori Bank, as well as Hana Bank, Shinhan Bank, NH NongHyup Bank, iM Bank, BNK Kyongnam Bank, BNK Busan Bank, JB Jeonbuk Bank, and Kwangju Bank.

For Woori, Hana, iM, BNK Kyongnam, BNK Busan, JB Jeonbuk, and Kwangju Bank, enrollment is also available via their mobile apps.

A Fubon Hyundai Life Insurance representative stated, "The main feature is that the longer you maintain the policy, the greater the benefit, as it guarantees the minimum contract holder’s accumulated amount and pays a long-term maintenance bonus to help secure a stable retirement fund. Depending on consumer demand, funds can also be managed efficiently through partial withdrawals and additional premium payments."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.