A 'Lifetime Asset' Created by Grandparents... Kyobo Life Launches 'Grandchild Love Insurance'

Kyobo Life Insurance announced on April 28 that it has launched two new products for Family Month in May: "Kyobo Grandchild Love Health Insurance (non-dividend)" and "Kyobo Grandchild Love Forever Whole Life Insurance (non-dividend)," designed to allow grandparents to pass on their warm love to their grandchildren.

원본보기 아이콘

The focus of these products is to convey the value of family love across generations, tailored to the growth stages of grandchildren. Grandparents can support their grandchildren's healthy development and help lay a solid economic foundation for them even after they reach adulthood, thanks to differentiated health coverage, a "Grandchild Love Fund" benefit, and a pension conversion feature.

"Kyobo Grandchild Love Health Insurance (non-dividend)" provides customized coverage for each stage of a grandchild’s growth, from the fetal stage up to age 30. It covers essential illnesses that frequently occur during pregnancy and childbirth, as well as in infancy and adolescence. The policy includes coverage for pregnancy toxemia, low-birth-weight infant support, newborn medical care, as well as major illnesses such as childhood cancer, benign brain tumors, cerebral hemorrhage, burn treatment, and even traffic accidents.

The differentiated "Grandchild Love Fund" conversion option is also noteworthy. When the grandchild reaches university age (between 20 and 25), policyholders can reduce the main contract premium to receive the Grandchild Love Fund annually for up to five years. This can be used flexibly for university tuition, independence funds, and other needs.

After 10 years of enrollment, and once the grandchild turns 20 or older, the policyholder can utilize the pension conversion feature to receive the accumulated contract reserve as an annual pension. In this way, the love of grandparents becomes a reliable lifetime asset supporting the grandchild’s future independence.

"Kyobo Grandchild Love Forever Whole Life Insurance (non-dividend)" is a whole life insurance product combined with an education fund function. Grandparents receive lifelong death coverage while preparing future funds for their grandchildren. After the premium payment period (at least 10 years for terms less than 10), the death benefit increases by 5% each year, up to a maximum of 150%, making it advantageous for future resource planning.

Once the premium payment period (at least 10 years for terms less than 10) ends, the death benefit education fund conversion option allows part of the death benefit to be used to create education funds for the grandchild-such as university tuition, study abroad, or independence funds-by reducing the insurance payout amount.

If the grandparent passes away during the insurance period, the death benefit is distributed as the Grandchild Love Fund, paid annually over 10 years to support the grandchild's stable growth. This adds meaning beyond simple financial support, serving as a messenger of family love and cherished memories between grandparents and grandchildren.

After the premium payment period ends, the pension conversion feature allows for a lifetime pension, and even after the grandparent's death, the grandchild can inherit the pension and receive the Family Love Pension for 20 years-up to three times the basic pension amount.

A Kyobo Life Insurance representative stated, "We have developed products that reflect the social trend of increasing grandparent involvement in childcare, aiming to realize the value of intergenerational family love and help preserve precious memories with grandparents for a long time. We hope that the Grandchild Love Insurance will serve as a strong bridge, connecting the deep love of grandparents to the healthy growth and future independence of their grandchildren."

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