Heungkuk Life Launches 'Rich Plus UL Whole Life Insurance' to Counter Inflation

Heungkuk Life announced on the 11th that it has launched the 'Rich Plus UL Whole Life Insurance,' which increases insurance benefits to prepare for rising prices.

[Asia Economy Reporter Oh Hyung-gil] Heungkuk Life Insurance announced on the 11th that it has launched the 'Rich Plus UL Whole Life Insurance,' which increases insurance benefits to prepare for inflation.

This product offers two options: a surrender value guaranteed type and a non-guaranteed type. The surrender value guaranteed type consists of Type 1 (basic), Type 2 (5% increase), and Type 3 (2.5% increase).

When selecting Type 2 (5% increase), the death benefit increases by 5% annually for 20 years starting from the milestone ages of 51, 56, 61, or 66.

For example, if the insured amount is set at 100 million KRW and the milestone age is set at 61, the death benefit will increase to 200 million KRW by age 80. If Type 3 (2.5% increase, up to 50%) is selected under the same conditions, the death benefit will be 150 million KRW. This feature helps prevent the decline in the value of the death benefit due to inflation.

Additionally, if the surrender value guaranteed type is chosen, a minimum surrender value is guaranteed. At the time of surrender, the higher amount between the actual surrender value calculated using the announced interest rate and the surrender value calculated using the guaranteed interest rate (2.5%) will be paid.

Long-term maintenance bonuses are also provided. For policies with a 20-year payment period and a coverage amount of 50 million KRW or more, 2% (5 years), 2.5% (10 years), and 3% (20 years) of the premiums paid up to that point will be added to the accumulated amount. For coverage amounts of 100 million KRW or more, 3.5% (5 years), 5% (10 years), and 6% (20 years) will be added and paid.