The Industry's First Coverage for Severe Pneumonia Diagnosis Due to Statutory Infectious Diseases in Simple Insurance
[Asia Economy Reporter Ki Ha-young] Samsung Life Insurance is launching the industry's first insurance product that allows enrollment even if there is a history of surgery or short-term hospitalization outside of the 8 major critical illnesses.
Samsung Life Insurance announced on the 14th that it will start selling the 'S Simple Comprehensive Protection Insurance' from the 16th. This product covers various diseases such as cancer, cerebrovascular disease, and cardiovascular disease, and allows enrollment even if there is a history of surgery or short-term hospitalization outside the 8 major critical illnesses.
Existing simple insurance required customers to separately notify the insurer of all surgeries and short-term hospitalizations, but this product is the industry's first to allow enrollment without notification even if there is a history of surgery within the last 2 years or hospitalization of 5 days or less. However, enrollment is not possible if there is a diagnosis, surgery, or hospitalization for the 8 major critical illnesses within the last 5 years, or if there is a history of medication for the same disease for 30 days or more within 2 years.
The basic disclosure items before enrollment have also been significantly reduced from 9, which apply to general products, to 3. Insurance premiums are not increased due to high risk, nor are treated areas or diseases excluded from coverage. The 3 basic disclosure items are ▲ necessity opinions for hospitalization, surgery, or re-examination through examination or inspection within the last 3 months ▲ hospitalization of 6 days or more or medication for 30 days or more within 2 years ▲ history of diagnosis, surgery, or hospitalization due to cancer, cirrhosis, chronic dialysis, Parkinson's disease, Lou Gehrig's disease, angina, myocardial infarction, or stroke within 5 years.
The S Simple Comprehensive Protection Insurance covers accidental death under the main insurance and covers major causes of disease-related death such as cancer, cerebrovascular disease, and cardiovascular disease through riders. It also covers diseases and surgeries frequently occurring in the elderly, and for the first time in the industry, it covers pneumonia diagnosis of moderate or higher severity caused by legally designated infectious diseases in simple insurance.
Samsung Life Insurance has lowered the premiums compared to its existing simple insurance products while expanding the coverage. For example, for customers with mild diseases such as herniated discs and polyps, the premium is about 22% lower than existing simple insurance. Coverage is available immediately upon enrollment without additional conditions, and pre-existing conditions are also covered. A new accidental fracture surgery rider has been added, which covers surgery costs up to 500,000 KRW up to 3 times per year when subscribed.
The S Simple Comprehensive Protection Insurance has increased the maximum coverage amount for cerebrovascular and cardiovascular diseases from 5 million KRW to 20 million KRW, and the maximum coverage amount for cancer diagnosis from 30 million KRW to 50 million KRW compared to existing simple insurance.
The enrollment age is from 30 to 80 years old based on the main insurance. The insurance period is renewable every 15 years (some riders 3 or 5 years) up to a maximum age of 100. For disease-related death coverage riders, coverage is available up to 85 years old.
A Samsung Life Insurance official said, "The S Simple Comprehensive Protection Insurance lowers the threshold for enrollment even with a simple history of hospitalization or surgery in the aging era," and added, "It was developed to provide coverage for the three major diseases at a price about 20% lower than existing insurance for patients with pre-existing conditions."
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