Samsung Fire & Marine Insurance announced on the 28th that its special influenza treatment expense rider, the first of its kind in the insurance industry, has obtained a 3-month exclusive use right.
[Asia Economy Reporter Oh Hyung-gil] Samsung Fire & Marine Insurance announced on the 28th that its special influenza treatment expense rider, the first of its kind in the insurance industry, has obtained a 3-month exclusive usage right.
The influenza (flu) antiviral treatment expense rider was included in the child insurance product "Kkum-i Jareuneun Eorini" (Dream Growing Child), launched in August. It received positive evaluations for its originality and usefulness in addressing coverage gaps for highly prevalent infectious diseases, moving away from the trend of covering only severe infectious diseases, as well as for the approximately one year of effort from planning to launch.
This rider covers up to 200,000 KRW annually, once per year, if the insured is diagnosed with influenza and prescribed antiviral medication directly for the treatment of the flu.
The child insurance "Kkum-i Jareuneun Eorini," which includes influenza treatment expenses, is an automatic renewal type with a 20- or 30-year maturity. It offers coverage up to age 100 at an affordable premium of around 20,000 to 40,000 KRW. Previously, non-renewable child insurance products with maturity at age 100 had premiums around 80,000 to 100,000 KRW.
Within just three weeks of sales, 12,000 policies have been sold, with the influenza treatment expense rider subscription rate exceeding 94%.
From next month through November, Samsung Fire & Marine Insurance plans to select six customers who purchase child insurance and submit a simple story to provide expert space consulting services.
A Samsung Fire & Marine Insurance official stated, "After extensive research, we were able to introduce the industry's first influenza treatment expense rider, addressing a condition affecting over one million patients annually," adding, "We will continue to develop insurance products that meet customer needs."
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