Hanwha Life announced on the 28th that it has launched the military-specialized insurance "LIFEPLUS We Will Protect You Safety Insurance" ahead of Armed Forces Day on October 1st.
[Asia Economy Reporter Oh Hyung-gil] Hanwha Life announced on the 28th that it has launched a military-specialized insurance product, 'LIFEPLUS We Will Protect You Peace of Mind Insurance,' ahead of Armed Forces Day on October 1st.
This product is specialized for soldiers who are about to enlist or currently serving in the military, and males aged 19 to 35 are also eligible to subscribe. The coverage period is two years.
It provides broad coverage for multiple injuries and illnesses common among soldiers, including accidental disabilities, fractures, burns, skin diseases (shingles) diagnosis fees, and surgery costs for knee ligaments, Achilles tendon, and intervertebral disc disorders (discs).
In particular, it is the industry's first to cover Complex Regional Pain Syndrome (CRPS), a specific condition with a high incidence rate among military personnel. Hanwha Life has been granted an exclusive usage right for six months by the Life Insurance Association in recognition of the product's originality and usefulness. Complex Regional Pain Syndrome (CRPS) is a disease characterized by chronic neuropathic pain occurring in a specific area after trauma, accompanied by autonomic nervous system dysfunction, skin changes, and functional impairment.
Additionally, the product offers an 'Insurance Gifting' option, allowing family or friends of soldiers who are about to enlist or currently serving to easily gift the insurance online or via mobile.
By paying the premium once, the insurance covers injuries and illnesses likely to occur during military service for two years. The premiums for a 20-year-old male are 50,400 KRW for the basic plan, 75,400 KRW for the standard plan, and 94,800 KRW for the premium plan.
For the premium plan based on a 20-year-old, accidental disabilities are paid according to the applicable disability payment rate. Accident surgery is covered at 300,000 KRW, accidental fractures at 300,000 KRW, facial fractures at 200,000 KRW, chest fractures at 100,000 KRW, and specific burns and corrosion at 200,000 KRW per occurrence.
Surgery for specific knee ligament tears and cartilage tears is covered at 500,000 KRW, Achilles tendon injury surgery at 500,000 KRW, Complex Regional Pain Syndrome (CRPS) at 1,000,000 KRW, severe burns and corrosion at 10,000,000 KRW, intervertebral disc disorder (disc) surgery funds at 300,000 KRW, and shingles diagnosis funds at 500,000 KRW, all covered once upon first occurrence.
Im Seok-hyun, Executive Director of Hanwha Life, said, "Military service is an honorable duty to protect the country, but it also exposes many to frequent injuries and illness risks, causing concern for many." He added, "We hope that this product, which is becoming a digital trend as a must-have item for enlistment or as a gift, will allow young people in the Republic of Korea to serve with greater peace of mind until the day they are discharged."
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