ABL Life Launches Savings Insurance with 3% Fixed Interest Rate

ABL Life announced on the 25th that it has launched the 'ABL Internet Fixed Interest Savings Insurance,' which offers a guaranteed interest rate of 3%.

[Asia Economy Reporter Oh Hyung-gil] ABL Life announced on the 25th that it has launched the 'ABL Internet Fixed Interest Savings Insurance,' which offers a guaranteed interest rate of 3%.

This is a one-year short-term savings insurance product, where a 3% fixed interest rate is applied to the premium amount calculated after deducting some additional insurance premiums and risk insurance premiums from the paid premium.

If a 40-year-old male subscribes with a monthly premium of 300,000 KRW, he will receive a maturity insurance benefit of approximately 3.64 million KRW after one year at maturity. The refund rate is 101.3%. Even if the contract is canceled one month after the premium payment, the surrender refund amount guaranteed will be more than the premiums paid.

It also provides basic death coverage. If the insured dies during the insurance period, the death benefit will be paid as the sum of the contract holder's accumulated amount at the time of death and the basic premium.

The subscription age ranges from 19 to 70 years old, and the monthly premium ranges from a minimum of 50,000 KRW to a maximum of 300,000 KRW.

Oh Hong-gyun, Head of Digital Business Division at ABL Life, said, "In this ultra-low interest rate era, this product allows customers to securely accumulate a lump sum without worrying about interest rate drops or principal loss in case of early termination," adding, "We will introduce internet insurance products that meet customer needs and have industry competitiveness."