ABL Life Launches Whole Life Insurance with Premium Discounts Based on Health Grades

ABL Life announced on the 30th that it will start selling the 'ABL Health Grade THE Precious Whole Life Insurance,' which offers premium discounts based on health grades, beginning next month on the 1st.

[Asia Economy Reporter Oh Hyung-gil] ABL Life announced on the 30th that it will start selling the 'ABL Health If THE Precious Whole Life Insurance,' which offers premium discounts based on health grades, starting next month on the 1st.

Based on customer health checkup results (the latest record within the last 2 years) and medical usage records (the most recent 12 months based on the last 2 months), the customer's health grade is calculated annually to provide premium discounts. Existing health promotion-type insurance measured the customer's health age to be lower than their actual age or discounted premiums when the customer achieved step goals by measuring their step count.

ABL Life signed a business agreement with the healthcare startup company 'Grade Health Chain' and jointly developed this health promotion product and system.

The health grade is calculated from 1 to 9 considering various factors such as BMI (Body Mass Index), blood pressure, proteinuria, hemoglobin, liver function levels, cholesterol, number of medical institution visits, and smoking status. If the grade falls between 1 and 4, customers receive up to an 8% discount on the main contract and up to a 10% discount on special contracts.

If the customer logs into the app within 90 days of the contract anniversary to update their grade, the recalculated health grade is automatically reflected in the product, and if health records improve in the future, more premium discount benefits can be received.

Additionally, customers can choose between level premium, decreasing, or increasing types of death benefit guarantees. If the decreasing type is selected, the death benefit decreases by 5% annually for 10 years starting at age 60, but the premium is cheaper than the level premium. The increasing type increases the insured amount by 5% annually for up to 10 years after enrollment.

The eligible age for enrollment is from 15 to a maximum of 70 years old, and the main contract insurance amount must be at least 40 million KRW (30 million KRW for the increasing type) to enroll.