DB Insurance Launches 'The More Needed Income Protection Insurance' for Rehabilitation and Income Security

DB Insurance announced on the 17th that it has launched 'The Necessary Income Protection Insurance,' dedicated to rehabilitation and income protection.

[Asia Economy Reporter Oh Hyung-gil] DB Insurance announced on the 17th that it has launched the 'The Necessary Income Protection Insurance,' dedicated to rehabilitation and income protection.

Disability coverage is essential for rehabilitation treatment, but the premium burden was high and the selection of coverage amounts was not flexible. In response, a new disability coverage was introduced that provides higher coverage for severe disabilities and allows subscription at reasonable premiums.

The 'Post-Injury Disability II' coverage provides protection from the existing 100 million KRW up to 300 million KRW, and the 'Post-Illness Disability II' coverage offers protection from the existing 10 million KRW up to 30 million KRW. In particular, for the post-illness disability coverage, based on the previous 100 million KRW coverage with a 100-year maturity and 20-year payment term, the premium was 39,120 KRW for men and 49,400 KRW for women. Now, for 30 million KRW coverage, the premium is more affordable at 25,270 KRW for men and 22,830 KRW for women.

To cover disabilities caused by cancer, a new cancer disability coverage (3~100%) was developed, which is 85% cheaper than the existing post-illness disability coverage.

To expand income loss protection for long-term treatment or survivors in case of death, severe disability, or cancer occurrence, a lifetime income protection coverage was also added. If an accident occurs before age 80, coverage is provided monthly for at least 10 years up to age 80, and if the accident occurs after age 80, coverage is provided for 10 years. For example, if an accident occurs at age 30, monthly insurance payments are received for 50 years until age 80, with a total coverage amount of 600 million KRW.

Additional services such as rehabilitation medical devices and caregiver support are also provided to enable treatment at home in case of disability occurrence.

The insurance is available from age 0 to 70 and provides coverage up to a maximum age of 100. The coverage period can be selected as a renewable term of 10, 20, or 30 years, or as a maturity type of 90 or 100 years.