Industry First, Reflecting Activity Levels for 5 Activities Including Walking, Running, Swimming, Hiking, and Cycling
Up to 25% Monthly Insurance Discount for Meeting Health Management Activity Standards
[Asia Economy Reporter Ki Ha-young] Hanwha Life announced on the 2nd that it has launched the second-generation health promotion product, 'LifePlus Exercise Health Insurance,' which reflects various active lifestyle activities.
This insurance is characterized by differentiating itself from existing health promotion insurance products that simply provide benefits based on the number of steps. From the month following enrollment, for one month each month, walking, running, swimming, hiking, and cycling?a total of five activities?are measured using an Apple Watch or Galaxy Watch. If the health management activity standards are met by reflecting various activity levels, the insurance premium is discounted by up to 25% for up to 60 months (based on a 20-year payment plan). In particular, running, swimming, hiking, and cycling activities, in addition to walking, are converted into step counts based on exercise distance and reflected accordingly.
To apply for the premium discount, the exercise amount measured by the Apple Watch or Galaxy Watch must be verified through Hanwha Life's 'HELLO' application (app). After achieving the health management standard for one month, the premium discount menu is activated, and by clicking the activated menu, the premium discount application is completed, and the premium is discounted from the following month.
This insurance allows for a premium discount of up to 1,100,000 KRW. This figure significantly exceeds the industry average discount of 10% available for health promotion insurance products, providing customers with greater premium discount benefits (based on a 20-year payment plan).
The product is available for subscription from ages 15 to 70, and customers can choose to enroll in one of three types: Type 1 ischemic heart disease type, Type 2 cerebrovascular disease type, or Type 3 two major diseases coverage type that covers both Type 1 and Type 2 as the main contract. In particular, the diagnosis fund for diabetes and gout has been increased to an industry-leading maximum of 3,000,000 KRW. Additionally, through the 'Activity Coverage Special Contract,' injuries caused by physical activities such as casts, ligament tears, and fractures are covered, allowing management of all stages from prevention to treatment.
The monthly premium for the Type 3 two major diseases type, for a 30-year-old, 100-year maturity, 20-year payment plan, is 53,680 KRW for men and 43,520 KRW for women. If the premium is discounted every month for 60 months, men can receive a total discount of 805,200 KRW and women 652,800 KRW. Premium payments are waived upon diagnosis of cerebral hemorrhage or acute myocardial infarction.
Shin Choong-ho, Executive Director of Hanwha Life LifePlus Solutions, said, "This is a health promotion insurance product that reflects the diverse physical activity needs of the MZ generation changed after COVID-19," adding, "We will secure future competitiveness as an insurance company providing integrated healthcare-based solutions in step with the rapidly changing times."
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