[Becoming an Insurance Insider] How Much Do You Need to Pay to Join 'Corona Vaccine Insurance'?

Anaphylaxis Diagnosis Coverage Provided but
Samsung Fire & Marine Insurance and LINA Life Products Differ

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[Asia Economy Reporter Oh Hyungil] As COVID-19 vaccination has become full-scale, insurance that guarantees compensation for damages caused by vaccination side effects has emerged. It is characterized by providing diagnostic fees for 'anaphylactic shock,' a representative vaccine side effect.

Samsung Fire & Marine Insurance and LINA Life Insurance have each released products, but since the subscription methods and premiums differ, careful consideration is needed when subscribing.

LINA Life Insurance launched the '安心되는 Anaphylaxis Shock Diagnosis Insurance' that guarantees diagnosis of anaphylactic shock.

Anaphylaxis refers to a systemic severe allergic reaction to specific substances such as food, toxins, or vaccines. As of the 25th, there have been 93 suspected cases of anaphylaxis reported to health authorities following COVID-19 vaccination.

This insurance guarantees up to 2 million KRW for the first diagnosis of anaphylaxis only once. An additional rider can be added that pays 20 million KRW if death occurs due to COVID-19 after vaccination.

The premium is 5,620 KRW for men in their 40s and 4,160 KRW for women in their 40s. The eligible subscription age is from 20 to 70 years old.

Notably, this insurance is a short-term product with a one-year term, so if subscribed on April 1 this year, coverage is only provided until March 31 of the following year.

Samsung Fire & Marine Insurance added the 'Emergency Medical Anaphylaxis Diagnosis Rider' to the 'Taepyeong Samdae' health insurance, which focuses on the three major diseases: cancer, brain, and heart.

The coverage provides 2 million KRW once per year upon diagnosis of anaphylaxis, similar to LINA Life Insurance's product, but the company explains that the rider can be subscribed for less than 100 KRW.

However, to subscribe to this rider, one must be enrolled in the Taepyeong Samdae insurance. Taepyeong Samdae insurance covers diagnosis, treatment, disability, and death risks step-by-step for cancer, brain, and cardiovascular diseases. It is available for ages 15 to 65 and can be renewed every 15 years to provide coverage up to age 100.

The premium for a basic plan for a man in his 40s is at the 20,000 KRW level.

An industry official said, "Although both insurances offer similar coverage, one is a one-year short-term product and the other is a rider attached to the main contract, which is a key difference. When subscribing, it is best to choose considering your health condition and existing insurance subscriptions."