Dongyang Life Launches 'Woori I Myrae Protection Insurance' Offering Cancer Diagnosis Benefit from Day One of Enrollment

Dongyang Life Insurance launched the 'Guardian Angel Our I My Future Protection Insurance' on the 1st, which provides cancer diagnosis coverage from the first day of enrollment.

[Asia Economy Reporter Oh Hyung-gil] Dongyang Life Insurance launched the 'Suho Cheonsa Woori Aimi Future Protection Insurance' on the 1st, which provides cancer diagnosis coverage from the first day of enrollment.

This product, with cancer diagnosis coverage as the main contract, offers focused cancer protection up to age 100 immediately upon enrollment. If diagnosed with brain cancer or leukemia, a high-cost treatment cancer diagnosis benefit of 200 million KRW is paid. For diagnoses of breast cancer, stomach cancer, or colorectal cancer, a cancer diagnosis benefit of 100 million KRW, excluding high-cost treatment cancers, is paid once at the initial diagnosis.

For diagnoses of colorectal mucosal cancer, other skin cancers, carcinoma in situ, thyroid cancer, or borderline tumors, a diagnosis benefit of 40 million KRW is provided once at the initial diagnosis.

The product is composed of a non-surrender value type (Zero Back), a non-surrender value type, and a pure protection type. For the non-surrender value type, if the contract is canceled before 15 years from enrollment, no surrender value is paid; however, from the 15th year after enrollment until the insurance maturity at 40 years, a 100% refund rate is guaranteed.

A conversion feature to a savings insurance using the main contract surrender value was added. The plan is designed so that the insured can receive focused protection for 15 years after enrollment, and after the child grows, convert to a savings insurance to use for various purposes such as tuition or living expenses, or continue to receive reliable cancer diagnosis coverage until maturity. Even after converting to savings insurance, the riders remain intact for continuous coverage.

The eligible age for enrollment is from fetus up to a maximum of 15 years old, and coverage is provided up to age 100 without premium increases. Premium payments are waived in case of disability over 50%.

A Dongyang Life Insurance official stated, "By introducing the non-surrender value type, customers can focus on coverage with affordable premiums until the 15th year after enrollment, and after 15 years, convert the surrender value equivalent to 100% of the premiums already paid into a savings type, increasing options to utilize the surrender value as a lump sum or continue coverage."