Meritz Fire & Marine Insurance announced on the 22nd that it has launched the 'Caregiving Insurance by Your Side,' which expands long-term care coverage.
[Asia Economy Reporter Oh Hyung-gil] Meritz Fire & Marine Insurance announced on the 22nd that it has launched the 'Care and Nursing Insurance by Your Side,' which expands long-term care coverage.
Unlike existing long-term care insurance that only pays benefits according to the long-term care grade, this product provides coverage of up to 300,000 KRW per month for home or facility use, from a minimum of 3 years up to age 110.
Customers can consult about long-term care insurance claims and coverage details through a dedicated consultation channel, and receive nursing services from 'Caring,' the nation's number one direct home care company with over 1,200 professional care workers nationwide.
The insurance can be subscribed in three types: 'Standard,' '50% Surrender Value Paid Type' (100% payment after subscription), and 'No Surrender Value Paid Type' (50% payment after subscription). Compared to the standard type, the 50% surrender value paid type offers a 10% lower premium, and the no surrender value paid type offers a 20-30% lower premium.
Additionally, with the premium waiver system, the insurance contract can be maintained without additional premium payments in cases of injury or illness resulting in 80% or higher disability, or when graded 1 to 5 in long-term care.
The eligible subscription age ranges from 15 to 70 years old, and the insurance period is from age 80 up to a maximum of 100 years.
A Meritz Fire & Marine Insurance official stated, "This product is designed to realistically cover the essential needs to meet the rapidly increasing long-term care demands of the elderly, minimizing coverage gaps."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
