KB Sonbo, Premium Waiver for Child Insurance When Parents Are Sick... Popularity of Child Insurance Grows

KB Insurance announced on the 3rd that its 'KB Hope Plus Child Insurance' sold over 56,000 policies in the first quarter, nearly tripling compared to the same period last year.

[Asia Economy Reporter Oh Hyung-gil] KB Insurance announced on the 3rd that its 'KB Hope Plus Child Insurance' sold over 56,000 policies during the first quarter, nearly tripling compared to the same period last year.

The product features the industry's first 'Supporter Premium Waiver Payback' function, which exempts future premium payments and refunds premiums already paid if a parent becomes ill or injured. Even if the ability to pay premiums is lost, the child can continue to receive coverage through the insurance.

Existing child insurance policies waived future premium payments and refunded premiums already paid when the insured child was diagnosed with cancer or met any of six major premium waiver conditions.

This product not only waives future premium payments and refunds premiums already paid when the child meets any of the six major premium waiver conditions but also does so if one of the supporters experiences any of five major premium waiver conditions.

Additionally, it is the industry's first to develop a 'Stepwise Atopy Diagnosis Benefit' that provides coverage for atopic diseases, one of the most concerning child illnesses for parents, in three stages.

Joon-sung Bae, Executive Director of KB Insurance's Long-term Products Division, said, "It seems that expanding the premium waiver function to allow children’s coverage to continue even when supporters face serious illness or accidents causing financial hardship has appealed to customers, as well as strengthening coverage for children. We will continue to develop innovative products that can improve customers' quality of life."