ABL Life announced on the 2nd that it has launched an online-exclusive product, 'ABL Internet 5 Major Mini Cancer Insurance for Me,' which offers coverage for cancer at a low premium.
[Asia Economy Reporter Oh Hyung-gil] ABL Life announced on the 2nd that it has launched an online-exclusive product, 'ABL Internet 5 Major Mini Cancer Insurance for Me,' which provides coverage for cancer at a low premium.
The insurance pays benefits upon diagnosis of stomach, lung, liver, pancreas, and gallbladder/bile duct cancers. It is a non-renewable policy with fixed premiums until maturity, available in two types: Type 1 with a 1-year term and Type 2 with a 10-year term. The insured amount is 10 million KRW, and the eligible age for subscription is from 19 to 50 years old.
The 1-year term plan requires a single premium payment, while the 10-year term plan offers payment options including annual, 5-year, or single premium payments.
For example, a 20-year-old male subscribing to Type 2 (10-year term) pays a monthly premium of 26 KRW with annual payments, or a single premium of only 2,710 KRW. Under the same conditions, a 40-year-old female pays a monthly premium of 637 KRW with annual payments, or a single premium of 66,033 KRW, receiving coverage of 10 million KRW upon diagnosis of any of the five major cancers.
An ABL Life official stated, "Although this product can be subscribed to without burden due to its low premium, it provides coverage for cancers with high incidence and mortality rates, making it cost-effective and highly practical. We expect it to attract the interest of value-conscious customers."
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