Hanwha Life "Subscribe to Insurance Too"... Launch of Daily Benefit Subscription Insurance

Pay 30,000 Won Insurance Premium and Get Over 30,000 Won E-Mart Gift Card
GS25 Gift Card and Beer Discount Voucher Provided for 9,500 Won per Month

Hanwha Life Insurance launched the industry's first subscription-based insurance product, "Life Plus Subscription Insurance," on the 4th.

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life Insurance has launched the industry's first subscription economy-based product, the 'LifePlus Subscription Insurance,' on the 4th.

By paying monthly premiums, customers receive mid-term insurance payments as points, which they can use to purchase more daily necessities than the premiums paid, embodying a type of subscription service concept.

Hanwha Life has partnered with leading brands in the same industry such as E-Mart, GS25, and Fresh Easy to structure the subscription insurance, with a strategy to maximize benefits that customers can tangibly feel.

The 'LifePlus E-Mart Discount Subscription Insurance' offers a package including E-Mart gift certificates worth more than 30,000 KRW and a 5,000 KRW discount coupon (applicable on purchases over 50,000 KRW) when paying a monthly premium of 30,000 KRW. Additionally, 1,500 KRW is accumulated monthly from the premium, and at the end of one year, 18,000 KRW in cash plus interest is returned.

Hanwha Life also introduces the 'LifePlus GS25 Convenience Beer Subscription Insurance,' tailored to the tastes of 'Pyeonmaekjok' (those who enjoy beer at convenience stores) at GS25.

The monthly premium is 9,500 KRW, and customers receive GS25 gift certificates and beer discount coupons allowing them to purchase four cans of 10,000 KRW promotional beer for 9,000 KRW each month, along with The Pop Rewards that can be used like cash. At the end of one year, the accumulated 6,000 KRW in cash plus interest (500 KRW per month) is paid as the maturity insurance benefit.

The 'LifePlus Fresh Easy Meal Kit Subscription Insurance' allows customers to use points to purchase exclusive meal kit sets at up to 47% discounted prices. It is composed of the Signature Package (24,000 KRW), Giant Package (48,000 KRW), and Health Plan Package (24,000 KRW).

In particular, the Health Plan Package features LCHF (Low Carbohydrate High Fat) products from Dr. Kitchen, a dietary therapy specialist research company offering customized health foods, and menus that can be enjoyed without worrying about sugar. Upon subscription completion, customers receive 24,000 KRW or 48,000 KRW in cash plus interest, accumulated monthly, as the maturity insurance benefit.

The subscription insurance is a mobile-exclusive product and can be subscribed to via the Hanwha Life Direct Insurance OnSure website or the Hanwha Life app.

Hanwha Life explained that the subscription insurance, which returns benefits monthly, aims to present a new paradigm in insurance. Unlike traditional insurance that provides coverage only when claims such as death or illness occur, this is a new concept lifestyle subscription service that allows customers to experience benefits in daily life throughout the subscription period.

The subscription insurance was developed based on the 'insurance payment service through point platforms,' designated as an innovative financial service by the Financial Services Commission in November last year. It also reflects the trend where interest in insurance is shifting from post-event coverage to enriching current life due to factors such as increasing single-person households, low birth rates, and non-marriage.

To promote subscription insurance to the MZ generation (Millennials + Generation Z), who are familiar with the subscription economy, Hanwha Life appointed Lee Dong-hwi, a member of the vocal group MSG Wannabe from MBC's "How Do You Play?", as a promotional model and produced a song titled "Use Insurance, Use It in Life."

A Hanwha Life official said, "This service breaks away from the traditional insurance framework that prepares for an unwanted future and focuses on the present life," adding, "We will lead innovative finance by launching various subscription solutions in fields such as wellness and life care."