NH Nonghyup Life announced on the 1st that it has revised and launched two types of dementia insurance: 'Baekse Sidae NH Dementia Insurance' with expanded options and 'Simple Baekse Sidae NH Dementia Insurance'.
[Asia Economy Reporter Oh Hyung-gil] NH Nonghyup Life announced on the 1st that it has revised and launched two types of insurance products, 'Baekse Sidae NH Dementia Insurance' and 'Simple Baekse Sidae NH Dementia Insurance,' offering a wider range of choices.
Baekse Sidae NH Dementia Insurance specializes in coverage for dementia diagnosis ranging from mild dementia to moderate and severe dementia.
A dementia specialist measures overall cognitive and social functioning using the CDR scale, and pays 2 million KRW for a mild dementia diagnosis with a score of 1, 6 million KRW for moderate dementia with a score of 2, and 10 million KRW for severe dementia with a score of 3. If a policyholder receives 2 million KRW for mild dementia and later is diagnosed with severe dementia, an additional 8 million KRW is paid, totaling 10 million KRW in coverage.
Additionally, if subscribing to the long-term care coverage type, coverage starts from long-term care grade 3. For grade 3, 2 million KRW is paid; for grade 2, 6 million KRW; and for grade 1, 10 million KRW. Upon diagnosis of severe dementia or long-term care grade 1, premium payments are waived, and a monthly living expense of 1.2 million KRW (guaranteed for 2 years) is provided for life.
If the Safe Care Rider is added, in the event of the death of the supporting insured (child), a lump sum of 5 million KRW and a monthly payment of 1 million KRW for 10 years are provided to the main insured (parent). Optional riders covering severe Alzheimer's dementia, shingles, gout, and surgeries or hospitalizations related to 11 major adult diseases are also available.
Simple Baekse Sidae NH Dementia Insurance allows individuals with pre-existing conditions such as cancer, diabetes, or hypertension, as well as elderly customers, to enroll.
Enrollment is possible if the applicant does not meet either of the two conditions: 'whether there has been a doctor's examination or additional testing (re-examination) for dementia or mild or higher cognitive impairment within the past year,' and 'whether there has been hospitalization, surgery, treatment for 7 or more days, or medication for 30 or more days due to dementia-related diseases within the past 5 years.'
The product revision added a partial surrender value payment type. This type pays 50% of the standard surrender value upon cancellation during the payment period but offers lower premiums compared to the standard type.
An additional payment savings rider was added to enable the use of retirement funds through additional payments and mid-term withdrawals. This rider allows usage from a minimum of 10,000 KRW up to 100% of the basic premium of the main contract. Payments can be made up to 5 years before the end of the insurance period.
The eligible age for enrollment is from 20 to a maximum of 75 years old, and the payment period can be selected from 10, 15, or 20 years.
Kim In-tae, CEO of Nonghyup Life, said, "As aging accelerates, thorough preparation for elderly diseases has become an essential factor. We have revised and launched insurance related to dementia, a disease requiring long-term treatment and care, and we hope many customers will benefit from the coverage."
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