On the 15th, Dongyang Life announced the launch of the 'Guardian Angel Imagination Plus Whole Life Insurance,' which provides coverage for sudden death with death benefits and partnership advantages for funeral services.
[Asia Economy Reporter Oh Hyung-gil] Dongyang Life Insurance announced on the 15th that it has launched the 'Guardian Angel Imagination Plus Whole Life Insurance,' which provides coverage for sudden death through death benefits and partnership benefits with funeral service providers.
In the event of the insured's death, the policy pays death benefits that serve as an economic support for the bereaved family, and offers discounted VIP funeral services through affiliated funeral service companies. Customers can choose between the Funeral Plan and the Inheritance Plan according to the intended use of the death benefits.
The Funeral Plan is suitable for middle-aged and older customers who need to secure funds for funeral expenses, allowing coverage amounts from 5 million KRW up to 20 million KRW for the main contract. The maximum entry age has been extended to 77 years, and the underwriting process has been simplified to lower the barriers for elderly or medically at-risk applicants.
The Inheritance Plan offers coverage from 21 million KRW up to 100 million KRW for the main contract and is designed for customers who need to secure funds for family inheritance and inheritance tax, providing death benefits along with partnership benefits for funeral services.
From one year after enrollment, the death benefit increases annually by 5% of the main contract amount for the duration of the premium payment period (in years). In the case of the Funeral Plan, if death occurs within one year of enrollment due to causes other than accidents, 50% of the coverage amount is paid.
The policy also includes dementia-related riders to provide strong support for retirement life. The Dementia Coverage Rider pays diagnosis benefits based on the Clinical Dementia Rating (CDR): 1 million KRW for mild dementia (CDR 1), 2.5 million KRW for moderate dementia (CDR 2), and 10 million KRW for severe dementia (CDR 3).
Additionally, the Dementia Caregiver Hospitalization Rider covers dementia hospitalization costs depending on the use of a caregiver or integrated nursing and caregiving services, providing between 10,000 KRW and 50,000 KRW per day, with a maximum coverage of 365 days per hospitalization.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
