Kyobo Life announced on the 3rd that it has launched the 'Kyobo Practical Lifetime Reliable Health Whole Life Insurance,' which offers industry-leading health coverage.
[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 3rd that it has launched the 'Kyobo Practical Lifetime Reliable Health Whole Life Insurance,' which offers industry-leading health coverage.
This is a low-surrender-value whole life insurance combined with health coverage, providing lifelong protection not only against death but also cancer, general illness (GI), and long-term care (LTC) conditions.
When GI or LTC occurs, policyholders can choose among the 'Basic Plan' and 'Enhanced Coverage Plan,' which allow early receipt of 80% and 100% of the death benefit respectively, or the 'Cancer Coverage Plan,' which allows early receipt of 90% of the death benefit upon cancer diagnosis.
Both the Basic and Enhanced Coverage Plans cover major diseases including the three major illnesses?cancer, cerebral hemorrhage, and acute myocardial infarction?as well as severe dementia, end-stage renal disease, Lou Gehrig's disease, multiple sclerosis, and a total of 23 major diseases under the main contract. Notably, for the three major illnesses, insurance benefits are payable upon diagnosis with the relevant disease code regardless of severity.
Through various riders, the policy broadly covers targeted anticancer drug-approved treatments, anticancer radiation drug treatments, thrombolytic therapy, diabetes, shingles and gout, lifestyle diseases, and various hospitalizations and surgeries.
Cancer coverage has been significantly enhanced. New riders include coverage for the latest cancer treatment technologies such as intensity-modulated radiation therapy and proton beam therapy, site-specific cancer riders for liver, stomach, lung, colon, and pancreatic cancers, cancer diagnosis premium refunds, and special rehabilitation treatments for insured cancers. Additionally, the 'Kyobo Cancer Care Service,' which supports all stages from cancer treatment to recovery, is also available as a rider.
Choosing the low-surrender-value option means that during the premium payment period, only 50% of the surrender value is paid compared to the standard plan, but premiums are approximately 10% lower than the standard plan.
Applicants can enroll from age 15 up to a maximum of 70 years old. When the main contract amount is 70 million KRW or more, policyholders can receive the 'Kyobo Health Care Service II,' which adds psychological therapy, diabetes prevention and intensive management, and self-rehabilitation programs for artificial joint surgery to the existing health management program.
The monthly premium for a 30-year-old male with a main contract amount of 100 million KRW, 20-year payment term, and low-surrender-value option (surrender guarantee) is 291,000 KRW for the Basic Plan, 326,000 KRW for the Enhanced Coverage Plan, and 268,000 KRW for the Cancer Coverage Plan.
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