Hanwha Life Insurance launched the 'Lifetime Companion Whole Life Insurance' on the 3rd, which allows policyholders to convert death coverage to dementia coverage according to their life cycle and change the coverage beneficiary to a family member.
[Asia Economy Reporter Oh Hyung-gil] Hanwha Life launched the 'Lifetime Companion Whole Life Insurance' on the 3rd, which allows policyholders to convert death coverage to dementia coverage according to their life cycle and change the coverage beneficiary to family members.
The main contract is structured as a partial surrender value payment type (50% during the payment period), enabling customers to prepare death coverage, the primary purpose of whole life insurance, at a lower premium compared to the standard type.
Additionally, 10 special riders related to smart dementia conversion and nursing care coverage have been added. This allows customers to secure not only death coverage, the main purpose of whole life insurance, but also dementia coverage or nursing care funds according to their needs.
The smart dementia conversion allows the policyholder, after the premium payment period has elapsed, to convert part of the existing main contract death coverage into dementia coverage. Upon conversion, the insured can be selected not only as the existing insured but also as the spouse or children.
For example, a male customer aged 40 who subscribes to a 10-year payment plan with a main contract coverage amount of 50 million KRW, if he applies for smart dementia conversion at age 50 (upon completion of payment), can receive dementia coverage including 19.13 million KRW death coverage under the main contract, 30 million KRW diagnosis benefit for severe dementia, 10 million KRW for moderate dementia, 5 million KRW for mild dementia, and a monthly nursing care benefit of 500,000 KRW for severe dementia (guaranteed for the first 36 months, with a maximum limit of 30 years (360 months)).
The eligible subscription age ranges from 15 to 76 years old. For a 40-year-old subscribing to a 20-year payment plan with a guaranteed surrender value main contract coverage amount of 50 million KRW, the monthly premium is 149,000 KRW for males and 137,000 KRW for females.
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