KB Insurance Obtains Exclusive Rights for 'Mental Illness Treatment Expenses III'

[Asia Economy Reporter Changhwan Lee] KB Insurance announced on the 22nd that it has obtained an exclusive usage right for three months from the General Insurance Association for the industry-first feature ‘Mental Illness Treatment Expense III (Medication Prescription for 90 Days or More)’ included in its new product ‘KB Geumjjokgateun Child Insurance’ launched earlier this month.

‘Mental Illness Treatment Expense III (Medication Prescription for 90 Days or More)’ provides insurance benefits only once upon the first occurrence if the insured is diagnosed with a mental illness classified in the policy by a psychiatrist and is prescribed mental illness treatment medication for 90 days or more within one year from the diagnosis date for direct treatment purposes.

The covered mental illnesses include schizophrenia, persistent delusional disorder, schizoaffective disorder, manic episode, and bipolar affective disorder.

Among these, ‘Mental Illness Treatment Expense III’ is the industry’s first to cover ‘persistent delusional disorder’ and ‘manic episode,’ addressing the existing coverage gaps for severe mental illnesses, which was recognized for its originality and effort, leading to the exclusive usage right granted by the General Insurance Association.

Jaeun Seong, Head of Long-term Products Division at KB Insurance, said, “With this exclusive usage right, the sincerity of ‘KB Geumjjokgateun Child Insurance,’ introduced to guarantee not only children’s physical health but also their mental and behavioral developmental health?currently the biggest concern for parents?has been acknowledged.”