"CEO Insurance Launched" Samsung Fire & Marine Insurance Releases Business Health Insurance 'First Class'

[Asia Economy Reporter Changhwan Lee] Samsung Fire & Marine Insurance announced on the 11th that it has launched a new health insurance product for business owners called 'First Class.'

First Class is a product available to corporate CEOs and executives, as well as individual business owners aged 20 to 70, providing coverage up to age 100.

Customers can enroll either as health insurance or simplified insurance depending on their health condition.

The 'Simplified Insurance 335·1 First Class' for those with pre-existing conditions allows enrollment if there has been no hospitalization/surgery/additional examination findings within the past 3 months, no hospitalization/surgery history within the past 3 years, and no cancer diagnosis or hospitalization/surgery history within the past 5 years.

Notably, unlike other pre-existing condition products that check for multiple severe disease histories such as angina, myocardial infarction, or stroke within 5 years, this product only requires confirmation regarding 'cancer.'

Another advantage is the introduction of a long-term maintenance bonus that increases the refund rate.

The long-term maintenance bonus occurs after the insurance premium payment period selected by the customer, such as 7 or 10 years, ends. It adds a certain percentage of the total paid insurance premiums to the refund amount. However, if the premium payment period is chosen as semi-annual, the benefit is given at the 15-year mark.

The newly launched First Class is the first Samsung Fire & Marine Insurance product to offer an increasing coverage benefit.

The increasing coverage benefit, applied to cancer, stroke, cerebral hemorrhage, and acute myocardial infarction diagnosis fees, increases by 20% of the insured amount annually for 10 years starting from the 11th year after enrollment, up to a maximum of three times the original amount.

For example, if you enrolled in an increasing coverage cancer diagnosis benefit of 10 million KRW, the coverage amount would be 12 million KRW in the 11th year upon cancer diagnosis, 14 million KRW in the 12th year, and so on, increasing by 20% each year, reaching 30 million KRW from the 20th year onward.

Additionally, it covers cost damages such as hole-in-one expenses, golf equipment damage, and traffic accident support funds, allowing customers to enjoy the unique advantages of non-life insurance.

A Samsung Fire & Marine Insurance official stated, "We have made it possible to secure coverage for business owners themselves, who may easily neglect their own protection while focusing on their business," adding, "We will continue to strive to offer products that reflect the diverse needs of our customers."