Samsung Fire & Marine Insurance "New Child Insurance Product 'My Superstar' Popular"

[Asia Economy Reporter Changhwan Lee] Samsung Fire & Marine Insurance announced on the 30th that its new child insurance product "My Superstar," launched on the 5th, has sold more than 20,000 policies within just two weeks, receiving a positive response in the market.

Samsung Fire & Marine Insurance introduced an increasing coverage type in "My Superstar." The increasing coverage, applied to similar cancer/cancer/cerebrovascular/ischemic heart disease/accident and illness hospitalization daily allowance, is structured so that the coverage amount increases by 10% of the initial insured amount every 5 years after enrollment until the end of the insurance period, considering inflation.

For example, if one subscribes to an increasing cancer diagnosis benefit of 50 million KRW, the coverage amount increases to 55 million KRW after 5 years and 60 million KRW after 10 years, continuing to increase by 10% each time.

Additionally, this product reflects the demand of young adults who want to subscribe at a lower premium than existing insurance, allowing enrollment from fetus to age 30, with coverage periods extending up to ages 90 or 100.

Although it is a children's insurance, the so-called "adult child" insurance, which adults subscribe to, has the advantage of lower premiums. It is about 20% cheaper than adult products, offers broader coverage, and relatively higher insured amounts. It also covers diseases that frequently occur in adults as well as coverages applied to children.

In particular, "My Superstar" targets the injury coverage needs of active children by providing up to 1.5 million KRW for "wound suture treatment costs" and up to 50 million KRW for "injury scar restoration surgery costs," which are highly appealing to children and young adults.

Premium waiver benefits have also been strengthened.

In this product, when subscribing to the renewable rider, it operates as an extended premium waiver type, allowing the premium waiver benefits before renewal to continue to apply even after renewal. Typically, for renewable riders, if a premium waiver reason occurs, the premium waiver applies only until before renewal, and premiums must be paid again after renewal.

The reasons for premium waiver have been expanded to 10 items, including rare and intractable diseases designated for special cases.

A Samsung Fire & Marine Insurance official said, "We newly established increasing coverage needed by customers from fetus to young adults and strengthened premium waivers," adding, "We will continue to strive to introduce insurance products that customers need."