Providing Health Management Services for High-Value Insurance
Kyobo Life Insurance has launched a savings insurance product offering a fixed annual interest rate of 5% to support youth preparing for independence. It is the second win-win finance product to appear in the life insurance industry following Hanwha Life Insurance.
On the 29th, Kyobo Life announced that it will release the 'Kyobo Youth Savings Insurance' on the 1st of next month, targeting youth aged 19 to 29 preparing for independence. Youth preparing for independence refers to young people who grew up under the care of child care facilities or foster families and whose protection ends after turning 18, entering society thereafter.
This product is a 5-year payment, 10-year maturity savings insurance product that offers a fixed interest rate of 5% annually for 5 years. Monthly premiums can be paid from 50,000 to 500,000 KRW. From the 6th year, when premium payments end, until maturity, an independence support bonus of 1% annually is added on top of the announced interest rate. For example, if a 24-year-old male subscriber pays 300,000 KRW monthly, assuming the announced interest rate of 2.65% per annum (as of November), the accumulated amount at 10-year maturity would be 23.34 million KRW. This represents a return of about 29.6% compared to the total premium payment of 18 million KRW.
Various specialized services for health management are also provided. Health consultations can be requested via a smartphone application (app) and are conducted through telephone counseling. Additionally, psychological counseling services (twice during the insurance period), hospital medical staff guidance, and appointment booking assistance?previously offered to subscribers of high-value protection products?are included. Every two years, excellent customers receive comprehensive health checkup services, including about 10 types of tests such as abdominal ultrasound, gastrointestinal imaging, electrocardiogram, and blood tests.
The Kyobo Youth Savings Insurance offers tax-exempt benefits if maintained until maturity, and guarantees the principal if canceled early after one month of subscription. In case of urgent funds, early withdrawal is possible, and if there are surplus funds, additional payments can be made, allowing flexible fund management.
The product also includes the inherent insurance protection function. In the event of death during the insurance period, the death benefit is paid by adding the basic insurance premium amount to the contract reserve at the time of death.
A Kyobo Life Insurance official stated, "To support the futures of thousands of youth preparing for independence who enter society every year, we have launched this savings insurance product in addition to existing growth stage programs. We will fulfill our responsibilities and roles as a corporate citizen by providing steady and sincere support so that youth preparing for independence can grow into healthy members of society."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
