KDB Life announced on the 3rd the launch of the '(Non-Participating) Double Chance Whole Life Insurance,' which added the 'Rider Mid-Term Addition' feature allowing additional rider subscriptions during the insurance period.
This product has the advantage of allowing customers to additionally select desired coverage at the necessary time.
It strengthens consumer choice by enabling subscription to newly developed coverage guarantees in line with future advancements in treatment technologies and therapeutic agents. Selections can be made at the time of payment completion and at 10 years after subscription, with options including ▲Mid-Term Addition Rider and ▲(Non-Participating) No Underwriting Health Coverage Rider.
The Mid-Term Addition Rider allows subscription at the insurance price at the time of mid-term addition. When applying for mid-term addition, if the applicant passes three simple underwriting criteria, they can subscribe to riders currently sold by the company at a 15% discounted premium based on standard risk rates. The (Non-Participating) No Underwriting Health Coverage Rider grants the option to subscribe without underwriting to core health coverage guarantees (diagnosis of cancer, cerebral hemorrhage, acute myocardial infarction; hospitalization and surgery due to illness or accident) at the insurance price at the initial main contract subscription.
The newly established premium waiver type includes a function that exempts the obligation to pay all premiums if diagnosed with general cancer or if a disability of 50% or more occurs. It waives future premiums for the main contract and riders, and also refunds the full amount of the main contract premiums paid up to that point.
With an increased accumulation bonus payout rate, customers can prepare for higher death benefits. It also offers the option to convert the main contract to a participating whole life annuity that provides industry-leading guaranteed pension amounts, enhancing fund utilization.
Subscription is available for ages 15 to 60, with payment periods selectable among 5, 7, or 10 years.
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