ABL Life announced on the 4th that it has launched two types of '(Non-)ABL THE Deobojang Comprehensive Health Insurance' that allow customers to design coverage by selecting only the guarantees they need.
The products are composed of a non-surrender value type and a renewable type. The main contract covers death (accidental death in the case of the renewable type), and through separate special contracts, coverage for cancer, nursing care, brain and heart diseases, hospitalization, surgery, and more can be obtained.
In particular, this product is characterized by the ability to add special contracts related to major cancer treatment costs, allowing coverage to be designed for the entire spectrum of cancer treatment. The special contracts related to major cancer treatment costs are broadly divided into 'proportional coverage' and 'fixed coverage.'
The proportional coverage, '(Non-)Comprehensive Hospital Cancer Major Treatment Cost Coverage Special Contract D,' provides proportional coverage once a year, up to 5 times, from 10 million KRW to 100 million KRW, if the customer’s annual cancer treatment expenses at a general hospital exceed 10 million KRW. It guarantees up to 500 million KRW over 5 years as a cancer major treatment support fund at a general hospital.
The fixed coverage consists of '(Non-)General Cancer Major Treatment Cost Coverage Special Contract D' and '(Non-)Thyroid Cancer and Other Skin Cancer Major Treatment Cost Coverage Special Contract D.' Upon the first diagnosis of cancer and receiving major cancer treatment, the insured amount is paid as a fixed amount once a year, up to 5 times.
The cancer major treatment cost special contracts can be subscribed to by choosing either the non-surrender value type or the renewable type. The non-surrender value type offers options for general underwriting and simplified underwriting. Choosing the 'non-surrender value type' results in lower premiums compared to the 'basic type.' However, if the contract is terminated during the premium payment period, no surrender value is paid, and if terminated after the premium payment period, the surrender value is less than that of the 'basic type.'
If the initial subscription cost is burdensome, the 'renewable type' can be selected. The renewable product offers not only general underwriting and simplified underwriting but also an additional simplified underwriting option, allowing subscription by disclosing only whether there has been ▲a confirmed diagnosis or suspected findings of disease within the last 3 months, hospitalization, surgery, or additional examination needs ▲regardless of recent hospitalization or surgery history ▲and whether there has been a diagnosis, hospitalization, or surgery for cancer, carcinoma in situ, or cirrhosis within the last 5 years.
Kim Sunjae, Head of Product at ABL Life, said, "'(Non-)ABL THE Deobojang Comprehensive Health Insurance' is a protection insurance that offers customers various choices and will serve as a practical support to reduce the financial burden caused by cancer." He added, "We will continue to launch various products for those with pre-existing conditions to enhance customer satisfaction."
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