Hanwha Life announced on the 2nd that it will accelerate its dominance in the protection insurance market by launching three new whole life and health insurance products with enhanced coverage for the new year.
The newly launched products include two whole life insurance plans, 'Hanwha Life H Whole Life Insurance' and 'Hanwha Life Zero Back H Whole Life Insurance,' as well as one health insurance plan, 'Hanwha Life Brain & Heart H Health Insurance.'
The H Whole Life Insurance features an annual 20% increase in death benefits starting from two years after enrollment. The death benefit can increase up to a maximum of 200%. For example, if a policyholder enrolls with a death benefit of 100 million KRW, it will expand to 200 million KRW six years after enrollment.
To prepare for situations where it becomes financially difficult to continue paying premiums due to major illnesses, a '3 Major Diseases Premium Waiver' option has been added. If diagnosed with one of the three major diseases during the premium payment period, premium payments are waived while coverage remains unchanged.
A new '3 Major Diseases Care Rider' has also been introduced. If subscribed to this rider, upon diagnosis of any of the three major diseases, all premiums paid for the main contract up to that point will be refunded. Another advantage is the addition of disease coverage to the pension conversion feature through the '3 Major Diseases Pension Conversion Rider.' The 'Hanwha Life H Whole Life Insurance' allows pension conversion starting 10 years after the contract, and if diagnosed with any of the three major diseases before reaching age 90 after pension commencement, an additional payment of twice the pension amount (up to 10 years) will be made.
'Hanwha Life Zero Back H Whole Life Insurance' offers the industry's longest increasing death benefit, enabling preparation for inheritance tax funds and protection against the real value decline of insurance benefits due to inflation.
From one year after the contract until age 110, the death benefit increases by 10% annually. For example, if a 40-year-old enrolls with a 100 million KRW death benefit, it will increase by 10 million KRW each year, reaching 800 million KRW by age 110.
This product includes a '9 Major Diseases Premium Waiver Rider.' If diagnosed with any of the nine major diseases, premium payments for the main contract are waived from the next payment onward.
'Hanwha Life Brain & Heart H Health Insurance' has expanded its coverage beyond the previously mainly covered cerebrovascular diseases and ischemic heart diseases to include severe heart and vascular conditions such as 'heart failure' and 'aortic dissection.'
Considering that brain and heart diseases often require combined treatments such as surgery, thrombolytic therapy, and thrombectomy, coverage is provided for each treatment separately. Attention has been given to the frequent occurrence of sequelae after onset, leading to expanded rehabilitation rider coverage.
Additionally, through various riders including ECMO treatment, pressure ulcer diagnosis, and caregiving support benefits, the entire process of diagnosis, surgery, treatment, caregiving, and rehabilitation for brain and heart diseases can be covered.
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