Samsung Life Insurance Obtains Patent for 'Samsung Balance Whole Life Insurance'

Exclusive Rights Granted for 20 Years

Samsung Life Insurance announced on the 13th that it has been granted a new patent by the Korean Intellectual Property Office for the 'Samsung Balance Whole Life Insurance.' Samsung Life Insurance will hold exclusive rights to this product structure for 20 years until 2044.

This patent follows Samsung Life Insurance's introduction of the 'whole life-type new pension structure' for the first time. This guarantees that the total pension amount received after converting the whole life insurance to a pension will be at least twice the paid premiums, regardless of survival status or the announced interest rate. Early cancellation is also possible. Through this, it is expected to overcome the limitations of existing products and expand the role of whole life insurance as a resource for stable retirement life for policyholders.

Samsung Life Insurance is also standing out in acquiring exclusive usage rights. Last year, it received the highest number of six exclusive usage rights in the life insurance industry. This is the result of efforts to promote innovation across insurance products and expand the scope of coverage.

Since last year, under the slogan "Insurance Beyond Insurance," Samsung Life Insurance has been striving to become a company leading the entire lifestyle finance sector beyond the traditional insurance domain. As part of this, it has formed a dedicated development task force (TF) to develop new genres of insurance products and is strengthening collaboration with external related organizations, concentrating company-wide capabilities.

A Samsung Life Insurance official stated, "In response to social environmental changes such as the increase in single-person households and aging population, we developed a new product structure to expand the utilization range of whole life insurance," adding, "We will continue to strive to provide useful products and services to customers by utilizing advanced financial techniques."