ABL Life Introduces 'Inheritance Whole Life Insurance' Returning Death Benefits and Paid Premiums

Men aged 15 to 72, women aged 15 to 74 eligible for enrollment

ABL Life has launched the 'ABL THE Haejuneun Inheritance Whole Life Insurance (Non-Surrender Refund Type)' that refunds the paid premiums along with the death benefit upon death.

According to the financial sector on the 14th, this product is divided into Type 1 (Prepaid P Plus Type) and Type 2 (Total Paid P Plus Type) based on the method of paying the death benefit. Type 1 allows the policyholder to receive 100% of the insured amount and the premiums already paid upon death. Type 2 guarantees 100% of the insured amount and the total premiums agreed to be paid during the payment period.

Introduction image of 'THE Haejune Inheritance Whole Life Insurance (No Surrender Value)' launched by ABL Life. Provided by ABL Life

This product allows elderly and medically at-risk individuals to enroll with a simplified underwriting process by only notifying whether they have had a confirmed diagnosis or suspected symptoms of illness, hospitalization, surgery, or need for additional tests within the last 3 months; regardless of hospitalization or surgery history within the last 2 years; and whether they have been diagnosed with cancer or received hospitalization or surgery within the last 5 years.

If the policyholder applies for the living planning fund function through automatic reduction of the insured amount, after completing premium payments, they can reduce part of the insured amount according to their financial situation and use the corresponding surrender refund amount as a living planning fund. The eligible age for enrollment under the general underwriting Type 1 is 15 to 72 years for men and 15 to 74 years for women. Enrollment is possible starting from a main contract insurance amount of 5 million KRW.

Kim Sunjae, Product Manager at ABL Life, said, “This product helps not only to prepare funds for inheritance tax but also to flexibly utilize insurance benefits in the super-aged era according to individual financial plans.”