ABL Life announced on the 31st that it will launch two new guaranteed insurance products starting April 1st, targeting the demand in the super-aged society era.
The products introduced by ABL Life this time are '(Non-Participating) ABL Uri Family THE Care Long-term Care Insurance (No Surrender Value)' which strengthens long-term care and dementia coverage, and '(Non-Participating) The Better ABL Anshim Insurance (Partial Surrender Value)' exclusively for bancassurance (insurance sold at banks).
'(Non-Participating) ABL Uri Family THE Care Long-term Care Insurance (No Surrender Value)' provides coverage by long-term care grade levels and, when subscribing to optional riders, broadly covers home care benefits, facility care benefits, and caregiver costs. The purpose is to reduce the burden of elderly health and caregiving in preparation for the super-aged society era.
When subscribing to the main contract, if the insured is diagnosed with a ‘long-term care state grade 1 or 2’ during the insurance period, a one-time diagnosis benefit is paid. Through separate optional riders, costs for caregiver use or integrated nursing and caregiving services during hospitalization due to illness or accident can be covered up to a maximum of 180 days per hospitalization. A newly established dementia-related rider supports staged diagnosis benefits from mild dementia to severe dementia, as well as outpatient benefits for direct dementia treatment. Additionally, customers can customize their plans by selecting riders for diagnosis fees of common elderly diseases such as ▲shingles ▲gout ▲severe knee joint cartilage damage.
'(Non-Participating) The Better ABL Anshim Insurance (Partial Surrender Value)' is a new product exclusively for bancassurance. Coverage is provided in two types: Type 1 ‘Disability Coverage’ and Type 2 ‘Accident Coverage’. It is a non-renewable type with fixed premiums that can be designed up to age 110.
Type 1 ‘Disability Coverage’ pays a fixed monthly amount in the form of an annuity if a disability occurs due to an accident after subscription, helping to prepare for income reduction. For example, if the insured reaches a disability state of 80% or more due to the same accident or other causes during the insurance period, a disability living expense of 80% or more will be paid monthly at 1 million KRW for 120 months based on a coverage amount of 10 million KRW. If the disability state is 50% or more, premium payments are waived, reducing the burden while maintaining coverage for the remaining insurance period.
If Type 2 ‘Accident Coverage’ is selected, both severe disability insurance benefits and accidental death insurance benefits are paid. Based on a coverage amount of 10 million KRW, if the insured becomes disabled with a combined disability rating of 80% or more across multiple body parts due to the same accident or other identical causes during the insurance period, a one-time severe disability insurance benefit of 300 million KRW is paid.
Kim Sunjae, Head of Product at ABL Life, said, "The two new products launched this time provide various health coverages at more affordable premiums compared to basic plans, considering the elderly with low income. Going forward, ABL Life will continue to develop specialized products that meet customer needs in the super-aged society by 2025.”
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