Three Types of Coverage: Diagnosis, Hospitalization, and Outpatient Benefits
DB Insurance announced on May 8 that it has obtained exclusive usage rights for six months each for its newly launched products: 'Mental Illness Diagnosis Benefit,' 'Mental Illness Hospitalization Daily Benefit,' and 'Severe Mental Illness Outpatient Daily Benefit,' which were released on April 1.
DB Insurance has secured a total of seven exclusive usage rights this year alone, continuing its development of differentiated products.
During the exclusive usage period, other insurance companies are restricted from developing and selling similar riders.
Treatment for mental illness requires ongoing management after the initial diagnosis. The government is actively pursuing mental health management policies, including the establishment of a mental health support system and the promotion of inpatient and outpatient treatment systems.
Currently, 25% of the population is experiencing mental health issues, and serious crimes committed by individuals with mental illness are on the rise. However, existing insurance products only provide coverage for severe mental illnesses, so their preventive function has been insufficient.
DB Insurance has developed and is selling new coverage that systematically provides diagnosis, hospitalization, and outpatient benefits for mental illnesses ranging from mild to severe.
The Mental Illness Diagnosis Benefit provides up to 10 million KRW depending on the severity of the illness, from mild to severe cases.
The Mental Illness Hospitalization Daily Benefit provides a daily benefit of up to 100,000 KRW per day for up to 20 days per year if the insured is diagnosed with a mental illness and hospitalized. It supports both treatment costs and living expenses due to loss of income.
The Severe Mental Illness Outpatient Daily Benefit pays a daily benefit of up to 50,000 KRW per day, up to 12 times per year, for outpatient treatment following a diagnosis of severe mental illness, helping to prevent the worsening of the illness due to discontinuation of treatment.
This new coverage provides step-by-step protection for areas of mental illness that were not covered by existing insurance products.
A DB Insurance representative said, "By designing coverage that varies according to the severity of the illness, we have structured the product to reflect the actual treatment flow of customers," adding, "We will continue to introduce differentiated products that can fill gaps in market coverage."
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