Premium Discounts for Improved Health
Introduction of the 'No-Claim Policy Conversion System'
KB Insurance announced on May 8 that it launched a new insurance product exclusively for individuals with very mild pre-existing conditions, called 'KB Top Class 3.N.5 Very Mild Pre-Existing Condition Simple Health Insurance,' earlier this month.
KB Insurance has introduced a new integrated product that combines the previously separate product (KB 3.10.10 Wise Simple Health Insurance) for very mild pre-existing conditions, covering from 3.6.5 to 3.10.5 under a single plan.
The company has expanded the list of conditions that must be disclosed and subdivided the types of disclosures required. As a result, customers can now select the optimal product that matches their health status and desired premium level.
The product requires policyholders to disclose the following before signing up: ▲ whether they have been diagnosed with, treated for, hospitalized for, or undergone surgery for any disease within the past 3 months ▲ whether they have been hospitalized or undergone surgery within the past N years ▲ whether they have been diagnosed with any of the seven major diseases (cancer, angina, myocardial infarction, heart valve disease, liver cirrhosis, stroke, or chronic kidney disease requiring dialysis) within the past 5 years.
The company has introduced a 'No-Claim Policy Conversion System,' which allows policyholders to switch to the same coverage at a lower premium if their health improves. Customers who have no history of hospitalization, surgery, or diagnosis of the seven major diseases for a specified period (one year) are eligible for annual premium discounts.
Additionally, KB Insurance has become the first in the non-life insurance industry to include coverage for the latest cancer treatment technique, 'carbon ion radiotherapy for cancer,' thereby further strengthening its competitiveness in cancer coverage.
Carbon ion radiotherapy is an advanced medical technology that uses heavier carbon ions, rather than traditional proton therapy, to deliver concentrated energy to cancer cells with high precision. This treatment offers higher effectiveness and fewer side effects.
The eligible age for enrollment is from 15 to 90 years old. Coverage can be renewed automatically every 10, 15, 20, or 30 years, allowing for protection up to age 110. Policies are also available with maturity ages of 90, 95, or 100. Customers can choose a no-surrender-value option to lower their premiums according to their preferences.
Yoon Heeseung, Head of Long-Term Insurance Product Division at KB Insurance, said, "With the launch of this new product, we now offer a comprehensive lineup of insurance products for individuals with pre-existing conditions, allowing customers to select the plan best suited to their health status. KB Insurance will continue to develop products that meet customer needs through ongoing analysis."
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