On May 20, KB Insurance announced the revised launch of its "KB Direct Overseas Travel Insurance," which now includes an index-based flight delay rider and climate-related illness coverage to provide more practical protection against risks that may occur during travel.
With this revision, KB Insurance has strengthened its coverage by adding three new riders: index-based flight delay coverage, heat-related illness diagnosis benefit, and cold-related illness diagnosis benefit. The insurance premiums have also been reasonably adjusted, significantly enhancing the product's competitiveness.
Among the new riders, the "index-based flight delay coverage" pays up to 100,000 KRW in proportion to the delay time if an international flight departing from South Korea is delayed or canceled for two hours or more. Previously, compensation was only provided for actual expenses incurred if the flight was delayed for four hours or more, but with this revision, customers can now choose a plan that offers a fixed benefit based on the length of the delay.
Customers who enroll in this rider can register their outbound flight information through the KB Insurance website or notification messages and receive updates on flight delays. Insurance claims can be easily filed through the KB Insurance application or website.
For the first time in the industry, climate-related illness coverage has also been added to overseas travel insurance. If a traveler is diagnosed with a heat-related illness such as heatstroke, sunstroke, or heat cramps, or a cold-related illness such as frostbite, hypothermia, or chilblains while abroad, a diagnosis benefit will be paid.
In addition to the new riders, the insurance broadly covers a variety of risks, including death or permanent disability, overseas medical expenses, damage or theft of personal belongings, daily hospitalization allowance for injuries, food poisoning or infectious diseases, passport reissuance costs, rescue and repatriation expenses, and theft at an unattended home. Customers can freely select from various plans such as the Comprehensive, Value, or Essential plans to tailor their coverage. The policy can be purchased by individuals as well as groups of up to 19 people, including families, friends, clubs, or other gatherings, under a single contract. Enrollment and cancellation are possible anytime and anywhere through the KB Insurance website before the trip begins. If travel plans change, customers can update their coverage themselves, offering greater convenience.
Kim Gilhyeon, Head of the Direct Division at KB Insurance, stated, "This revision of our overseas travel insurance focuses on providing practical protection against a wide range of risks that may arise during international travel and improving customer convenience." He added, "We will continue to develop practical products that customers can truly benefit from, such as index-based coverage and climate-related illness coverage."
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