Samsung Life Insurance Unveils First Digital-Only "Internet The Plus Whole Life Insurance"

Samsung Life Insurance announced on the 19th that it has launched its first digital-only whole life insurance product, the "Samsung Internet The Plus Whole Life Insurance."

This is the first time Samsung Life Insurance has introduced a whole life insurance product exclusively for digital channels. Customers can sign up for this product non-face-to-face through the Samsung Life Direct website and the Samsung Financial integrated application, Monimo. A representative from Samsung Life Insurance explained, "This product is optimized for a digital environment, allowing customers to directly compare and select coverage options at reasonable premiums."

This new product is designed not only to provide the traditional survivor benefit of whole life insurance but also to be used for various financial goals throughout different life stages. After premium payments are completed, policyholders can utilize their assets in various ways beyond maintaining death coverage, such as converting to an annuity or taking out emergency loans.

For the first 10 years of premium payments, a fixed annual interest rate of 2.5% is applied to the policyholder's reserve, and 1.4% annually thereafter, ensuring stable management of the funds. The surrender value is designed to exceed the total premiums paid, depending on the timing after payment completion. The death benefit increases by 10% each year for five years, starting from the fifth policy year. Additionally, if the "Death Benefit Increase Service" is applied, the amount guaranteed for life is increased to more than 1.5 times the initial coverage.

Through the annuity conversion rider, the policy can be used as a tool for retirement planning. The policy loan feature also allows policyholders to secure emergency funds of up to 70% of the surrender value.

Eligible ages for enrollment range from 20 to 65 years old. The premium payment period can be selected from 5, 7, or 10 years. To commemorate the launch, Samsung Life Insurance is holding an event in which all customers who enroll by June 30 and maintain their contract through July 31 will receive a prize.

A Samsung Life Insurance representative stated, "This product was designed to allow customers to flexibly utilize their assets whenever needed, reflecting the unpredictable variables of life," and added, "We will continue to introduce innovative products and services to be a reliable partner for customers preparing for their future."