Expansion of Standard Application Form Disclosures
"Lower Premiums with Additional Health Disclosures"
On July 3, Tongyang Life Insurance announced the launch of its new product, "Uriwon(WON)haneun Healthy Protection Insurance," which allows customers to lower their premiums and receive practical coverage through additional disclosures.
The product expands the disclosure requirements in the standard application form. If applicants provide additional health disclosures stating that they have not been hospitalized or undergone surgery within the past 7 or 10 years, they can enroll at a lower premium compared to the standard disclosure.
The product also features new cancer-related coverage options.
The "High-Class Major Cancer Treatment Rider" provides up to 20 million KRW per year for up to 10 years after diagnosis, if the insured is first diagnosed with cancer, other skin cancer, or thyroid cancer after the cancer coverage start date, and receives "high-class major cancer treatment" for direct therapeutic purposes within the benefit payment period.
The "Anti-Cancer Drug Treatment Rider" guarantees up to 30 million KRW per year for up to 10 years after diagnosis under the same conditions if the insured receives anti-cancer drug treatment.
The "Anti-Cancer Heavy Particle Radiation Therapy Rider" provides up to 50 million KRW for the first time the insured receives anti-cancer heavy particle radiation therapy.
The product is available in two types: "No Surrender Value Type" and "Standard Type." Eligible applicants are between 15 and 60 years old. Premium payment periods are available in 10, 15, 20, or 30 years, and the policy term can be selected from 30 years, up to age 90, or whole life.
A Tongyang Life Insurance representative stated, "We hope customers will take advantage of the additional disclosures to receive customized coverage that allows them to enjoy both whole life and health protection at more reasonable premiums compared to standard products."
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