Samsung Life Insurance Launches "The First Health Insurance" with New Family Combination Discount

5% Monthly Premium Discount for Two or More Family Members Enrolled

Samsung Life Insurance announced on August 11 that it will launch "Samsung The First Health Insurance," a comprehensive health insurance product that covers the three major diseases?cancer, cerebrovascular disease, and cardiovascular disease?as well as circulatory system diseases.

The product is scheduled to launch the following day. If customers add the "Comprehensive Cancer (including metastasis) Diagnosis" rider, cancer is subdivided into nine categories by body part, and each category is covered once for the first diagnosis only.

The new product is available to customers aged 15 to 75. The premium payment period can be selected from 10, 15, 20, or 30 years.

If customers add the "Major Cancer Treatment Coverage (once per treatment per year, up to 10 years after diagnosis)" rider, the insurance provides coverage for cancer surgery, radiation therapy, and chemotherapy, once per treatment per year. The focus is on reducing the burden of costly, duplicate, non-reimbursed treatments.

Riders are also available to cover major circulatory system disease diagnosis benefits, surgeries, thrombolytic therapy, and reimbursed thrombectomy procedures, among other major treatments.

New features include the "Family Combination Discount," which reduces monthly premiums when family members enroll together, and the "No-Accident Customer Contract Conversion System," which lowers premiums if the customer's health improves after enrollment.

If two or more family members (spouse or direct ascendants/descendants) apply for the "Family Combination Discount" one month after enrolling in the product, they receive a 5% discount on their monthly premium. This applies when the monthly premium is at least 40,000 KRW. Eligible family members include the insured person's spouse or direct ascendants/descendants.

Even if customers initially enroll through the simplified underwriting plan, they can reduce their premiums by converting to the standard or health underwriting plan if their health improves after a certain period.

For example, even if a customer enrolls through the 3-5-5 simplified underwriting plan, they can switch to the 3-10-5 simplified underwriting plan or similar options without canceling the contract if their health improves within 1 to 5 years.

The 3-5-5 plan asks about "doctor's opinions within 3 months, hospitalization or surgery within 5 years, and diagnosis of six major diseases within 5 years." The six major diseases are cancer, liver cirrhosis, angina pectoris, myocardial infarction, stroke, and heart valve disease.

A Samsung Life Insurance representative said, "This is a product where customers can lower their premiums by enrolling with family or by consistently maintaining good health. We hope this product becomes Samsung Life Insurance's flagship health insurance and a suitable choice for all family members."