Samsung Fire & Marine Insurance Launches 'Two Guarantees of Insurance' Covering Both Critical Illness and Dementia

Samsung Fire & Marine Insurance announced on September 15 that it has launched a new innovative product for the second half of the year, following its coverage account product in the first half. The new product, called 'Two Guarantees of Insurance,' provides coverage for both critical illness treatment expenses and dementia in a single policy.

The product name, 'Two Guarantees of Insurance,' carries a dual meaning: it refers both to the original concept of 'the principle of insurance' and to the two types of coverage-critical illness treatment and dementia-represented by the word 'chi' (meaning 'treatment') in Korean.

This new product is designed to comprehensively cover health risks that increase with age as Korea enters a super-aged society. Eligible applicants are between the ages of 30 and 70, and the policy period can be selected as either up to age 90 or 100.

Samsung Fire & Marine Insurance officials are promoting the 'Two Guarantees of Insurance' product, which covers both critical illness treatment expenses and dementia. Samsung Fire & Marine Insurance

The product introduces a new hybrid coverage structure that combines critical illness (cancer, cerebrovascular disease, ischemic heart disease, and certain circulatory diseases) treatment expenses and dementia diagnosis benefits into a single rider. The proportion of coverage changes based on the age selected by the customer (either 75 or 80), reducing the insurance premium burden to about 15-30% of previous levels.

For example, under this coverage, policyholders receive 10 million won for critical illness treatment and 1 million won for dementia diagnosis before age 75, and 1 million won for critical illness treatment and 10 million won for dementia diagnosis after age 75.

An incentive-based coverage feature that encourages prevention and early detection is also a key aspect. If a policyholder maintains good health each year after a certain age, they can receive a 'health management support fund' for up to 10 years, promoting preventive activities. The policy also provides benefits for early diagnosis of dementia and critical illnesses, helping to prevent the progression of severe conditions.

Additionally, the product offers a range of services, including: ▲ asset management consultations related to dementia, such as guardianship and trust systems ▲ genetic testing for dementia risk to help improve treatment methods and lifestyle habits ▲ and a 'Four Major Diseases Companion Care Service,' which includes counseling, appointment booking, and hospital accompaniment for critical illnesses.

A Samsung Fire & Marine Insurance official stated, "By providing coverage for both critical illness treatment and the often-overlooked area of dementia, we are offering products that fit our customers' life cycles. We will continue to develop products that deliver the essential value of insurance by including coverage for not only cancer, brain, and heart diseases but also other critical illnesses that customers truly need."