Hanwha Life announced on October 1 that it has launched the "Hanaro H Whole Life Insurance," which offers both death benefit protection and the ability to secure retirement funds.
This new product strengthens the core death benefit function of whole life insurance, while also providing a "pension conversion" feature to help policyholders prepare stable income for their retirement years.
While traditional whole life insurance policies lose their death benefit when converted into a pension, this new product allows policyholders to receive a pension while still maintaining their death benefit.
With Hanaro H Whole Life Insurance, if certain conditions are met, the policyholder can convert the death benefit into a pension at a time of their choosing. At the time of conversion, the death benefit is at least three times the initial insured amount. The total amount of pension payments and death benefit received after conversion is guaranteed to be at least this amount.
To help cover living expenses in the period immediately after retirement and before receiving the national pension, the product pays double the pension amount for the first 10 years after conversion. The pension is paid as a fixed amount, regardless of interest rate fluctuations, enabling customers to plan for a stable retirement.
To help prepare for unexpected health risks, a rider is included that waives premiums for 12 major illnesses, including cancer, stroke, and heart disease. If the policyholder is diagnosed with any of these conditions, they will no longer have to pay premiums, but coverage will continue, reducing the long-term financial burden.
For customers who have had difficulty obtaining traditional insurance due to health issues, a "simple enrollment type" is also available. This allows those in the insurance blind spot to benefit from coverage with only a simplified screening process.
For example, if a 35-year-old man pays premiums for 10 years for an insured amount of 30 million won, the monthly premium would be about 440,000 won. If he converts to a pension at age 55, which is 20 years later, he would receive about 3.67 million won per year for the first 10 years (before receiving the national pension), and about 1.83 million won per year thereafter.
Regardless of when death occurs, the total amount of pension received and death benefit paid by the time of death is guaranteed to be at least about 106.69 million won, which is the death benefit at the time of conversion. This corresponds to 201% of the total premiums paid. With a single product, customers can secure both retirement income and family protection.
A Hanwha Life representative stated, "This product is designed so that customers can prepare both death benefit protection and stable retirement funds," adding, "It will be a lifelong companion that helps customers continue to live securely even after retirement."
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