Two new types of Korea Post insurance products, designed to help with retirement planning and alleviate the burden of advanced medical treatment costs, have been launched and are now available for purchase.
Korea Post Headquarters announced that it will begin selling the "(Non-participating) Korea Post Bonus PangPang Annuity Insurance (hereafter PangPang Annuity Insurance)" and the "(Non-participating) Korea Post Major Cancer, Brain, and Heart Treatment Insurance (hereafter Major Treatment Insurance)" starting on the 25th.
Provided by Korea Post Headquarters
The PangPang Annuity Insurance significantly strengthens annuity coverage by providing two additional bonuses (operation and maintenance) on top of the basic reserve amount (applied with the new declared interest rate IV), which is commonly applied to all Korea Post insurance policies.
The operation bonus is credited every three years after enrollment, based on the investment return of the reserve funds managed by Korea Post Insurance. This means that a portion of the profits generated from managing the customer’s assets (reserves) is returned to the customer.
The maintenance bonus, which is offered at the time of enrollment for the enhanced annuity type, provides an additional 11% credit if the policy is maintained until the commencement of the annuity.
PangPang Annuity Insurance has been designed and introduced to optimize stable retirement preparation in an aging society.
The Major Treatment Insurance is designed to reduce the financial burden during the treatment of major illnesses such as cancer, brain, and heart diseases, enabling patients to focus on their treatment.
Cancer treatment, which involves stages such as surgery, chemotherapy, and recurrence management, often requires a prolonged treatment period and, accordingly, leads to relatively high expenditures. Even after treatment is completed, if recurrence or metastasis occurs and additional treatment is needed, expenses inevitably increase. Furthermore, the emergence of advanced treatments such as carbon ion radiotherapy and targeted chemotherapy has increased the burden of non-reimbursed medical expenses.
The Major Treatment Insurance is structured to broadly cover the entire cancer treatment process-including diagnosis, surgery, and hospitalization-regardless of whether the treatments are reimbursed or not, as long as they fall under major treatments such as cancer surgery, chemotherapy, or radiation therapy.
Notably, even if the insured undergoes multiple treatments over a period of ten years after the initial diagnosis, insurance benefits can be paid repeatedly, up to once per year. The policy also covers recurrence or metastasis, helping to reduce financial burdens and allowing patients to focus on their treatment.
The Major Treatment Insurance also offers riders for advanced treatments, expanding the range of options available. For example, carbon ion radiotherapy, which has recently been introduced, is gaining attention for its high efficacy and low side effects, but is not covered by health insurance and can cost tens of millions of won.
However, by selecting the carbon ion therapy rider, the insured can receive up to 30 million won in insurance benefits, providing stable coverage for high-cost treatments.
Further details about the newly launched insurance products can be found on the Korea Post Insurance website or at a nearby post office (Post Office FC).
Kwak Byungjin, Acting Head of Korea Post Headquarters, stated, "The newly launched products include the best coverage benefits that Korea Post Insurance can offer, in order to provide insurance services that customers can truly feel." He added, "Korea Post will continue to think from the customer's perspective and strive to develop the best insurance products for our customers."
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