ABL Life Insurance Secures 9-Month Exclusive Rights for Health Refund Insurance

On January 5, ABL Life Insurance announced the launch of its new product, the “(Non-Participating) Woori WON Health Refund Insurance,” which returns the rider premiums paid by customers as health refunds. This product has been granted exclusive usage rights for nine months by the Korea Life Insurance Association, in recognition of its unique refund structure.

The “(Non-Participating) Woori WON Health Refund Insurance” is designed so that, upon reaching a predetermined refund age based on the customer’s age at enrollment, the customer receives a “health refund.” This refund is either the total premiums already paid or the amount remaining after deducting any insurance benefits already received from the premiums paid.

For example, a customer who enrolls in the “(Non-Participating) Hospitalization Refund Rider” at age 30 can receive a health refund if they are alive on the contract anniversary when they turn 70, which is the refund age for this rider. However, if the cumulative insurance benefits already paid exceed the total premiums paid, no health refund will be provided. The refund age varies based on the age at enrollment, and coverage continues for life even after the health refund is paid.

The product offers a total of 10 different riders. In addition to coverage for the three major diseases-cancer, cerebrovascular disease, and ischemic heart disease-customers can also customize their plans to include hospitalization and surgery coverage for incidents that occur in daily life, according to their needs.

The main contract provides death coverage, and eligible enrollment ages range from 15 to 65 years old. Premium payment periods can be selected from 10, 15, or 20 years.

Kim Soonjae, Head of Product Division at ABL Life Insurance, stated, “This new product is designed so that customers can experience tangible benefits the healthier they are, by returning the rider premiums they have paid as health refunds. Having secured exclusive usage rights, we have demonstrated the product’s competitiveness, and we will continue to establish ourselves as a life insurer that delivers ‘A Better Life’ to customers through differentiated and innovative products.”