Kakao Pay Insurance announced on the 16th that it has launched a health insurance product optimized for mobile.
This product is designed with five basic coverage options centered on diagnosis benefits for major serious illnesses such as cancer, cerebrovascular diseases, and ischemic heart diseases, along with eight tailored packages (riders), allowing users to select only the necessary coverage based on their health condition and lifestyle.
Kakao Pay Insurance has launched its first health insurance product for adults, strengthening its long-term insurance product lineup following "infant insurance," "insurance for elementary and middle school students," and "gift insurance for children."
The basic coverage of the health insurance is structured around diagnosis benefits for the three major diseases: cancer, brain, and heart diseases. It guarantees a total of five collateral options: cancer diagnosis benefits (excluding similar cancers, with a 90-day grace period, and same applies below), similar cancer diagnosis benefits, cerebrovascular disease diagnosis benefits, ischemic heart disease diagnosis benefits, and emergency room visit treatment benefits (emergency, same applies below), and users can choose between the basic type and reinforced type based on coverage range.
The basic type allows users to prepare for treatment costs at a relatively reasonable premium, while the reinforced type strengthens coverage considering treatment costs and income loss due to long-term treatment. The basic type guarantees cancer diagnosis benefits of 20 million won, similar cancer diagnosis benefits of 4 million won, cerebrovascular and ischemic heart disease diagnosis benefits each of 10 million won, and emergency room visit treatment benefits of 30,000 won. In contrast, the reinforced type enhances the level of coverage to 50 million won for cancer diagnosis benefits, 10 million won for similar cancer diagnosis benefits, 20 million won each for cerebrovascular and ischemic heart disease diagnosis benefits, and 50,000 won for emergency room visit treatment benefits.
Users can add eight packages based on their health condition and lifestyle to the basic coverage. The packages include "important cancer package," "brain and heart package for the family," "peace of mind surgery package," "precious women's package," "seasonal illness trend package," "active me package," "work life and stress package," and "drinking and eating habits package," each designed for various situations that can frequently occur in daily life, including cancer surgery, serious illnesses, tests, women's diseases, infectious diseases, fractures and burns, stress-related diseases, and digestive diseases.
Health insurance from Kakao Pay Insurance can be easily subscribed to through KakaoTalk. The review is conducted only with four health questions regarding hospitalization or surgery within the last five years, and users can directly design and subscribe to the insurance on mobile without phone consultations or face-to-face recommendations.
The subscription age ranges from 19 to 49 years old, and the insurance period can be set from 60 years old to a maximum maturity of 80 years. It is a non-renewable product, and the premium calculated at the time of initial subscription remains the same until maturity. For example, if a 20-year-old woman subscribes to the basic type with an 80-year maturity and prepaid option (pure coverage type), the monthly premium would be 13,053 won, and even if all eight rider packages are added, the monthly amount would remain at about 34,692 won. The premium payment period can be flexibly designed, adjustable from a minimum of 5 years to one-year increments until maturity.
Chang Young-keun, the head of Kakao Pay Insurance, said, "This health insurance product is designed so that users can easily prepare for the diseases they are most concerned about through mobile," adding, "The significant differentiation point is that it reduces the complex review procedures and consultation processes of existing health insurance like cancer insurance, allowing customers to directly select the necessary coverage.