ABL Life Insurance announced on the 1st that it has launched a new product, the '(non) Our Family THE Triple Whole Life Insurance (Partial Refund on Cancellation)', which provides health and death coverage as well as preparation for old age.
This product primarily offers death collateral. If a customer is diagnosed with cancer, severe thyroid cancer, cerebrovascular disease, or ischemic heart disease during the premium payment period, or if they experience 50% or more disability, they will be exempt from future premium payments, alleviating financial burdens after the diagnosis.
Once the premium payments are completed, a coverage bonus will be paid out. For Type 1 (Treatment Coverage Type), if a customer is diagnosed with cancer, colorectal carcinoma, thyroid cancer, other skin cancer, cerebrovascular disease, or ischemic heart disease, they can receive treatment costs up to a maximum of 10 times at major hospitals for a period of 10 years, limited to once per year. For example, if the sum insured is 100 million won, the customer can receive 30 million won annually for each major treatment received within 10 years of a cancer diagnosis, up to a maximum of 300 million won.
In addition, Type 2 (Diagnosis Benefit Coverage Type) provides a one-time diagnosis benefit payment to alleviate initial treatment costs upon the first diagnosis of cancer, severe thyroid cancer, cerebrovascular disease, or ischemic heart disease.
This product allows for comprehensive preparation against three major diseases while ensuring sufficient retirement funds through an annuity conversion rider. Notably, upon diagnosis of any of the three major diseases after conversion to an annuity, a payment of 200% of the basic annuity amount will be made annually for 10 or 20 years, providing stable coverage for treatment costs and living expenses.
Through the simplified examination type subscription, even elderly individuals or those with pre-existing conditions can sign up, while the partial refund on cancellation option allows for reasonable preparations for death coverage.
The general examination type is available for individuals aged 15 to 65, while the simplified examination type can be subscribed to by males aged 30 to a maximum of 61 and females aged 30 to a maximum of 65. The premium payment period can be selected among 7 years, 10 years, or 20 years.
Kim Soon-jae, head of ABL Life Insurance's product division, noted, "This new product retains the basic framework of existing whole life insurance while offering a practical option that allows customers to triple their protection in line with their life cycle regarding death, retirement funds, and three major diseases." He added, "In the future, ABL Life Insurance will establish itself as a trusted life insurance company that provides 'a better life' for customers by unveiling innovative products that meet their needs."