Samsung Life Insurance said on the 16th that it will sell the "Samsung Golden Whole Life Insurance (non-participating, with guarantee cost charges)." On top of the core function of whole life insurance—death benefits—this product allows policyholders to withdraw up to the amount of premiums paid and use the funds.
Golden Whole Life Insurance has a structure in which the death benefit steps up in line with the premiums paid for the coverage amount, helping customers prepare more robust protection assets. Applicants can choose between Type 1 (basic) and Type 2 (plus). Under Type 1 (basic), the benefit increases to 100% relative to the premiums paid; under Type 2 (plus), it increases from 110% up to 140%.
The step-up period and rate vary by premium payment period. For Type 1, the payment period (post-payment deferment period) options are 7-year pay (5 years), 10-year pay (4 years), 15-year pay (2 years), and 20-year pay (none). The benefit steps up by 10% of the annual premium each year for 10 years, providing protection at a level equal to 100% of the premiums paid.
Even if up to 100%–140% of the premiums paid are withdrawn and used, the death benefit remains the original coverage amount for life. After premium payments are completed and the deferment period has passed, if the conditions for partial withdrawals are met, policyholders can withdraw the premiums paid and use them for purposes such as marriage, retirement, or inheritance. In this case as well, the death benefit remains at 100% of the coverage amount.
The entry age for Samsung Golden Whole Life Insurance ranges from a minimum of 15 to a maximum of 60, and customers can choose a payment period of 7, 10, 15 or 20 years.
A Samsung Life Insurance official said, "Samsung Golden Whole Life Insurance was developed so customers can feel the product's utility not only at death but also while maintaining the policy," adding, "Through a structure in which the benefit steps up in proportion to premiums paid, customers can prepare more reliable protection assets, and they can also withdraw funds when needed for financial use."