Fubon Hyundai Life said on the 24th that it is selling the mobile-only annuity insurance "Bufonhyundai Annuity Insurance Speed (nondividend)," which customers can use to plan for retirement and enroll in themselves. The product features a shorter premium payment period and a long-term maintenance bonus that accumulates the longer the contract is kept.
The product is divided into an enhanced annuity type and a general annuity type. The enhanced annuity type pays a long-term maintenance bonus five years after the contract date. From then on, partial withdrawals and additional premium payments are allowed.
For the general annuity type, up to 12 partial withdrawals per year are allowed without fees starting one month after the contract date. Additional premium payments are also possible, allowing flexible cash management when quick funds are needed.
The premium payment period can be chosen as either three years or five years. Enrollment age ranges from 19 to 64. For those under 60, the monthly premium can be set in 1,000-won increments between 100,000 and 500,000 won; for those 60 and older, between 200,000 and 500,000 won.
Annuity payments can start at any age between 45 and 90. If the contract is maintained for at least 10 years, there is also a tax exemption on interest income.
This product uses a declared interest rate, so the refund rate may vary depending on interest rate changes. However, considering this, Fubon Hyundai offers a minimum guaranteed interest rate at the five-year mark after enrollment. If a 40-year-old man enrolls in the enhanced annuity type with a condition of paying 200,000 won per month for three years, the refund rate after five years is guaranteed at a minimum of 113.5%.
A Fubon Hyundai Life official said, "Customers can design their retirement themselves and enroll quickly and easily via mobile, and the short premium payment period, along with partial withdrawals and additional payments, allows efficient management of retirement funds," adding, "We plan to continuously roll out customized products that reflect customer needs."