Shinhan Life announced on the 1st that it has launched the 'Shinhan (easy registration) whole life insurance Balance Fit (Fit) (non-participating, partial payout upon cancellation)' which provides extensive coverage tailored to the customer lifecycle for the three major diseases that affect many Koreans.
This product offers the fundamental insurance protection features to prepare for death coverage and medical expenses for diseases, as well as for caregiving burdens and living expense gaps in one package, with the characteristic of paying three times the base pension amount upon confirmation of diagnosis for the three major diseases to ensure a stable retirement.
Upon signing the main contract, if diagnosed with cancer, severe thyroid cancer, cerebrovascular disease, or ischemic heart disease after the coverage start date specified in the policy during the premium payment period, the premium payments will be waived if 50% or more disability is confirmed.
Moreover, even if the premium payment is not waived, once payments are completed, the policy provides new coverage for major medical expenses for the three major diseases at advanced general hospitals (excluding stationary cancers and borderline tumors) and for hospitalization using caregivers (limited to 'Type 2') upon diagnosis of the three major diseases as specified in the policy.
By meeting the conversion conditions for the 'three major disease pension conversion rider' and after the contract has been converted to a pension by the policyholder, the rider strengthens benefits by paying three times the base pension amount annually for ten years upon confirmation of diagnosis for the three major diseases, reducing the financial burden on customers.
The eligible age for enrollment ranges from 15 to a maximum of 70 years (Type 1, general underwriting), and the premium payment period can be selected from 7 years or 10 years (Type 2 is 20 years). The easy underwriting type is available for those aged 30 to a maximum of 70 years (Type 1) or a maximum of 60 years (Type 2).
A representative from Shinhan Life stated, "This new product has a strengthened protection structure to help customers maintain a balanced life by expanding the functions of whole life insurance, and we hope that Shinhan Life will become a reliable partner in our customers' lives, providing death coverage, medical expense coverage for the three major diseases, premium waivers, and pension conversion benefits."