Heungkuk Life Insurance announced on the 10th the launch of the ‘(Non-)Heungkuk Life Insurance Ohtun 5.10.5 Health Insurance (Non-refundable premium type V2)’ which offers discounts on insurance premiums based on health history.
This product structure verifies hospitalization and surgical history for 10 years in addition to standard body products, allowing premiums to be discounted by up to 20% compared to standard body products. As the reporting criteria have been strengthened, healthier customers are offered actual premium savings benefits.
Additionally, it expands coverage to include cancer, two major diseases (ischemic heart disease and cerebrovascular disease), and major circulatory system treatments for the lifetime, incorporating critical illness rider for anti-cancer medication, major medication treatment for two major diseases, and high-class riders.
The premium exemption feature has also been significantly strengthened. In addition to the premium exemption rider for cancer and three major diseases, an ‘18 major disease premium exemption rider’ has been added to expand exemption benefits. If any one of the 18 major diseases applies, the premium payment will be exempted.
Extra discount benefits are also provided to customers with high premium payments. If the premium exceeds 80,000 won, 50% of the excess amount will be discounted, with a maximum discount of 8,000 won. For example, if a customer has a premium of 96,000 won, 8,000 won will be deducted from the excess amount of 16,000 won, resulting in a total actual premium payment of 88,000 won.
A representative from Heungkuk Life Insurance noted, “The healthier you are, the more you can reduce premiums, and this product allows for comprehensive preparedness against major illnesses for a lifetime.” He added, “We will continue to expand customized products that meet the health status and needs of our customers in response to the increasingly segmented health insurance market.”