South Korean company offers critical illness insurance
ABL Life Insurance has come up with a new product, which covers three diseases of cancer, stroke, and heart attack, according to the Seoul-based company on March 12.
The policy is structured to provide a lump sum payment of up to 50 million won in case the policyholder is diagnosed with one of the three diseases mentioned above.
Customers, who pick a proper rider, will be able to receive another pay-out amounting to a maximum of 20 million won if they fail to recover from the serious illnesses in two years.
In addition, the new product offers various options so that people can design tailor-made plans.
When a 30-year-old man adopts a 20-year term product with the maturity age of 80 and the insured amount of 10 million won, he would have to pay 19,700 won a month. For a woman, the amount is 13,800 won.
They also can take out cancers from the coverage, which would reduce the monthly premium to 12,200 won and 8,800 won, respectively.
The minimum entry age for this product is 15 years, and the maximum is 70 years.
“As of 2018, about 2.3 million Koreans suffered from one of the three dreaded diseases. We hope that our new product can help them prepare for rainy days,” said Jason Eun, who takes charge of the firm’s products and marketing.
Market watchers point out that it remains to be seen whether the new insurance products will attract many customers during the virus threats.
“The outbreak of COVID-19 has dealt a serious blow to the business. But the insurance industry has managed to draw new clients,” said an source in the insurance business of the country.
Founded in 1954, ABL is Korea’s second-oldest life insurance company. It has a customer base of more than 1.1 million across the country.
The outfit iterates that it strives to become a trusted company offering “A Better Life,” from which its title originates.