An ABL Life model demonstrates the company's innovative whole life insurance product at the firm's head office in Seoul. Courtesy of ABL Life

ABL Life Insurance plans to introduce an innovative whole life insurance product with no surrender values next month. Instead, it enables policyholders to pay less in premiums compared to existing products.

The Seoul-based company said on March 27 that it will launch the product on April 1. If policyholders cancel their policy before maturity, the firm will not pay them anything because of the low premiums.

ABL Life officials point out that its customers will be able to design tailor-made products _ basically, the policy comes in two formats, and customers can pick necessary riders out of 33 options.

Clients have suffered big financial burdens of high premiums because of continued low interest rates. Against this backdrop, we decided to come up with a product that can reduce their burden,” said Jason Eun, who is in charge of the company’s products.

With low premiums, our customers will still be able to get whole life insurance services more easily.”

Interest rates have risen somewhat of late, but they are still quite low compared to the past. This has resulted in high premiums, which prompted many people to terminate policies.

Observers expect that the new products will help people get whole life insurance benefits with low premiums.

ABL Life is an affiliate of China’s Anbang Group, which has more than 35 million customers around the world. Anbang offers insurance, banking, and asset management services.

ABL Life’s customer base is around 1.13 million. It strives to become a trusted company, which offers “A Better Life.”