Seoul-life insurer vows to keep launching new products
South Korea’s ABL Life noted on June 14 that the Seoul-based company’s whole-life insurance product had gained popularity across the board because of its innovative features.
The policy, named ABL The Dream Whole-Life Insurance, was launched midway through 2021 to attract a number of customers over the past two years.
When policyholders complete the payment of premiums, they will see their death benefits substantially increase.
For example, the customers of its type-one product will enjoy a 9 percent hike for a five-year contract. When the contract period is longer than seven years, the rate will reach 10 percent.
ABL Life said that senior citizens or those with a history of diseases are also able to take out the simplified issue product with just a few exceptions.
“By offering the increased death benefits, our product has lived up to the basic principles of whole-life policies,” said Jason Eun, who is in charge of the firm’s product, marketing, and sales.
“In particular, we have come up with various types for the product so as to offer tailored solutions to our clients.”
He added that ABL Life would continue to bring about new products.
Established in 1954, ABL Life is South Korea’s second-oldest life insurer. It has a customer base of more than 1.1 million people as of the end of last month.