ABL Life offers coverage with minimum premiums
ABL Life announced Aug. 13 that it had debuted an insurance plan covering five top cancers of South Korea while levying minimum financial burdens on customers.
The Seoul-based insurer said that the product covers five dangerous illnesses of stomach cancer, lung cancer, pancreatic cancer, liver cancer, and gallbladder cancer.
Those aged between 19 and 50 can purchase the plan, which will provide 10 million won ($8,600) when the customer is diagnosed with one of the five cancers.
ABL said that the online-only plan is attractive because the premiums are very low.
If a 20-year-old man wants to get a 10-year coverage, he only has to pay 2,710 won just once. When it comes to a 40-year-old lady, the one-off premium is a mere 66,033 won, and that’s all.
That’ why ABL named the product a “miniature plan.”
“Although the premium is very low, our clients can secure coverage for five risky illnesses. In a sense, the miniature plan is a highly cost-efficient product,” said Kim Jong-moon, who is in charge of the insurance company’s online business.
“We expect that our new plan will attract the Generation MZ and others who are sensitive to the cost-effectiveness.”
Generation MZ refers to Millennials born between 1981 and 1995 and Generation Z born between 1996 and 2005. They are regarded as separate and distinct demographic cohorts compared to the previous generations.
Established in 1954, ABL Life is the second-oldest life insurance company in South Korea, with a customer base of around 1.2 million people.