Allianz unveils product for baby boomers

By Kim Tae-gyu

Allianz Life Insurance plans to come up with a new product dubbed the Allianz Baby Boomer Annuity, which is dedicated to the baby boomer population of Asia’s fourth-largest economy.

The Seoul-based company said this week that the product will be released on Nov. 1, targeting those aged between 40 and 63, who are wary of post-retirement lives and are without any individual annuity policies.

``As these baby boomers relatively do not have much time left to prepare their annuity, the product was designed with a short payment period of three years, five years and seven years,’’ Allianz said in a statement.

``Although this is an annuity product, the attachment of the Premium Waiver Rider can waiver a maximum monthly premium of up to 1 million won, if the insured becomes disabled. The customer can still receive the annuity promised, as Allianz will pay the premium for the remaining payment period.’