Hanwha launches new insurance
By Yi Whan-woo
Hanwha Life Insurance’s new product is designed to protect family members of policyholders when they die or suffer serious injuries. / Courtesy of Hanwha Life Insurance
Hanwha Life Insurance has a new insurance policy designed to provide financial benefits to family members of the insured if policyholders die before the age of 60, the company said Wednesday.
The life insurance arm of Hanwha Group said its product also allows those family members to receive insurance payments when the policyholders sustain serious injuries.
The product was introduced on April 1. It aims at supporting households against possible loss of income when their caretakers die or suffer from accidents before retirement at age 60 or younger, according to the firm.
“It is possible a father dies in a car accident or is paralyzed from the waist down after surviving such a disaster,” said Kim Un-whoan, the head of product development department at Hanwha Life Insurance.
“In that case, our product will allow his family members to receive insurance money every month just like their father received his salary from his workplace.”
Those aged between 15 and 54 can sign up for the insurance. The customers can choose the maximum coverage amount. Depending on the selection, the amount of monthly premium to be paid and the total payment period will vary.
For instance, policyholders will be asked to pay 2 percent or 2 million won of their coverage amount worth 10 million won every month after signing a contract for 20 years.
After that, the receivable amount in insurance money will increase by 5 percent every year until the insured reach the age of 60.
“We have worked in inflation in designing our product for the family members of the insured to benefit them regardless of time,” Kim said.
The company will also return part of the premium paid by the customers if they need a large sum of money during the contract period.
“It is possible some customers need to prepare for developments that require a lot of expenses, such as weddings and travel,” Kim said. “We wanted to fulfill customers’ demands in those situations and we came up with a flexible policy.”