ING launches new insurance policy

ING Life Insurance said Monday that it has launched a new life insurance policy which guarantees higher payments with lower premiums.

The insurer said the new policy named Brave Orange Life Insurance offers up to 25 percent higher payments to policyholders while charging them premiums up to 25 percent lower than previous policies. Instead, policyholders will be given half of reimbursement payments when they terminate a contract before it expires.

“We developed the low reimbursement life insurance policy to help customers create value in this low-interest era,” said ING Life CEO Cheong Mun-kuk in a press conference.

Cheong said that the insurer cut the premiums so that customers will keep their policy for the long term and they are covered fully by the product.

ING Life said customers aged between 15 and 65 are eligible to buy the policy. Employees can get tax deductions of up to 1 million won on premiums per year.