Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
Mirae Asset's hybrid insurance gains popularity
Models promote Mirae Asset Life Insurance's "Variable Universal Whole Life ― Two Promises" product at the insurer's head office in Seoul. / Courtesy of Mirae Asset Life Insurance
By Jhoo Dong-chan
By Jhoo Dong-chan
Mirae Asset Life Insurance is gaining popularity with its “Variable Universal Whole Life ― Two Promises” hybrid product.
It not only covers death benefits but also guarantees living expenses after a policyholder's retirement.
Utilizing Mirae Asset Life Insurance's differentiated fund management knowhow, it promises a top-level return.
The product guarantees the so-called life fund to cover the minimum cost of living for 20 years from retirement. The retirement age is set by the policyholder when buying the insurance policy.
The life fund is deducted from the product's death benefit at a rate of 4.5 percent every year from retirement.
For example, if a policyholder buys the insurance product guaranteeing 100 million won ($88,432) proceeds after death and their accumulated premium reaches 60 million won upon retirement, death proceeds will be 95.5 million won in the first year of retirement, with 4.5 percent deducted from the 100 million won.
In the meantime, the product will provide 2.7 million won for the life fund in the first year after retirement. The 2.7 million won is determined by multiplying the accumulated 60 million won by 4.5 percent.
“The Variable Universal Lifetime Insurance ― Two Promises product is designed for customers who are looking for death benefits while preparing for living expenses after retirement,” said Mirae Asset Life Insurance product development division head Oh Eun-sang.
“It is also the industry-leading insurance benefit based on Mirae Asset's differentiated variable insurance expertise.”