Allianz launches brand-new insurance product
Allianz Life Korea employees hold a board promoting its new product that covers diabetes and related diseases, at its head office, Tuesday. / Courtesy of Allianz Life Korea
By Kim Tae-gyu
A recently launched Allianz Life Korea product has attracted consumers in droves on the strength of its unique coverage of diabetes and three related diseases.
The Seoul-based insurer said Tuesday more than 1,500 customers have opted for the product since its Nov. 1 release, at a time when worries about diabetes keep rising.
According to the National Health Insurance Service, the number of diabetes patients was 2.52 million at the end of last year. In other words, one in 20 Koreans suffers from the hard-to-cure illness.
The state-run service said the number has increased around 100,000 a year, from 2 million in 2010 to 2.2 million in 2012 and 2.4 million in 2014, and the trend is expected to continue.
To help people grapple with diabetes, the Allianz product guarantees higher protection for the disease that in many cases results in complications.
If policyholders are diagnosed with diabetes and cancer in sequence, their insurance money will be doubled compared with if they are diagnosed with just cancer.
The same scheme, which is the first in the country’s insurance industry, will be applied to acute myocardial infarction and cerebral hemorrhage, if policyholders select the relevant riders.
Of note is that those diagnosed with relatively less dangerous cancers _ including in the prostate or thyroid gland _ will not be able to enjoy the special benefits and will be offered smaller insurance payouts.
The unprecedented product is offered on a 10-year term, which can be renewed for another 10 years until policyholders reach 100. After the 10-year term finishes, policyholders will get 1 million won each time.
“As of 2014, one out of seven Koreans aged 30 or above suffered from diabetes and many of them experienced economic difficulties due to snowballing treatment costs,” an Allianz Life Korea official said.
“Hence, we came up with a product to help them deal with the disease. Allianz Life Korea will continue to provide tailor-made benefits for customers in consideration of recent trends.”
Indeed, Allianz Life has introduced a series of innovative products over the past few years, at a time when the insurance industry competes to meet the specific demands of people.