South Korea: Kyobo Life Insurance launches inheritance insurance

| 05 Nov 2024

Called "Jongbo Inheritance Insurance", the product is a life insurance that can manage funds for inheritance and utilise various funds, focusing on the original value of life insurance and providing high death guarantees.

In particular, the product adopts a structure without the guarantee of a minimum surrender refund that could prepare for greater death guarantees, while lowering the burden of insurance premiums.

Kyobo Life Insurance has also increased its guarantee amount. If the insurance subscription amount is more than KRW100 million and if it is maintained for more than five years, policyholders can receive an additional 2.5-20% guarantee increase bonus in addition to the death insurance depending on the time of death.

In addition, the accumulated amount of non-occurrence guaranteed bonus will be added to the death insurance.

Moreover, insurance money can be used to meet changes in life. In addition to receiving death insurance as a lump sum, it can be designed in monthly installments or annual installments for the desired period and used as living funds and children's education funds.

Also, when the premium payment period ends and the minimum death insurance guarantee period begins, a certain amount of death insurance can be received and utilised in advance through a partial conversion service. This product can be registered from the age of 15 to the age of 80.

Kyobo Life Insurance is set to introduce an insurance claim trust in the middle of this month.

If a policyholder signs a trust contract for the insurance claim, Kyobo Life Insurance, the trustee, manages and manages the death insurance in the structure desired by the policyholder.

It is expected to help beneficiaries receive insurance money without hassle through efficient insurance management and to prevent inheritance disputes, reported Naver.