Tongyang Life Insurance has launched a new whole life insurance product that is designed to ease premium burdens while strengthening retirement protection by offering partial cash surrender benefits during the premium payment period.
The new product, Guardian Angel 5 Times Happier Whole Life Insurance, provides death coverage as the main contract with a 15-year premium payment term.
It adopts a structure that pays part of the standard surrender value if the policy is cancelled during the payment period.
After premium payments are completed, the surrender value is fixed at 100% of the standard amount based on the 15-year mark, helping reduce overall premium costs.
Customers who maintain their policies long-term are eligible for bonuses at the 10- and 15-year milestones.
The product also introduces a new cancer care annuity option.
If the insured survives the insurance period without being diagnosed with cancer, 100% of the survival annuity is paid.
If diagnosed with cancer, an additional 100% of the survival annuity is paid for 10 years following the diagnosis, reported Pulse.