Called "Kyobo 3 Balance Guarantee Insurance" (non-dividend), the new product covers three major diseases - cancer, cerebrovascular disease and ischemic heart disease.
Kyobo Life said this product was introduced to expand the scope of life insurance to health and retirement coverage and provide a more comprehensive coverage for the three major diseases.
If cancer or brain and heart diseases occur after payment of insurance premiums is completed, 30% of the subscription amount will be repeated for up to 10 years for each major treatment.
In addition, payment exemptions have been expanded in the event of three major diseases. Even if only the main contract is signed up, insurance premium payments will be exempted when diagnosing certain three major diseases, and coverage will be maintained for life.
When switching to a pension, the main treatment cost guarantee for the three major diseases will remain the same, and if the three major diseases occur after the pension conversion, three times the basic pension amount will be paid for 10 years, which can be used for living and treatment costs.
Even if the three major diseases do not occur, the cancellation refund rate is guaranteed to be more than 100% after payment of insurance premiums is completed, reported Maeil Business Newspaper.