Samsung Life Launches 'Internet Non-Renewable Cancer Insurance'... "No Worries About Premium Increases"

[Asia Economy Reporter Changhwan Lee] Samsung Life Insurance announced that it will sell the 'Samsung Internet Non-Renewable Cancer Insurance,' which guarantees no premium increases after enrollment, through its direct channel starting from the 7th.

The Samsung Internet Non-Renewable Cancer Insurance is an online-exclusive product developed to allow customers to subscribe to the non-renewable cancer insurance, which was launched in July, through the internet channel.

This product is a non-surrender value type, which offers lower surrender value compared to surrender value types but allows subscription at relatively lower premiums.

Non-renewable insurance has a higher initial premium burden than renewable insurance, but since premiums do not increase until maturity, it is a product with a lower premium burden in the long term.

The main insurance coverage amount is up to 30 million KRW, and it covers up to 30 million KRW upon cancer diagnosis after the cancer coverage start date.

However, for initial diagnoses of breast cancer, severe thyroid cancer, uterine cancer, or prostate cancer, only 50% of the coverage is paid.

This product covers high-cost treatment cancers such as liver cancer, lung cancer, leukemia, bone cancer, brain cancer, gallbladder cancer, and pancreatic cancer through special riders. Since there is no reduction period, 100% is paid upon diagnosis of high-cost treatment cancer after the cancer coverage start date.

Additionally, it features coverage for re-diagnosed cancer as a special rider. From the day after two years have passed since the first cancer or the previous re-diagnosed cancer diagnosis confirmation date, it covers up to 15 million KRW for new primary cancer, metastatic cancer, recurrent cancer, or other re-diagnosed cancers.

The eligible age for subscription is from 20 to a maximum of 60 years old. The maturity age can be selected between 90 or 100 years old.

A Samsung Life Insurance official stated, “We will continue to provide customer-friendly products and services to support the health and retirement preparation of customers who prefer non-face-to-face methods, such as with the Samsung Internet Non-Renewable Cancer Insurance.”

This content was produced with the assistance of AI translation services.