KB Life Launches New 'KB Three Promises e-Annuity Insurance Plus' Product
Guaranteeing the Minimum Policyholder Reserve at Three Key Points:
Completion of Premium Payments, 10 Years After Enrollment, and Annuity Start
"Three Promises" for Security
Online Enrollment and Convenient Premium Payment with Debit or Credit Card
KB Life announced on July 7 that it has launched the online-exclusive annuity insurance product, 'KB Three Promises e-Annuity Insurance Plus,' which guarantees the minimum policyholder reserve promised at the time of enrollment at three points: upon completion of premium payments, after 10 years of enrollment, and at the start of the annuity.
With the recent trend of super-aging and increased life expectancy, interest in securing stable retirement assets is rising. However, the fact that the size of annuity insurance reserves can fluctuate depending on market interest rates and declared rates is cited as a factor that increases uncertainty in long-term retirement asset planning.
In response, KB Life has introduced an annuity insurance product that guarantees the minimum policyholder reserve promised at the time of enrollment at key milestones, reflecting customer demand. The goal is to help customers plan for retirement assets in a more predictable and stable manner.
'KB Three Promises e-Annuity Insurance Plus (Guaranteed Type)' guarantees this minimum policyholder reserve at three times: first, upon completion of premium payments; second, after 10 years of enrollment; and third, at the start of the annuity.
For example, if a 40-year-old man pays a monthly premium of 500,000 won for five years (totaling 30 million won), the minimum policyholder reserve is guaranteed to be 31.5 million won (105%) upon completion of premium payments, 39.6 million won (132%) after 10 years, and 46.09 million won (153.6%) at the start of the annuity. However, the minimum policyholder reserve at the start of the annuity is calculated based on an annuity start age of 60 and a declared rate of 2.5%, so the actual amount may vary depending on the declared rate.
In addition, if the relevant tax requirements are met after enrolling in the product, policyholders can also benefit from tax exemption on insurance gains. This allows customers to prepare stable retirement assets based on the minimum policyholder reserve promised at enrollment while also reducing their tax burden.
The insurance enrollment process and premium payment convenience have also been improved. Customers can easily sign up for the product through the KB Life website, and premiums can be paid by credit or debit card.
A KB Life representative said, "This newly launched online annuity insurance is designed to enable customers to predict the size of their future assets from the time of enrollment," adding, "We will continue to introduce financial solutions that help customers prepare for a stable retirement."
Meanwhile, KB Life is diversifying its product portfolio to meet customers' various protection and asset management needs. After strengthening the competitiveness of its health insurance products last year, the company is also expanding its lineup of annuity and whole life insurance products, building a balanced portfolio that encompasses protection and retirement asset formation.
A KB Life representative stated, "We plan to continue enhancing our competitiveness as a comprehensive life insurer by consistently introducing differentiated products and services that reflect customers' financial needs across their life cycles."
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