Invest a Lump Sum and Grow Your Assets... Samsung Life Launches "Samsung Asset-Building Annuity Insurance"

On September 10, Samsung Life Insurance announced the launch of its digital product, “Samsung Asset-Building Annuity Insurance,” which allows customers to pay a lump-sum premium and prepare for retirement income.

At the time of enrollment, the premium is paid in one lump sum and invested for at least 10 years before being converted into an annuity. For the first 10 years, a predetermined interest rate is applied, regardless of market rate fluctuations. After 10 years, a declared interest rate reflecting the company’s investment yield and prevailing market rates will apply.

The product is available in two versions: the Standard Type and the Enhanced Annuity Type. If a customer chooses the Enhanced Annuity Type and maintains the policy long-term, a retention bonus equal to 5% of the base retention bonus amount will be added after 5 years and again after 10 years, for a total bonus of 10%.

The minimum lump-sum premium is 2 million won. The product can be widely used by customers looking to start retirement planning with a relatively small amount, by those seeking to utilize retirement severance pay, matured savings, or term deposits, and even by high-net-worth individuals wishing to convert large assets into stable retirement cash flows.

After enrollment, customers may take out a policy loan for up to 95% of the surrender value or make partial withdrawals from the accumulated balance without separate underwriting or terminating the contract, providing liquidity in times of need. However, after a partial withdrawal, the accumulated balance must remain at least 30% of the basic premium. Additionally, both the accumulated balance and the retention bonus are reduced by the withdrawn amount, which may decrease future annuity resources.

This digital-only product is available through Samsung Life Insurance Direct and the integrated Samsung Financial app “Monimo.” Customers may also apply through other digital platforms, including KakaoBank.

A Samsung Life Insurance representative stated, “Since the product applies a fixed interest rate for 10 years, it’s well-suited for customers wishing to prepare a lump sum for retirement without worrying about interest rate fluctuations,” adding, “We will continue to expand our range of products and services that are quick and convenient to enroll in a digital environment.”

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