KDB Life Insurance Launches Whole Life Policy with Increased Death Benefits and Pension Conversion
KDB Life Insurance announced on November 11 that it has launched The! Happy Plus Whole Life Insurance (Non-participating), which enhances death benefits and policy retention benefits while also helping customers prepare for retirement funds.
The product combines a benefit structure in which the death benefit increases over a set period with premium payment completion and long-term policy maintenance bonuses, and adds a pension conversion feature to help customers build long-term protection assets.
Policyholders can choose a premium payment term of 10 or 20 years. The death benefit increases by 10% of the insured amount each year for 10 years from the policy date. After 10 years from the policy date, coverage is set at 200% of the insured amount.
The product also includes a bonus structure designed to encourage policyholders to maintain their policies. Customers who complete premium payments under either the 10-year or 20-year payment term accrue a premium payment completion bonus, which is added to the death benefit and surrender value.
The long-term policy maintenance bonus is accrued 20 years after the policy date for the 10-year payment term, and 25 years after the policy date for the 20-year payment term. It provides additional benefits to customers who continue their policies after completing premium payments.
The pension conversion feature also helps customers prepare for retirement. By using KDB Life Insurance's Guaranteed Pension Amount Pension Conversion Rider, policyholders can convert their surrender value into retirement income, subject to the requirements set out in the policy terms and conditions.
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A KDB Life Insurance representative said, "We designed the product to fulfill the core role of whole life insurance in providing dependable protection for families, while ensuring that customers who maintain their policies for a long time can enjoy greater benefits." The representative added, "It can serve as a protection asset during the years when a family breadwinner has significant responsibilities and as retirement funds after retirement, providing practical support at every stage of life."
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