Hanwha Life Launches 'LifePlus OhMyPick Cancer Insurance' Targeting MZ Generation

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[Asia Economy Reporter Oh Hyung-gil] Hanwha Life Insurance launched the online-exclusive Life Plus Oh My Pick cancer insurance on the 4th, designed for the MZ generation (Millennials + Generation Z) to selectively cover only the necessary cancer types.

This product provides basic coverage for all cancers, and subscribers can additionally enroll in coverage for specific cancers according to their lifestyle. To ease the burden of expensive premiums on the MZ generation, it allows for reasonable premium payments annually based on the subscriber’s age and risk.

Operated as a one-year renewable policy, it features a low entry barrier with monthly premiums starting from as little as 1,000 KRW. The coverage period can be automatically renewed each year, providing protection up to the age of 100.

Additionally, the subscription process has been simplified to suit the digital-savvy MZ generation. Identity verification is possible through KakaoPay authentication, enabling anyone using KakaoTalk to easily subscribe. As an online-exclusive product, subscriptions can be made via the Hanwha Life Direct Insurance OnSure website on mobile devices.

The main contract covers 40 million KRW for general cancer, 20 million KRW for minor cancers, and 4 million KRW each for similar cancers. Considering family history or lifestyle habits, additional cancer coverage can be added through special riders. There are five types of riders: respiratory cancers (lung and larynx), stomach and esophageal cancers, liver and pancreatic cancers, bone, brain, and leukemia-related cancers, and kidney and bladder cancers, each providing 10 million KRW in coverage.

Notably, this product eliminates the 50% reduction clause for cancers diagnosed within one year of subscription, so even if cancer is suddenly diagnosed after 90 days from the start of coverage, the full promised benefit amount will be paid. Therefore, customers who subscribe to both the main contract and optional riders will receive a total of 50 million KRW if diagnosed with stomach cancer after the coverage start date: 40 million KRW from the main contract and 10 million KRW from the stomach and esophageal cancer rider.

Im Seok-hyun, head of the Life Plus Solutions team at Hanwha Life, said, “This product was launched for the rational MZ generation who want to focus on coverage that suits their needs and subscribe without premium burdens,” adding, “We will continue to pursue various attempts to launch products tailored to the lifestyle of the MZ generation.”

The eligible subscription age is 19 to 45 years old. The insurance period is one year renewable up to 100 years old, and payment frequency can be chosen between monthly and yearly.

However, as this is a renewable product, premiums may increase annually up to the age of 100.

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