[Global Finance Awards] Kyobo's new child insurance plan offers lifetime coverage
Kyobo Life Insurance, one of Korea's leading life insurers, has launched a cost-effective renewable child insurance product that provides lifetime coverage starting from the prenatal period to facilitate the healthy growth of children.
The new plan offers tailored protection against major health conditions and diseases throughout one’s life cycle from pregnancy and childbirth to adolescence.
Upon turning 30, subscribers can transition to adult coverage, renewing the period up to the age of 100.
Child coverage includes various diseases common during infancy and adolescence including eczema andallergic rhinitis. It also covers severe illnesses such as pediatric cancers, benign brain tumors, cerebral hemorrhages, end-stage renal disease and acute myocardial infarction.
Additionally, compensation for injuries or disabilities arising from accidents is provided, with payouts of up to 120 million won ($92,000) for road accidents and up to 60 million won for general accidents. It also includes lump sum payouts upon a child's cancer diagnosis.
Meanwhile, basic adult coverage includes a total of nine major diseases such as cerebral hemorrhage and acute myocardial infarction. However, during the insurance transition, subscribers can buy add-on items known as riders to extend the coverage scope according to clients' needs, Kyobo added.
The available riders include coverage for various pregnancy complications and childbirth-related diseases such as premature births.
To better protect pregnant mothers and their unborn children, Kyobo became the first in the industry to introduce four new riders including postpartum deep vein thrombosis, postpartum sepsis, fetal shunting and congenital metabolic disorders.
"Our new product aims to support the healthy growth of children by offering coverage for major diseases common throughout their development," Kyobo Life Insurance Senior Manager Shin Dong-jin said. "As our policy offers both child and adult coverage, it is particularly well-suited for parents with young children."
The insurance sign-up period is from the age of 0 to 15, with premiums in the range of 20,000 won and 100,000 won depending on the level of coverage.
By Song Jung-hyun(junghyun792@heraldcorp.com)
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