Heungkuk Life Insurance introduces new cancer treatment plan

[Photo by Yonhap]

Heungkuk Life Insurance Co. on Monday unveiled a new insurance plan that provides coverage for cancer treatment costs of up to 500 million won ($362,686).

Under the plan, individuals can receive coverage of up to 100 million won a year and up to 500 million won over five years if their major cancer treatment costs 10 million won or more.

Treatment for general, thyroid, or other skin cancers at a general hospital will be covered depending on the individual‘s out-of-pocket expenses.

“As cancer treatment costs continue to rise with advancing technology, we want to alleviate the financial burden for our customers through this new plan,” said a company official.