Hanwha Life announced on the 14th that it has launched the 'Hanwha Life Life Insurance You Use When Needed,' a product that provides a death benefit when coverage is needed, while allowing customers to receive their entire paid premiums in installments when lifetime funds are required.

For individuals in their 40s to 60s—the life stage when death coverage is most essential—this insurance features a structure where the death benefit increases as time passes after enrollment. Based on a 10-year payment plan, the death benefit increases by 15% annually for 4 years starting from the 5th year of enrollment, and by 5% annually for 10 years starting from the 9th year. The death benefit grows up to a maximum of 210%.

When a life stage requiring living funds arrives—such as retirement funds or a child's wedding—policyholders can utilize the 'Lifetime Fund Withdrawal Conversion' function, which allows them to use the entirety of their paid premiums within 20 years from the contract date, after completing all premium payments. Policyholders can directly choose the timing of receipt and can receive the funds either all at once or split across 2 to 8 years.

Even after withdrawing all lifetime funds, the accumulated reserve continues to grow, and the remaining death coverage is maintained for life. The eligible enrollment age is up to 65 for both standard and simplified enrollment (for those with pre-existing conditions), and customers can choose between a 10-year or 12-year payment plan.

[ⓒ Global Economic Times. 무단전재-재배포 금지]