Korea Life Insurance V Smart Variable Universal Integrated Life Insurance
-Targets high-income professionals to offer complete package for assurance, inheritance and retirement plans
- Maximum 300% death benefit to maximize inheritance capacity and guaranteed assets
- Loss of income due to severe injury, monthly income can be replaced
Korea Life Insurance (www.korealife.com) has started selling V Smart Variable Universal Integrated Life Insurance which targets VIP customers since last August. This product has sold more than 18,000 and its sales exceeded KRW 5billion within the first three months.
This is an integrated life insurance for high-income professionals to have financial protection not only in case of death so that family can be left with an inheritance, but also in case of retirement.
This is a life insurance that provides a death benefit when the insured die regardless of their age, but customers can choose between income guarantee type (Type 1) and inheritance plan type (Type 2).
Income guarantee type (Typ1) provides the insured’s family not only a death benefit but also living expenses. If the insured dies before the time of the retirement or gets injured more than 80%, the family can receive 1 or 2 % of the amount insured every month until the time of the retirement (guaranteed payment for 60 times). Apart from the monthly payment, a death benefit will be provided 50~100% of the aggregate amount insured at the point of death. The time of the retirement can be chosen by customers from 55, 60 and 65.
With inheritance plan type (Type 2), a benefit can be accumulated up to a maximum of 300% depending on the time of death by adding ‘V-accumulated inheritance special contract’. From the point of signing the insurance contract to the time of retirement, 10% of the death benefit is accumulated up to 300%. Including the main contract, the family can receive death benefits up to a maximum of four times). This V-Accumulated Inheritance Special Contract can also be added to the Income guarantee type (Type 1).
This product offers various ways to receive discounts on payment. Automatic transfer of payment can receive a 1% discount, and groups can receive a 1.5% discount. An additional discount is available up to 6.0% depending on the amount of premium. The maximum discount rate is 7.5%.
V Smart Variable Universal Integrated Life Insurance is an integrated life insurance that can be changed into an a variable universal contract, and the subject to the insurance is also changeable. The name in the contract can be changed to the insured’s spouse or their child, and it can be used as a retirement plan by activating pension plan after age of 45.
As this product is an integrated insurance, it can protect not only the insured but also their spouse and up to 2 of their children. Various special contracts such as a long-term care assurance, medical cost assurance, accidents, hospitalization or surgery coverage can be added, so assurers can customize this insurance according to personal wants. Especially medical cost assurance can lift burden as it guarantees to cover 90% of medical costs depending on the insurance clauses.
An official form Korea Life Insurance underlined “high-income professionals often look for whole life insurance with a high death benefit to arrange inheritance.” And he continued “V Smart Variable Universal Integrated Life Insurance is a smart insurance that provides a complete package for assurance, inheritance and a retirement plan for VIP customers.”
The minimum requirement for acceptance is KWN 100,000,000 for signing and KRW 100,000 for the monthly insurance payment. People between 15 and 59 years of age can signup for Type 1 (income guarantee type), and ages between 15 and 64 can sign for Type 2 (Inheritance plan). For example, a 30-year-old male who joins this insurance with KWN100,000,000 for signing, with payment duration of 20 years and a retirement time of 60-years old, will pay KWN 178,000 for type 1 (income guarantee type, 1% payment) and KWN 435,000 for type 2 (inheritance plan) monthly.
Inquiry call : 1588-6363