Hanwha Life Insurance Co. has the best life insurance product called “Smart Reimbursement Integrated Life-Time Insurance,” which is designed to offset lost income when the head of a family suddenly dies. But another major benefit is the peace of mind the product provides to grieving family members, the company said.
When the head of a family dies before reaching the age of 60, Hanwha Life pays the surviving family a payment from the life insurance of the deceased on a monthly basis like a salary, the company said.
If the deceased family head had the company’s life-time insurance policy for 100 million own in annual pay, the surviving family will get 2 percent of the annual pay monthly, or 2 million won and 210 million won the following year with 5 percent of the insurance pay added to cover inflation rate.
The monthly insurance deposits will be paid until the policy holder reaches the age of 60, even if the insurance premium paid by the dead policy holder until the time of death falls short of the insurance pay. If the policy holder is dead after 55 years old, the insurance money to be paid until he reaches 60 years in age will be paid even if the insurance premiums he paid is short of the insurance money he collects after his death. What’s left will be paid in a lump-sum payment.
Policy holders with lifetime insurance and a no change clause will not have to pay extra an premium even if they come down with a terminal disease such as cancer, acute myocardial infarction or a stroke, among others.
The lifetime insurance product can be changed to installment-type insurance in part or in entirety so that policy holders can draw money from the insurance product for their living expenses, or use the funds for their children’s marriages. The insurance product can be changed to pay for annual payment after policy holders are 45 years old.
After Korea’s liberation, the nation’s first life insurance company was founded at 18, Namdaemun 1-ga, Seoul, on Sept. 9, 1946. That was the predecessor of Hanwha Life, Korea Life. A great history began at that time. Since then, the company has continued holistic innovation to satisfy customers. Taking the lead in the insurance industry with differentiated competitiveness and professionalism, Hanwha Life has become a history of Korean insurance market both in name and reality.
Dreaming of a greater company, Hanwha Life became a member of Hanwha Group on Dec. 12, 2002. Hanwha Life has had a number of hardships over its 66 years, but since joining the family of Hanwha Group, Hanwha Life has continuously improved itself. With its total assets exceeding 50 trillion won in 2008 and 70 trillion won in 2012, Hanwha Life was able to grow on the basis of its core values, which are challenge, dedication and integrity.
On Oct. 9, 2012 — the 60th anniversary of Hanwha Group — Korea Life made a new start with its new name, Hanwha Life. Hanwha Life now stands at the new starting line, to be a company that improves the lives of customers with its vision, ‘A Global Insurance Company, Growing Together With Customers, and its brand slogan, ‘Financial Solution for Tomorrow
To become a global insurance company growing with customers, Hanwha Life is striving to enter the global market. Starting with a Beijing Representative Office in 2003, Hanwha life made inroads into Vietnam, New York, Tokyo and London, and will found and run a joint venture founded in 2012 in Hangzhou, China. Hanwha Life also makes every endeavor to enter the emerging market in Southeast Asia to be a major global company.
