Samsung Life Insurance Co. introduced life insurance products that guarantee reimbursement for any sickness and accidental death until the age of 100, dubbed “Love 100 Years Guarantee Insurance,” the company said on July 10.

The new life insurance policy guarantees the policyholder payment against accidental death from such things as auto accidents and three diseases considered fatal °™ cancer, brain hemorrhage, and heart attack.

The life insurer said its new products are being marketed as the average life expectancy has extended in recent years, allowing it to offer coverage up to 100 years of age from 80 years, the upper age limit for its life insurance products until now.

The new insurance product reimburses up to 300 million won in the case of accidental traffic deaths on public transport, 200 million won for other traffic deaths, and 100 million won for deaths resulting from other accidents until age 80, and up to 100 million won for accidental deaths that occur between the age of 80 and 100 years. When policyholders are still alive at age 80, they are entitled to collect 70 percent of the insurance premiums they paid and the remaining 30 percent when they reach 100 years old, the company explained.

The insurance policy also pays 30 million won for cancer victims, and as much as 50 million won for brain hemorrhage and heart attacks. If the sickness occurs within a year of the subscription of the policy, 50 percent of the policy will be paid. A year later, 100 percent of the reimbursement will be paid. For those who take out additional insurance policies for medical expenses, they will be paid until they are 100 years of age, the company explained.

The subscribers of major policies will get paid 10 million won upon death until the age of 100 years, with the 10 million won policy subscribers as the standard, and when the policyholders are still alive at 100, they will get repaid the entire paid premium in 100 percent.

The company also offers a variety of special insurance policies such as those for accidents, in-patient, and treatment, altogether 10 special policies from which a subscriber can select tailored to his needs. The three major diseases insurance products and special drugs automatically increases their premiums every three years.

Samsung Life officials said if customers are careful in taking advantage of various special insurance contracts in the market, they could get guarantees for many benefits with one insurance policy, such as accidental death, diagnosis of disease, and others until they are 100 years of age. The products are just right for those who tend to be negligent in securing guarantees for coverage at low costs through subscriptions for inexpensive insurance premiums.