Korea Life Insurance has been predicting that diverse retirement fund and guarantee type life insurance products in the age of an aging population would become key products in the life insurance industry this year and plans to introduce its own products to go with the market trends, the life insurer said recently.

Korea Life will focus on guarantee-type life insurance for children, varied pension, and instant life insurance products in particular with a varied annuity life insurance product, V Plus Varied Annuity Insurance, already signing up 15,000 contracts and collecting 18.1 billion won in premiums since its introduction in July last year, the company said.

This product can make high profits through stock-type funds and after full payment can be exchanged for the V Derivative Mixed Fund for stability and high profits at the same time.

At the early stage, customers can pursue high profits through stock-type products and, once high profits are attained, the policyholders can switch to the fund that guarantees a 6 percent income annually every three years. One of the advantages of the fund is that it allows the policyholders to switch any time they choose before the targeted profit has been made, unlike the type of funds that usually allow policyholders to switch only when they have earned the targeted profit, the company explained. 

Korea Life officials said the V Plus Variable Retirement Fund allows the policyholders to move the guarantee money at any time, allowing for creativity and choice, so much so that they earned the exclusive right to use them for three months, they said.

The 100 Year Power Variable Retirement Fund Transfer Special Contract allows the policyholders to operate the funds they paid after the contract was set up on noticed rates safely and can be paid on the basic retirement fund rate.

Excess payment of funds into the retirement fund by the retirees can be paid to the retirees as part of the retirement stipend until they are 100 years old. This is divided into periods °™ three, five, 10, 15, and 20 years and the retirement stipend payments can be paid from age 45 years minimum to 80 years maximum, depending on the choice of the policyholders.

The origins of Korea Life date back to 1945, when the company pioneered the Korean insurance industry as the nation’s first life insurer. For the past 64 years, Korea Life has been earnestly serving millions as Korea’s most prominent financial services provider with total assets over 57 trillion won.

Today, as the leader of the Hanwha Financial Network, Korea Life is striving to be the leading provider of insurance and financial services to help its policyholders safeguard their financial well-being.

While achieving organic growth, Korea Life has solidified its financial strength; the company received a triple-A solvency rating from Korea Management Consulting & Credit Rating Corp. and from NICE Investors Service in 2008 and 2009. No other life insurers have received top ratings from both credit rating agencies for two consecutive years in Korea, which is a significant testament to the company’s commitment to its financial prudence and stability.

In June 2008, Korea Life launched its ambitious brand enhancement project, leveraging its long history and proud tradition. The objective was to accentuate the company’s commitment to “putting customers first” while enhancing product features, perfecting customer service and serving the community. To capture this spirit, a new slogan was born: “Love your life, Love your Dreams.”

Korea Life is fully committed to maximizing its corporate value and earning the endearment and trust of its customers, employees, and shareholders.