Coverage amounts rise with each diagnosis of cancer, brain or heart disease; policy extendable to age 110 via contract conversion after age-80 or age-90 term

[Provided by KB Insurance]
[Provided by KB Insurance]

KB Insurance on Monday announced the launch of "KB Healthcare+ Health Insurance," a new product that combines health insurance coverage with its healthcare platform.

The product links to the KB Healthcare platform to deliver health management services while strengthening coverage for major illnesses. Its most distinctive feature is a "step-up three major disease diagnosis benefit": if cancer (excluding minor cancers), brain disease or heart disease occurs in succession, the benefit amount increases incrementally based on the severity of each condition.

The product also sets itself apart on the healthcare service side. Customers who install the "KB O'Care" app and keep their policy active receive welcome points. Everyday health management services — including health consultations, wellness content and priority health checkup reservations — are built in. Customers diagnosed with one of the three major diseases receive support for hospital appointment scheduling, nurse accompaniment, and patient transport and vehicle escort services. During hospitalization, a caregiver service is available; after discharge, a home helper service supports recovery at home, covering the full journey from diagnosis through recuperation.

Customers who complete premium payments without triggering a premium waiver receive a health support payment, and those who reach the end of the policy term without a serious illness diagnosis receive an additional health support bonus.

For customers who want long-term coverage but are concerned about premium costs, the product introduces a short-term contract conversion structure. Policyholders can initially enroll with a term ending at age 80 or 90, then extend coverage to a maximum of age 110 through a contract conversion at maturity. The eligible enrollment age runs from 15 to 70, and selecting the zero-surrender-value refund option lowers premiums further.

Kim Jae-gu, head of KB Insurance's long-term insurance product division, said the product "combines health management services with insurance coverage to help customers build healthy lifestyle habits," adding that the company would "continue to introduce differentiated products that meet customers' health conditions and coverage needs."

Meanwhile, the global healthcare market is projected to grow at an average annual rate of 8.5 percent through 2029, reaching approximately $258 billion (about 390 trillion won). Against a backdrop of rapid population aging and rising demand for disease prevention, South Korea's insurance industry has begun in earnest to integrate healthcare services with insurance products.


psj@heraldcorp.com