[Provided by Samsung Life Insurance]
[Provided by Samsung Life Insurance]

Samsung Life Insurance announced Wednesday that it will revamp its flagship health insurance product, Samsung New Plus One Health Insurance (non-dividend, low surrender value type), and simultaneously launch an upgraded tier, Samsung Platinum Plus One Health Insurance (non-dividend, low surrender value type), starting Thursday.

Launched in 2024, the New Plus One Health Insurance lets policyholders choose from three optional coverage plans at enrollment — the Plus Death Benefit Plan, the Plus Senior Coverage Plan and the Plus Dental Coverage Plan. Additional coverage can also be added during the policy term after the premium payment period ends.

The centerpiece of the revision is the introduction of a seven-year premium payment option. Health insurance products have traditionally required payment periods of 10 years or more, but Samsung Life has added a seven-year option alongside the existing 10-, 15-, 20- and 30-year plans. The change reflects demand from customers approaching retirement who want to complete their premium payments while still earning income and then focus solely on their coverage.

The product lineup has been split into two tiers so customers can choose based on their desired level of coverage. The new Platinum Plus One was created for customers who want broader protection and services beyond what the existing New Plus One offers, while the original product retains its existing strengths. Both products include 12 health coverage riders that proved popular in the first half of this year. The Platinum Plus One also adds diagnosis riders for cancer, cerebral hemorrhage and myocardial infarction.

Samsung Life has also introduced a "death benefit advance pension conversion" system — previously available only for whole life insurance — that allows policyholders to receive a portion of their death benefit in monthly pension installments after retirement when they need living expenses. The conversion is subject to eligibility conditions and can be requested only once.

Samsung Life is reshaping its business portfolio around health insurance. The share of health insurance within the contractual service margin from new protection-type policies sold through its exclusive agent channel rose from 45 percent in 2023 to 78 percent as of the end of March this year.

"New Plus One Health Insurance has evolved by listening to our customers and is our flagship health product," a Samsung Life Insurance official said. "This revision allows customers to directly choose the level of coverage they want." The official added that the company would strengthen its product competitiveness to cover both health and asset management needs after retirement.


psj@heraldcorp.com