[Sponsored Report] New Hanwha product boosts clients’ benefits

Hanwha Life’s new insurance plan provides diverse benefits to meet the needs of its clients. Provided by the company

Hanwha Life announced the release of a new savings insurance plan last Monday.

The company’s latest product, Plan UP Variable Insurance, provides improved coverage for clients who opt into the plan.

The most prominent feature is that the type of insurance can be changed to an annuity after two years. Unless certain conditions disallow the transition, changes can be made so that members benefit from an annuity with a floating rate.

But clients don’t have to abandon the advantages of a variable insurance as a whole. With this plan, the ratio of variable insurance to annuity insurance can be customized according to the client’s needs.

In other words, the beneficiary can enjoy the benefits of both products. This way, clients don’t have to go through the hassle of signing contracts for two different insurance plans.

The product will also allow clients to invest for their children’s future and plan ahead. After ten years, the customer can change the beneficiary to his or her children, given that the recipient-to-be is between the ages of 15 and 65.

Another notable feature is the guaranteed peak accumulation benefit system, which ensures the retrieval of a set minimum amount of money regardless of asset management performance. This prevents losses due to low returns on investment.

Clients who have been members for over seven years and have more than 20 million won ($18,600) in insurance funds can apply for this benefit.

Since the product is a variable insurance plan, clients who have been members for more than ten years also enjoy the benefits of tax exemption.

“In times of low interest rates, variable insurances are helpful in maximizing the rate of returns and providing tax exemption to long-term investors,” said Choi Sung-kyun, head of the products development team at Hanwha Life. “Our company will continue to look into the needs of clients and provide a variety of options to satisfy diverse requirements.”