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[Sponsored Report] Hanwha Life debuts product for educators

Published: 27 Jun. 2016, 21:17

Hanwha Life announced the launch of “Hanwha Life Love Plus School Personnel Annuity” on June 1, a contract for people who work in education. [HANWHA LIFE]

On June 1, Hanwha Life announced the launch of “Hanwha Life Love Plus School Personnel Annuity,” a product offered exclusively for people who work in education.

Subscribers to the Love Plus School Personnel Annuity can choose the period during which they will receive the highest returns, as well as the percentage of the total annuity they will receive, ranging from 10 percent to 100 percent.

This makes it possible for the subscribers to receive the most during their non-earning period and the least when they start receiving government benefits.

The annuity also offers premium discounts. The size of the discount rises commensurately with the size of the purchase payment. Along with a 1 percent group discount, clients can get a 0.5 percent discount on contracts with monthly purchase payments over 300,000 won ($250).

A discount of 2 percent and an additional 27,000 won is given for annuities with monthly purchase payments exceeding 2 million won.

Long-term clients can receive a maximum discount of 8 percent on total purchase payments. Subscribers are awarded 2 percent of total purchase payments when their terms of policy reach 10 years. From then on, the clients are awarded 0.3 percent of their payments each year, which adds up to a maximum of 6 percent of their total payments by the time their annuities commence.

Should contract holders be diagnosed with either cancer, cerebral hemorrhage, acute myocardial infarction, late stage kidney failure, or lung or liver disease, Hanwha Life will step in and make the payments in their place. The same applies to those who acquire a disability rating of over 80 percent and are declared in need of long-term care (LTC).

Under another special contract, these same clients can also choose to use their payout to cover nursing and medical expenses.

The company will double its payout for up to 10 years once a holder is diagnosed with a critical illness or placed in LTC. Clients can choose to add one or both options before they make their initial purchase payment.

There is no additional fee for these benefits.

Love Plus School Personnel Annuity is available for those between the ages of 15 and 73, who can schedule their annuity commencement date to occur between the ages of 45 and 80. The minimum monthly purchase payment is 100,000 won, or 300,000 won for a five-year plan.

BY YANG SE-YOUNG ([email protected])