Shinhan Life is
on the Ball

Company offers new life insurance policies that can be switched to securities-type and investment-type

Shinhan Life Insurance Co. has introduced a brand new type of life insurance product called "Shinhan BigLife Reimbursement Retirement Insurance," a strengthened investment-type advanced retirement plan for a stable life after retirement for the first time in Korea, the company said recently.
The new investment-type life insurance product allows additional premium payment and withdrawal of the principal in the middle of the five-year contract term and also allows its subscribers to switch up to 100 percent of the account to a securities-type fund, increasing the function of investment of the reimbursement-type life insurance. Most of the existing securities-type life insurance products allow a maximum 50 percent transfer to securities-type life insurance products, the company said.
In the case of the securities-type life insurance product in operation, up to 95 percent of total assets can be invested in securities to expand the profitability, the company said.
This life insurance product is formed with funds deposited by customers and profit from the investment in the form of retirement fund are paid to its investors. Even if its investments go sour, the already paid insurance premiums will be repaid to the policyholder in the event of his or her death.
The company expanded the age limit to hold the policy, allowing those who are 68 years of age to pay for monthly contracts and those who are up to 73 years old to pay the one-payment insurance premiums.
The life insurance product allows for additional premium payments after the retirement payment has begun for the first time in the life insurance industry, as well as withdrawal in the middle of the contract term to freely use retirement funds and continue to benefit from tax exemption privilege for more than 10 years after buying the life insurance product. The insurance premium payment can be increased to up to double the amount and can be withdrawn 12 times in a year.
In order to suit customers' preferences for selection of the life insurance products in which to invest, Shinhan Life Insurance is offering 10 types of funds such as stock-type, mixed-type, fundamental type, index-type, and bond-type, which are managed by such dependable fund managers as Shinhan BNP Paribas, SEI Asset Korea, Franklin Templeton, and others.
The product is also allowed to be taken over by widows and children of the policyholders when they die and can be tailor made to the holder's needs, including the years that they want to begin the payment of the annual stipends and the method of receipt.
When the premium exceeds 300,000 won per policy, the holders can get favorable benefits, and if the term is over 10 years, they don't have to pay taxes on their life insurance policies. nw

An employee of Shinhan Life Insurance Co. holds a board introducing the Shinhan BigLife variable retirement insurance, the new life insurance product offered by Shinhan Life.
Photo on courtesy of Shinhan Life

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