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🇳🇬 Nigeria /Economy & Trade

Woori Financial Group's Dongyang Life Insurance launches new whole life policy

From The Punch · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Context piece
  • Dongyang Life Insurance, a subsidiary of Woori Financial Group, has launched a new whole life insurance product called '(Mu)uriWONhaneun 7-nyeonan-simjongsinboheom'.
  • The product offers an annual 10% increase in death benefits, reaching approximately 611% of the initial amount after 20 years.
  • It provides a 100% refund rate after seven years, regardless of the insured's age, and allows for changes in the insured person to a spouse or child.

In a strategic move to bolster its product portfolio and capture a larger share of the long-term whole life insurance market, Dongyang Life Insurance, an affiliate of the prominent Woori Financial Group, has unveiled its latest offering: the '(Mu)uriWONhaneun 7-nyeonan-simjongsinboheom'. This new policy is meticulously designed to enhance both the survival refund benefits for long-term policyholders and the competitiveness of its death benefit coverage.

The '(Mu)uriWONhaneun 7-nyeonan-simjongsinboheom' is specifically tailored to provide tangible value to customers.

· Dongyang Life Insurance representativeExplaining the product's focus on customer benefit.

According to a Dongyang Life Insurance representative, the '(Mu)uriWONhaneun 7-nyeonan-simjongsinboheom' is specifically tailored to provide tangible value to customers. A key feature is the annual 10% increase in death benefits, a provision that significantly boosts the payout over time, reaching an impressive approximately 611% of the original sum insured after two decades. This escalating death benefit offers substantial financial security for beneficiaries.

The policy offers an annual 10% increase in death benefits, reaching approximately 611% of the initial amount after 20 years.

· Article textDetailing a key feature of the new insurance product.

Furthermore, the policy distinguishes itself by offering a guaranteed 100% refund rate at the seven-year mark, irrespective of the policyholder's age at inception. This feature provides a valuable safety net and liquidity option for policyholders. Adding to its flexibility, the policy allows for the designation of a spouse or child as the insured person, thereby expanding its utility for comprehensive family protection planning. Dongyang Life Insurance reiterates its commitment to continuously expanding its range of beneficial insurance products.

It provides a 100% refund rate after seven years, regardless of the insured's age, and allows for changes in the insured person to a spouse or child.

· Article textHighlighting the flexibility and refund policy of the insurance product.
About this summary

Originally published by The Punch in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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