Saturday, 23 March 2019

ABL Life unveils insurance for diabetes, hypertension

ABL Life introduces insurance for diabetes and hypertension. / Courtesy of ABL Life

By Yoon Ja-young
Diabetes, hypertension and cardio-cerebrovascular diseases are common these days, but it isn’t easy for those with such problems to prepare for the future with insurance.

ABL Life Insurance said Wednesday that it introduced an insurance plan tailored for such customers, opening subscription to anyone that meets a few conditions.

ABL Diabetes Hypertension OK Insurance offers extensive coverage on chronic diseases such as diabetes and hypertension, even if the subscriber has a history of health problems or is elderly.

It doesn’t require submission of extra documents. Anyone can subscribe to the plan as long as they haven’t had a doctor’s recommendation for hospitalization, surgery or additional examinations during the past three months, hospitalization or surgery for disease or accident during the past two years, or diagnosis, hospitalization or surgery for cancer during the past five years.

The insurance plan offers coverage for not only diabetes and diseases related with hypertension but also ophthalmologic diseases such as cataracts and glaucoma.

When the subscriber is diagnosed with diabetes or diseases related with hypertension and gets surgery, they get 500,000 won ($446). For cardio-cerebrovascular disease, 1.5 million won is paid.

If the subscriber is hospitalized for four days or longer, insurance money for hospitalization is offered starting from the fourth day of hospitalization. For surgery on cataracts or glaucoma, the subscriber gets 250,000 won.

In line with the increase in average life span, subscribers are offered benefits for survival. They are offered 100,000 won every year after two years have passed since subscription. They also get 100,000 won if they are alive at the maturity of the insurance.

Subscribers can get coverage on serious illnesses such as cancer, cerebral hemorrhage and acute myocardial infarction by adding diverse riders. Those with diabetes, for example, can get coverage for major complications of diabetes such as end-stage renal failure, blindness and amputation of foot by adding a diabetes complication rider.

Those without history of illness can enjoy the same insurance coverage while paying a smaller premium. By adding a diabetes diagnosis rider, they will get 2 million won when diagnosed with diabetes. By adding an insulin treatment rider, they will get 250,000 won a month for two years in case they get insulin injections to treat diabetes.

If a 50-year-old male subscribes to the plan, with a 10 million won insurable amount, monthly insurance premiums stand at 17,040 won.

“The plan focuses coverage on common chronic diseases, opening subscription to anyone at a relatively low insurance premium,” a spokesperson for ABL Life said.

ABL Life is a part of China’s Anbang Insurance Group which offers diverse financial services to over 35 million customers through its global network.


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