Tongyang Life Launches Whole Life Insurance with Long-term Benefits
Tongyang Life Insurance Co. has launched a new whole life insurance product called ‘Guardian Angel 5 Times Happier Whole Life Insurance.’ This product is designed to ease premium burdens while strengthening retirement protection by offering partial cash surrender benefits during the premium payment period.
The new insurance product provides death coverage as the main contract with a 15-year premium payment term. It adopts a structure that pays part of the standard surrender value if the policy is canceled during the payment period. After premium payments are completed, the surrender value is fixed at 100 percent of the standard amount based on the 15-year mark, helping reduce overall premium costs.
Customers who maintain their policies long-term are eligible for bonuses at the 10- and 15-year milestones. The product also introduces a new cancer care annuity option. If the insured survives the insurance period without being diagnosed with cancer, 100 percent of the survival annuity is paid. If diagnosed with cancer, an additional 100 percent of the survival annuity is paid for 10 years following the diagnosis.
This new product aims to provide comprehensive protection for policyholders while offering flexibility in managing their insurance coverage.
