– Cancer insurance dedicated to seniors aged up to 80 is eligible to join even with chronic illnesses such as diabetes or high blood pressure
– A bancassurance product highly accessible through banks offering extra convenience to senior customers
BNP Paribas Cardif Life Insurance, the Korean subsidiary of BNP Paribas Cardif, the insurance arm of BNP Paribas, is pleased to announce that it launches today a new product, ‘(NP) 6180 Silver Cancer Insurance (renewable)’, through its bancassurance partner Shinhan Bank.
According to data released by the Ministry of Health and Welfare in its ‘National Cancer Report’, approximately 200,000 Koreans were diagnosed with cancer in the year 2010 alone representing an increase of 98.5% compared to a decade ago in 2000. It was reported that more than half (52%) of the people who were diagnosed with cancer (equivalent to 105,572 patients) were in their 60s or above, indicating that the elderly have higher risk of getting cancer compared to those in other age groups.
Against the backdrop of such findings, BNP Paribas Cardif Life Insurance has launched ‘(NP) 6180 Silver Cancer Insurance’, a cancer insurance product dedicated to seniors between the age of 61 and 80. While most of cancer insurance products in the market limit eligible policyholders at the age of 75 or younger, BNP Paribas Cardif Life Insurance offers the product to seniors up to 80 years old and also guarantees coverage up to the age of 100. Seniors with common chronic diseases such as diabetes and high blood pressure (HBP), are still eligible for subscription. A 5% discount on premium will be applied for those who are free of the related illnesses.
Another great merit of ‘(NP) 6180 Silver Cancer Insurance’ is that it is very conveniently accessible. Customers can easily gain information about the product and subscribe at a bank window. BNP Paribas Cardif Life Insurance aims to offer more convenience to senior customers who often visit bank branches. In addition, the product also offers many choices by allowing policyholders to choose 10% or 20% return of premium, upon maturity of the insurance.
Byung Uk Lee, Chief Marketing Officer of BNP Paribas Cardif Life Insurance, said: “‘(NP) 6180 Silver Cancer Insurance’ is designed for seniors who have difficulties in subscribing to cancer insurance due to age barriers and the burden of paying high premiums. In addition, we have expanded the scope of protection by including high-cost cancers into the coverage for the basic policy plan instead of a rider.”
‘(NP) 6180 Silver Cancer Insurance’ is available at a monthly premium of KRW 49,600 for men and KRW 32,100 for women who are 61 years old. Guaranteed claim at maximum is KRW 40 million for high-cost cancers such as leukemia, brain cancer and acute myeloid leukemia (AML) and KRW 20 million for general cancers such as stomach cancer, lung cancer and colorectal cancer.
More information about the product can be obtained through BNP Paribas Cardif Life Insurance’s call center (1688-1118) or from the company’s website (cardif.co.kr). Subscription is immediately available following consultation at a Shinhan Bank counter.
 Gross premium KRW 10 million with an option of 10% return of the premium. For a product with a 10-yr maturity, the total premium needs to be paid within the protection period. The amount is in the case of first contract.