BNP Paribas Cardif Life Insurance launches the ‘Better Healthier Loan Safe Protection Insurance (NP)’

November 15, 2021

BNP Paribas Cardif Life Insurance announced that it launched the ‘Better Healthier Loan Safe Protection Insurance (NP)’ which adds healthcare benefits to loan repayment guarantee through General Agency (GA) channel, along with the company’s first healthcare service ‘MY Healthy Age’ starting from today.

BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.

As the healthcare industry has been activated recently, the expected role of the insurance industry is also changing from ‘aftercare treatment’ to ‘healthcare for advanced prevention’[1]. Accordingly, many domestic and foreign insurance companies are showcasing a variety of products and services related to healthcare, in addition to the core feature of insurance which manages the lifetime risk of each individual.

The ‘Better Healthier Loan Safe Protection Insurance (NP)’ is a product in which the insurance company repays the remaining loan balance in the event of an unexpected accident. The ‘MY Health Age’ service analyzes the latest health checkup information of policyholder registered in the National Health Insurance Service, and informs them of his/her health status in an easy-to-understand manner. Up to 10% of the main contract premium will be discounted if a person is younger than the chronological age in terms of his/her health age. In addition, this service helps policyholders maintain their health by offering a customized health information related to exercise and diet.

An agile team composed of BNP Paribas Cardif Life Insurance’s employees are directly involved in from the planning to the development of the ‘MY Health Age’ service through BNP Paribas Cardif’s Asia Innovation Factory. The company will continue to make consistent improvements from the policyholder’s feedback towards this service.

Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance said, “This newly launched product expands customer benefits by combining creditor insurance that repays loans on behalf of the borrower and healthcare functions that promote policyholder’s health. In particular, with the ‘MY Health Age’ service which is our first step to meet consumers’ interest and needs for a healthy life, we hope that our policyholder can protect their beloved family and asset from the default, and maintain their healthy lifestyle with this new service together.”

The ‘Better Healthier Loan Safe Protection Insurance (NP)’ is available for customers aged 19 to 65, and policyholders can prepare for cancer, microcancer, cerebral hemorrhage, acute myocardial infarction and TPD (Total Permanent Disability) through special contracts in addition to death. If the 40-year-old receives the maximum discount rate of 10% (when the difference between actual age and health age exceeds 4), the monthly premium is KRW 27,810 for men and KRW 18,000 for women (Standard: face amount of KRW 100 million for main contract, 20 years coverage, whole payment period, monthly payment).

BNP Paribas Cardif Life Insurance will hold a subscription event for new policyholder until January 31, 2022, in which gift voucher of up to KRW 30,000 will be presented according to the monthly premium to celebrate the launch of the ‘Better Healthier Loan Safe Protection Insurance (NP)’.

[1] Source : Financial Services Commission, Presentation material for the 1st meeting of ‘Task Force for healthcare activation in insurance industry’