[Edaily Reporter Kim Se-yeon ] HANWHA LIFE INSURANCE(088350)has launched a whole life insurance policy that allows policyholders to withdraw the full amount of premiums paid if they need living expenses while maintaining their death benefit coverage. The policy is designed so that the death benefit increases for a certain period after enrollment, and a key feature is that, once premium payments are complete, policyholders can withdraw funds for living expenses at any time while retaining the remaining death benefit coverage.

HANWHA LIFE INSURANCE announced on the 29th that it has launched the “HANWHA LIFE INSURANCE Whole Life Insurance: Use It When You Need It,” a product featuring these benefits.
This product was designed with the changing financial needs throughout life’s stages—such as marriage, raising children, and retirement—in mind. It allows policyholders to increase the coverage amount when death benefit protection is most needed and to withdraw premiums when funds are required for retirement living expenses or their children’s wedding costs.
The death benefit increases in stages over a certain period after enrollment. Based on a 10-year premium payment term, it increases by 15% annually for four years starting in the fifth year, and by 5% annually for 10 years starting in the ninth year, reaching up to 210% of the initial enrollment amount.
Once all premiums have been paid, customers can utilize the “Lifetime Fund Withdrawal Conversion” feature. This allows customers to withdraw an amount equal to 100% of the premiums paid at a time of their choosing, provided it is within 20 years of the policy’s effective date. The funds can be received in a lump sum or in installments over a period of 2 to 8 years.
Withdrawing paid premiums reduces the death benefit, but the remaining coverage is maintained for life. The company explained that the policy is designed so that the accumulated value continues to grow even after all lifetime funds have been withdrawn.
For example, if a 40-year-old Namsung enrolls in a standard 10-year premium payment plan with monthly premiums of 300,000 won, the total premiums paid over 10 years will be 36 million won. The death benefit upon completion of premium payments is 45.83 million won. If he applies for the Lifetime Fund Withdrawal Conversion at age 50 and receives 36 million won in a lump sum, the remaining death benefit will be 8.25 million won.
Under the same conditions, if the policyholder chooses to receive the payout in four installments, they can receive 9 million won annually for a total of 36 million won; according to the example provided by the company, the remaining death benefit would be 11.53 million won.
The maximum enrollment age is 65 for both the standard plan and the simplified enrollment plan for those with pre-existing conditions. Policyholders can choose a premium payment term of either 10 or 12 years.
Song Si-yeon, Team Leader of Product Development 2 at HANWHA LIFE INSURANCE, said, “Since the coverage needed varies at different stages of life, this product enhances customer choice by allowing them to receive death benefits when needed and utilize the withdrawal conversion feature when they need funds for living expenses.”