ENDOWMENT WITH ANNUITY INCOME BENEFITS

Stop all worries, enjoy your happy retirement

After two thirds of life is devoted to career, everyone is looking forward to a leisured retirement life. However, in the busy modern life full with burdens of worries, not everyone could prepare properly for his retirement.

Understanding the customers’ needs, Korea Life introduce the Endowment with Annuity Income Benefits – a financial plan that makes your dream for retreat in wealth and comforts come true.

The Endowment with annuity income benefits provides you with the opportunity to tailor your own retirement plan:

• Select the Premium Terms (Accumulated Terms) from 10 to 35 years.

• Select the beginning points of the Payout Terms, from Age 55 to 65.

• Select the Payout Terms, up to Age 70, 75 or 80.

In addition, the Endowment with Annuity Income Benefits also provides participants with the following underlying benefits; thereby, they could enjoy the extreme peace of mind and achieve their dreams:

A- Financial Independence, Comfortable Retirement:

• Annuity Income Benefits (AIBs): payable as scheduled up to 250% of Sum Insured from the beginning of the retirement.

From the Policy Anniversary right after the end of the Premium Term, Annual Income Benefits will be payable on a monthly or quarterly or half-yearly or yearly basis, depending on the option chosen by the Policy Owner at entry. Moreover, AIB is increased by 6% per annum to make up for time value of money.

• Reversionary Bonuses: payable in one lump sum on the Policy Anniversary right after the end of the Premium Term as a financial support for customers to achieve unfinished targets right away. 

After the end of the Premium Term, the declared Bonuses will be payable in full by Korea Life and this will be a big sum for finishing long-nurtured plans soon. Everything such as a trip to Europe, a beautiful garden, an attractive untaken course, etc. will be within your reach.

B- Healthy Living, Joyful Longevity:

• Regular Healthcare Benefits: payable per annum for the sake of regular health check-ups... (click for more details)

Stepping into the retirement phase, everyone is desirous for contentment and good heath in every day of living. Korea Life will pay 2% (two percent) of Sum Insured per annum in support with customers’ regular check-up and health-care.

• Special Birthday Benefits: payable on the 70th and 80th birthdays...

With the adequate preparation in terms of both physical and mental aspects, the customers can be indulged themselves in every happy year of the old age in expectation of the longevity. As congratulation on their long life and gratitude towards long-termed attachment with Korea Life, Special Birthday Benefits are paid as 10% and 20% of the Sum Insured upon their attainment of Age 70 and 80, respectively.

C- Trust at Present, Grounds for Future

• Death/ Total Permanent Disablement Benefits

Upon death or total permanent disablement of the Life Insured before attaining 66 years old, Korea Life shall pay 100% of the Sum Insured and total declared Bonuses. Especially, if any contingencies occur when the Life Insured is from Age 35 to Age 45, the period with many family burdens on shoulder to be assumed, Korea Life will pay an extra 100% of the Sum Insured to compensate for their income loss.

• Funeral Support Benefit

Upon death of the Life Insured upon attaining 66 years old onwards, Korea Life shall pay 20% of the Sum Insured as Korea Life’s sincere condolences to customers. Meanwhile, this amount can serve not only to sponsor the funeral cost for the deceased but also to reduce the financial burdens for their family. This benefit reflects the integral humanity of an insurance product that Korea Life is willing to bring to the customers. Also, in case the risks take place after the Premium Term, the remaining Annuity Income Benefits shall be payable as scheduled; thus, the customers’ relatives continue to receive income resources regularly.

Additional Information:

• Age at entry                    : 30 – 55

• Premium Term                : 10 to 35 years (to Life Insured’s Age 55 to 65)

• Payout Term                   : 10 to 25 years (to Life Insured’ Age 70/75/80)

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