Hanwha Life Insurance has launched Hanwha Life Dementia Care Plus Insurance, a new product designed to provide comprehensive coverage for dementia and long-term care needs, while also supporting retirement planning.
The policy offers flexibility in fund utilisation, allowing policyholders to convert part of their contract into a pension or accumulation plan, depending on their financial needs and life stage. It also aims to reduce the financial burden on customers by lowering initial premium costs.
Coverage for dementia has been enhanced, with the product structured to provide protection from the early stages of the condition, including mild cognitive impairment (CDR 1 to 2). The plan is designed to support the full care journey, from diagnosis and testing through to treatment.
In addition, the policy includes caregiver support benefits, offering coverage for up to 365 days of inpatient caregiving per year, helping to minimise out-of-pocket expenses in prolonged care situations.
To improve accessibility, Hanwha Life has introduced a simplified underwriting option for dementia coverage, lowering the barrier to entry. The product also includes a premium waiver feature, supporting continued coverage in the event of dementia or long-term care conditions.
A company representative said the product was developed in response to growing social awareness around dementia and caregiving needs, while also enabling customers to prepare for retirement through pension conversion if they remain in good health, reported StarNews.