The Postal Service Agency will launch two revamped flagship Post Office Insurance products, lowering entry barriers for people with illnesses and strengthening child-focused coverage.

The Ministry of Science and ICT’s Postal Service Agency said on Sept. 15 it will launch “Non-dividend Post Office All-in-One OK Insurance 2609” and “Non-dividend Post Office New Reliable Child Protector Insurance 2609” on Sept. 16.

Post Office All-in-One OK Insurance is a health insurance product launched in 2011. It combines age-group coverage in a single product, from basic health protection for people in their 20s and 30s to preparation for serious diseases for those in their 40s and 50s, and health protection after age 60. It covers key risks including hospitalisation and surgery for illness, as well as cancer, brain, heart and accident-related injuries.

Under the revamp, the agency introduced a simplified enrollment option allowing people with illnesses to sign up and expanded coverage to pay hospitalisation benefits from the first day of admission. It also introduced a type that does not pay the policyholder’s accumulated amount. This option lowers monthly premiums in exchange for not paying the accumulated premiums for riders that do not meet the conditions for a death benefit when the insured dies.

Post Office New Reliable Child Protector Insurance, which can be purchased from the fetal stage through age 15, is a children’s insurance product that provides coverage up to age 100.

In the revamp, it added child-focused riders covering not only common illnesses such as flu treatment, hand-foot-and-mouth disease diagnosis and dental treatment, but also attention deficit hyperactivity disorder (ADHD), precocious puberty and severe atopic dermatitis. For major illnesses such as childhood cancer, brain disease and heart disease, it also provides rider coverage for diagnosis, hospitalisation, surgery, outpatient care and treatment costs. Policyholders in the renewable type can receive 50 percent of premiums already paid at age 20 as an adulthood celebration payment.

The Postal Service Agency will run an enrollment event to mark the launch. It will provide gifts worth up to 30,000 won to “Republic of Korea Mom Insurance” subscribers who sign up for Post Office New Reliable Child Protector Insurance. The event will run from Sept. 16 through Oct. 31.

Postal Service Agency chief In-hwan Park (박인환) said, “We further developed our flagship Post Office Insurance products that many people have loved by aligning them with customers’ needs.” He added, “We will continue to carefully reflect customers’ demands and consistently introduce Post Office Insurance products that help the public.”