Intense Competition in Financial Products for Senior Customers
The competition in financial products aimed at senior customers is intensifying, with offerings including high-yield deposit accounts, enhanced insurance coverage, and lower fees for exchange-traded funds (ETFs).
Shinhan Bank has recently launched the second sale of its Shinhan SOL Mate Time Deposit, which offers an attractive interest rate of up to 3.1% per annum for customers aged 50 and above, starting from the 12th of this month. This 12-month maturity product allows individuals to invest between 500,000 KRW and a maximum of 3 billion KRW. The first sale, which began on the 26th of last month, saw all 500 billion KRW worth of limits exhausted within just ten days.
The base interest rate stands at 2.9%, with a potential maximum preferential rate of 0.2 percentage points, bringing the total to 3.1%. To qualify for the preferential rate, customers need to meet one of two conditions: either deposit a public pension for three months or more or make monthly deposits of at least 200,000 KRW into a private pension account with Shinhan Bank for three months or more.
In the insurance sector, Samsung Life has revised and relaunched its Samsung The First Health Insurance S, which reinforces coverage for cancer and major cardiovascular diseases. A new feature, the Cancer Integrated Treatment (Comprehensive Hospitals and Above) Special Clause AT, provides coverage for treatment costs incurred at medical institutions classified as comprehensive hospitals or higher, within the annual coverage limit. This broad coverage includes expenses for imaging and precision tests, surgeries, chemotherapy, radiation treatment, pain management, and rehabilitation therapies.
Additionally, Samsung Life has introduced clause options to cover out-of-pocket expenses for non-reimbursable items such as robotic surgeries and certain targeted or immunotherapy treatments. They have also implemented a Family Combined Discount program, which offers premium discounts when family members enroll together and meet certain conditions. Enrollment is available for individuals aged 15 to 75, with payment terms selectable from 10, 15, 20, or 30 years.
Hana Asset Management has also joined the fray with its 1Q 200 Active product. The focus across these financial institutions highlights a growing trend to cater to the needs of senior customers, providing them with more attractive and tailored financial solutions.
Shinhan Bank has recently launched the second sale of its Shinhan SOL Mate Time Deposit, which offers an attractive interest rate of up to 3.1% per annum for customers aged 50 and above, starting from the 12th of this month. This 12-month maturity product allows individuals to invest between 500,000 KRW and a maximum of 3 billion KRW. The first sale, which began on the 26th of last month, saw all 500 billion KRW worth of limits exhausted within just ten days.
The base interest rate stands at 2.9%, with a potential maximum preferential rate of 0.2 percentage points, bringing the total to 3.1%. To qualify for the preferential rate, customers need to meet one of two conditions: either deposit a public pension for three months or more or make monthly deposits of at least 200,000 KRW into a private pension account with Shinhan Bank for three months or more.
In the insurance sector, Samsung Life has revised and relaunched its Samsung The First Health Insurance S, which reinforces coverage for cancer and major cardiovascular diseases. A new feature, the Cancer Integrated Treatment (Comprehensive Hospitals and Above) Special Clause AT, provides coverage for treatment costs incurred at medical institutions classified as comprehensive hospitals or higher, within the annual coverage limit. This broad coverage includes expenses for imaging and precision tests, surgeries, chemotherapy, radiation treatment, pain management, and rehabilitation therapies.
Additionally, Samsung Life has introduced clause options to cover out-of-pocket expenses for non-reimbursable items such as robotic surgeries and certain targeted or immunotherapy treatments. They have also implemented a Family Combined Discount program, which offers premium discounts when family members enroll together and meet certain conditions. Enrollment is available for individuals aged 15 to 75, with payment terms selectable from 10, 15, 20, or 30 years.
Hana Asset Management has also joined the fray with its 1Q 200 Active product. The focus across these financial institutions highlights a growing trend to cater to the needs of senior customers, providing them with more attractive and tailored financial solutions.
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