iM Life announced on June 1 that it has revised and relaunched its flagship guaranteed variable annuity products: 'iM StartPRO Variable Annuity Insurance,' 'iM MasterPRO Variable Annuity Insurance,' and 'iM TravelPRO Variable Annuity Insurance.'
The revisions focus on enhancing retirement income security. The new products increase annuity payouts by more than 9% compared to previous offerings, allowing customers to receive larger payments after retirement. This design aims to maintain the real purchasing power of retirement assets and ensure stable cash flow amid prolonged inflation.
Notably, the revised structure strengthens the lifetime annuity feature, enabling policyholders to receive higher payouts the longer they live. For instance, a 40-year-old male who enrolls in the 'iM MasterPRO Variable Annuity Insurance' and pays a monthly premium of 300,000 won for 10 years will see his annual annuity increase by 580,000 won to a total of 7.04 million won starting at age 70.
With these product revisions, iM Life aims to enhance its competitiveness in the guaranteed annuity market. Kwak Chan-hee, head of iM Life's Sales Strategy Division, stated, "We have considered how to provide customers with more substantial retirement benefits, not just stopping at product launch. We will continue to introduce innovative annuity solutions in the future."
* This article has been translated by AI.
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