Home > BNP PARIBAS CARDIF LIFE INSURANCE LAUNCHES ‘SIMPLIFIED ISSUE LOAN SAFE PROTECTION INSURANCE (NP)’ TO EASE THE ACCESS TO ITS CPI
Press Release

BNP PARIBAS CARDIF LIFE INSURANCE LAUNCHES ‘SIMPLIFIED ISSUE LOAN SAFE PROTECTION INSURANCE (NP)’ TO EASE THE ACCESS TO ITS CPI

April 1, 2025

BNP Paribas Cardif Life Insurance launches ‘Simplified Issue Loan Safe Protection Insurance (NP)’, a creditor insurance policy available regardless of the applicant’s medical history.

South Korea has recently entered a ‘super-aging society’, with individuals aged 65 and older now accounting for over 20% of the population . As life expectancy rises, so too does the demand for insurance, driven by higher incidences of cancer and hospitalization due to age-related illnesses. In addition, with Korean household debt exceeding twice the average income and reaching KRW 91.28 million , there is a growing need for financial safeguards, particularly in ensuring loan repayment in consideration of an extended retirement period.

‘Simplified Issue Loan Safe Protection Insurance (NP)’ guarantees loan repayment within the agreed insurance amount in the event of an insurance accident, such as death due to illness or accident, through a CPI Service Rider. In addition, by simplifying the contract review process, it lowers the barrier to entry for individuals with a medical history. Even with a medical history, eligibility remains possible as long as there is no record of:

  • Hospitalization, surgery, or additional examination (re-examination) within 3 months,
  • Hospitalization or surgery history due to illness or accident within 2 years, and diagnosis of cancer,
  • Hospitalization or surgery due to cancer within 5 years.

This new product offers a solution for those who previously faced challenges enrolling in CPI, allowing them to secure loan repayment in the event of an unforeseen or unexpected accident.

Jeong Hwan Lee, Head of Product Development at BNP Paribas Cardif Life Insurance, said, “There is a growing interest in creditor insurance among borrowers who have increased burden amid the high-interest rate situation. Despite the new changes in a super-aging society, we will continue to make our efforts to improve the accessibility of insurance so that more customers can prepare for loan repayment without rejection due to age or medical history.”

The face amount of ‘Simplified Issue Loan Safe Protection Insurance (NP) can be set from KRW 5 million to a maximum of KRW 300 million, and the policy period and payment period option can be set as 5/10/15/20/25/30 years. If a 40-year-old male is insured up to KRW 100 million with a 20-year policy period, the monthly premium is KRW 33,500 (40-year-old male with the face amount of KRW 100 million, 20-year policy period, 20-year payment period, monthly payment).

Depending on their situation, customers with a loan can choose type 1 (fixed type), while those without a loan, but wishing to prepare for future financial needs, can choose type 2 (optional type).

The product is available through the general agency (GA) channel starting from today.

Meanwhile, BNP Paribas Cardif Life Insurance, a leader in creditor life insurance in the Korean market for over 20 years, remains committed to raising awareness of the advantages of creditor insurance. As part of its efforts, the company offers ‘Credit Care Guide’ featuring valuable resources to support wise credit management, and ‘Credit Care Academy’ which provides economic education on credit management to support the financially vulnerable, reflecting its dedication to corporate social responsibility.