Tong Yang Life Insurance said Tuesday that it had launched a new insurance product with low monthly premiums, simplified policies and expanded coverage for children.

It said the life insurance would not only have inexpensive fees ranging from 30,000 won to 50,000 won ($30 to $49) to cover basic services such as medical treatment and hospitalization, but would also provide consumers with additional coverage options such as outpatient or emergency treatment.

Couples expecting their first child or those with under 15 can also add more services to the product or design their own insurance coverage after two years.

For instance, policyholders can have their insurance cover the treatment of their child’s pediatric atopic dermatitis or injuries such as burns.

Tong Yang noted that if children are diagnosed with cancer or face a serious physical disability, consumers will be exempted from paying 50 percent of their monthly premiums.

Also, if parents get into an accident, or are diagnosed with one of three major diseases ― cancer, a cerebral hemorrhage or a heart attack ― they do not have to pay their monthly insurance fees.

Subscribers will be fully refunded for monthly insurance premiums when the product reaches its maturity, and will be able to use the fund after retirement.

“This is a rare product tailored to children, and to help parents cover costs until they reach 100,” a Tong Yang official said.

By Suk Gee-hyun (monicasuk@heraldcorp.com)