Protection for Older People Accumulated insured amount: NT$460 million

In order to cover the gaps in social insurance and address inadequacies in social welfare programs, we have not only taken proactive steps to promote small-amount whole life insurance but also extended our support to more seniors. Our commitment to product development includes emphasizing preventive medical services as one of our core values. To tackle the challenges of Taiwan's aging society, Taiwan Life has pioneered the industry's first step-linked spillover-effect health management insurance product. This innovative approach allows us to develop and offer high-quality, practical insurance protection, and effectively reducing the burden of the aging society's costs.

● Insurance products for older people (including annuity and long-term care)

We provided long-term care insurance to help customers prepare for future care costs in old age. In 2023, the Company introduced a life-time nursing care insurance policy called「LTCE Permanent Long Term Care」. The policy meets the needs for lifelong protection (including 13 highly relevant specific injuries and illnesses) and a capital-guaranteed mechanism of refunding the total annual insurance premiums payable.

Health Promotion Accumulated insured amount: NT$120 million

Based on the design concept of “healthy aging, active aging,” Taiwan Life combines digital technology to embed health management rewards into the design of its products, encourages people to develop long-term habits of self-motivated exercise and health management, and expands the impact of insurance. The premium income from the new spillover-effect insurance policies amounted to approximately NT$120 million in 2023. We are also developing more diverse cross-industry cooperation programs to generate product differentiation to improve Taiwanese people’s health which indirectly reduces the overall medical expenses as a whole and claims expenses of insurance companies, and improve public health.

● Comprehensive spillover-effect products

• We offer the pioneering series of「Yearly Dementia Life Insurance policies」 which are innovative combination of, incentives for walking, health examinations, vaccinations, and cancer screenings and other three stages of health management, including number of steps, health check, vaccination or proof of cancer screening, covers dementia, cancer, major diseases and hospitalization days, with up to 8% of premium discount for renewal and guaranteed renewal up to age 85.
• We mostly focused on comprehensive long-term spillover insurance products in 2023, and launched「CIB7 Critical Illness Benefits 7」and「Catastrophic Illness Card Benefits」 which combine protection for 7 major diseases, 22 specific catastrophic illnesses, major diseases (Type 1), specific injuries and illnesses, and catastrophic injury cardholders with spillover insurance mechanisms. The coverage is up to the age of 100, creating a medical protection network for policyholders as they become older without worries.

Protection for Disadvantaged People

In order to fulfill its corporate social responsibility and practice the TCF Principles, Taiwan Life has identified various medical protection needs for disadvantaged groups, and has subsequently developed seven impaired-risk policies so far. Together, these seven policies cover people with diabetes, hepatitis B, and certain cancers as well as people with a physical disability. We also develop microinsurance policies for people who are financially disadvantaged or from other marginalized groups. By expanding our coverage and providing specific protection for people with disabilities, we have set new benchmarks in the domestic insurance industry. Overall sales of these products have shown healthy growth, and Taiwan Life will continue to promote and develop products for disadvantaged groups moving forward.