Sumitomo Life to Launch Health-Promoting Insurance

Economy

Tokyo, July 17 (Jiji Press)--Sumitomo Life Insurance Co. said Tuesday that it will launch a product that rewards policyholders with a premium discount of up to 30 pct for their efforts to stay healthy.

The product, to be released on July 24, is designed to reduce the risks of disease and death by encouraging policyholders to get regular exercise and make other health-related efforts.

Such health-promoting insurance schemes are expected to spread in Japan. Other insurers have already released related products.

Sumitomo Life's new product, part of the Vitality health promotion program developed by South African financial service provider Discovery Ltd., will be offered as an add-on option to life and medical insurance policies.

Policyholders choosing the option will be recognized as health-conscious and see their insurance premiums discounted 15 pct from the original prices.

[Copyright The Jiji Press, Ltd.]

Jiji Press