Jul. 17, 2018
On August 1, 2018, Sony Bank Inc., a wholly owned subsidiary of Sony Financial Holdings Inc., will begin offering group credit life insurance with a 50% protection rider for cancer (no interest rate surcharge on group credit life insurance premiums). In addition to general group credit life insurance protection (in the event of death or severe disability), this insurance provides 50% protection on a mortgage loan balance if the insured receives a confirmed cancer diagnosis.
Moreover, Sony Bank will begin offering two additional group credit life insurances from October 2018. The one is group credit life insurance with a 100% protection rider for cancer, which provides 100% protection on a mortgage loan balance if the insured receives a confirmed cancer diagnosis. The other one is group credit life insurance with a hospitalization protection rider for lifestyle diseases, which provides 100% on a mortgage loan balance if the policyholder receives a confirmed cancer diagnosis or is hospitalized for 180 or more consecutive days for a designated lifestyle disease. (An interest rate surcharge will be added to group credit life insurance premiums for both products.) Furthermore, Sony Bank plans to revise its current group credit life insurance with protection riders covering three major diseases, adding ancillary services and renewed usage conditions.
Sony Bank will offer these new group credit life insurance products with disease protection riders to the bank's new mortgage loan customers who are younger than 50 when taking out a mortgage, less than 80 when the mortgage is settled, and wish to apply for the rider.
Going forward, Sony Bank will continue to enhance its services in response to mortgage loan customers' diverse disease protection needs.
Note: This is an English-language summary of a Japanese announcement made by Sony Bank on July 17, 2018. The summary was prepared by Sony Financial Holdings solely for convenience of non-Japanese readers.