KB Insurance revamps overseas travel policy with up to W70m in medical coverage

KB Insurance announced Friday that it has revised and relaunched its overseas travel insurance product, allowing customers to choose coverage levels based on their travel purpose and budget.

The key changes include renaming existing plan tiers to more customer-friendly terms, strengthening coverage for flight and baggage delays — among the most common travel disruptions — and raising overseas medical expense limits. The number of covered items now varies by plan, making it easier for customers to select the protection they need.

The previous "Ansim Deundeung," "Gasungbi" and "Pilsu" plans have been renamed "Premium," "Standard" and "Essential," respectively. The new names more clearly reflect differences in coverage levels, helping customers compare benefits and premiums across plans.

Core coverage has also been expanded. The Premium plan's flight and baggage delay benefit has increased from 300,000 won ($204) to 500,000 won, while overseas medical coverage for both injury and illness has been raised from 50 million won to 70 million won per category. The Standard plan offers 300,000 won for flight and baggage delays and 50 million won each for injury- and illness-related medical expenses abroad.

The plans now differ in the number of covered items as well. All three previously offered the same 26 benefits, but after the revision the Premium plan covers 26 items, the Standard plan 24 and the Essential plan 17. Coverage for heat- and cold-related illnesses — including diagnostic benefits for climate-related conditions — is now exclusive to the Premium plan, addressing travel risks tied to recent climate change.

"We will continue to reflect evolving travel trends and customer needs to strengthen the competitiveness and accessibility of our direct overseas travel insurance," a KB Insurance official said.

Meanwhile, ahead of this revision, KB Insurance last year became the first in the industry to introduce an index-based flight delay rider — which pays a fixed amount when an international departure from Korea is delayed by two hours or more or canceled — along with diagnostic benefits for heat- and cold-related illnesses under its overseas travel insurance.