Cardif Korea, a local insurance unit of French banking giant BNP Paribas, on Monday launched a variable life insurance product with higher returns than industry norms after cancellation, even within a year of contract.

“We’re launching i plus VUL through nationwide branches of Shinhan Bank today. The strong point of the product is that it guarantees more flexibility and value to customers by increasing the cash surrender value even if policyholders cancel at an early stage of contract,” the company said.

Insurants are guaranteed at least 90 percent return even for early cancellations, higher than the industry norm of 80 percent.

(cynthiak@heraldcorp.com)