Health Promotion Insurance with Wearable Devices in Japan

Health Promotion Insurance has an unusual type of insurance which includes wearable devices.

The policyholders can receive several benefits and premium discounts by just taking care of their bodies.

It includes taking care of their health and going for checkups and doing efforts for themselves.

The 18 years old or older can apply to the Vitality scheme from their nearest branch.

Reporter Tries the Health Promotion Insurance

It’s wildly spreading in Japan right now. Mainichi Shimbun, the 27-year old female reporter goes out of her way to try this health insurance scheme. She tried it for a whole month, to find out how it works.

An employee at Sumitomo Life Insurance Co said, “Currently, we are placing many efforts in the field of ‘health promotion insurance’. The companies are introducing such insurance products recently, and they have been trending since.”

According to the reporter, she was covering news regarding health insurance since April. She got curious about this scheme and decided to try it.

She decided to take a trial version of the company’s life insurance product ‘Vitality’. It includes a health wellness program and gives rewards for health-conscious activities of the policyholders.

Also Read: Japan successfully hosted the Olympic Games despite the pandemic

‘Vitality’ scheme by Health Promotion Insurance

In the Vitality scheme, the rank of the policyholder changes depends on the points. The total number of points they assemble in a year from their workout accomplishments. As It also includes everyday step counts and results of health checkups.

The person insured can receive up to a 30% discount on premium insurance. So, the service can be used on computers as well as specially designed Apps on Smartphones.

The service is capable of tracking the user’s steps and declaring the points accordingly.

For 64-year individuals old or younger, achieving 8,000 steps a day can give you 20 points. The total of 40 points on just 10,000 steps a day. A maximum of 60 points a day can be earned for individuals who can record 12,000 steps.

For senior citizens over 65 years of age, the bar is set low. As they can earn 20 points for 6,000 steps a day. Exact 40 points for 8,000, and 60 points for 10,000 steps.

Using a Rewarding Technique

The policyholders will get a chance to spin the roulette wheel when the total points reach the week’s target points. They can win coupons that are exchangeable for Lawson Convenience Store Products and Starbucks Coffee.

The policyholders can also win the items of the game ‘Pokemon Go’ as a result of achieving the weekly goal.

The Public relations representative of the Sumitomo Life Insurance Co said smiling, “We sway all kinds of Carrots in front of our respected customers. To make them more motivated.”

Also Read: China’s Nuclear Reactor with Molten Salt Technology

Drwabacks in Case of Failure

Meanwhile, the health program is also taking a stick policy of implementing a 2% annual increase in the premium package. It begins in the 3rd year of the contract.

In case of failing at the goals, it can also increase to 10% if policyholders fail to exercise.

It’s a way of making the customers more responsible and conscious towards their health.

Under a regular plan that’s covering death, healthcare, and workability. It requires to pay a monthly premium of 14,347 Yen (almost $131). By adding the Vitality scheme, I can receive a discount of 15% by the joining time of insurance. So, It will total a monthly premium of 12,293 Yen ($112).

Also, the insured users have to pay a usage fee of 880 Yen ($8) monthly, the reporter explained.

According to the Life Insurance company, they received almost 800,000 Vitality contracts. Also, in a survey, the customers accept that they are exercising more. The are more active due to the program.

The company also says that as the result of regular exercise engagement, the insurance premiums do not increase.

The thing to keep in mind is that there’s a risk of paying more as a result of failure.

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