The rapidly ageing population in Japan presents an opportunity for Insurers as they compete to offer dementia Insurance products and services. Policy-holders can claim lump-sum benefits when diagnosed with mild symptoms of dementia, while search costs for wandering dementia patients are also covered.
Research recently shows that one out of every five people 65 or older is projected to have dementia by 2025. A health, Labour and welfare Ministry estimates says that is about 7 million people. Starting from October, Sompo Japan Nipponkoa Himauari Life Insurance Inc. will provide policies for those diagnosed with early sighs of dementia. If those insured develop the disease, they could receive benefits up to Y250,000 that is ($2,300)