NH Nonghyup Life Launches Agricultural Safety Insurance with Expanded Non-Covered Benefits

NH Nonghyup Life Insurance announced on the 4th that it will launch a revised version of the 'Farmer (Forester) NH Safety Insurance' product for farmers nationwide through agricultural and livestock cooperatives as well as online.

[Asia Economy Reporter Oh Hyung-gil] NH Nonghyup Life announced on the 4th that it will launch a revised version of the 'Nong(im)upin NH Safety Insurance' for farmers nationwide through agricultural and livestock cooperatives as well as online.

This is a policy insurance that compensates for bodily injuries and agricultural work-related diseases occurring during farming activities. Last year, it recorded the highest subscription rate ever with about 845,000 farmers enrolled.

The eligible subscribers are farmers aged from 15 to a maximum of 84 years old. The annual premium ranges from 98,600 KRW to a maximum of 194,900 KRW depending on the product type. The government covers 50% of the premium (70% for small-scale farmers), and local governments and agricultural cooperatives also provide premium support, so the actual burden on farmers is around 20%.

According to this revised product, three major non-reimbursable items?physical therapy, injection fees, and MRI?are covered in the same way as actual expense insurance. The coverage limits are 3.5 million KRW, 2.5 million KRW, and 3 million KRW respectively, with coverage frequencies of 50 times, 50 times, and unlimited respectively.

Additionally, for the general type 1 plan, the survivor benefit has been increased from 55 million KRW to 60 million KRW. Through special contracts, traffic accident death and fracture injuries for farmers (Nong(im)upin) are also covered.

Hong Jae-eun, CEO of Nonghyup Life, said, "We are continuously improving policy insurance for farmers who are often left in blind spots of insurance," adding, "We will put more effort into expanding product coverage and improving subscription convenience so that farmers can engage in farming activities with peace of mind."

This content was produced with the assistance of AI translation services.