NH Nonghyup Life Insurance Provides Emergency Financial Support for COVID-19 Damage

NH Nonghyup Life Insurance

[Asia Economy Reporter Oh Hyung-gil] NH Nonghyup Life Insurance announced on the 10th that it will provide emergency financial support to farmers, individuals, and sole proprietors affected by the novel coronavirus.

The targets include those hospitalized or quarantined due to novel coronavirus infection, sole proprietors experiencing decreased sales due to a decline in Chinese tourists and reservation cancellations, and small business owners who have suspended operations to prevent infection.

If selected for damage support, new loans can receive a preferential interest rate of up to 0.6%. Interest payment deferral is also possible for up to 12 months. The loan amount is up to 100 million KRW, and the loan period is up to 5 years.

Existing borrowers who meet the same collateral conditions as at the time of the original loan, regardless of credit rating, can extend the loan maturity. Interest payments can also be deferred, and installment repayments can be postponed. This support will continue until June 30.

Additionally, Nonghyup Life Insurance will provide premium payment deferral and waive reinstatement late fees for policyholders and their families diagnosed with novel coronavirus infection. Premium payments can be deferred until August 31 for valid contracts only.

The application period is until May 31.

CEO Hong Jae-eun said, "We will actively support customers facing difficulties due to the novel coronavirus to provide practical help."

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