Saemaeul Geumgo Extends Premium Payment Deferral Until January Next Year

"Exemption from Contribution Fees Is Not Applicable"

[Asia Economy Reporter Kim Min-young] Saemaeul Geumgo Central Association announced on the 31st that it has decided to extend the grace period for premium payments until January next year due to the prolonged COVID-19 pandemic.

Since February, the Central Association has been supporting members with insurance contracts by granting a grace period for premium payments after verifying virus infection status and affected industries until the end of this month, and it has now decided to extend this until January next year.

This time, the process of submitting documents to confirm COVID-19 damage has been greatly simplified to enhance convenience for insurance members.

Also, insurance contracts that were terminated during the premium payment grace period can now be applied for, so benefits are expected to be more widely available to members.

Premium payments will be deferred for one year until January next year. However, this is not a waiver of payment, so premiums must be paid before the end of the grace period. Applicants in the first half of the year will have their existing premium payment grace period automatically extended.

Members who wish to apply for the premium payment grace period due to COVID-19 can visit the nearest Saemaeul Geumgo and apply within the application period (August 3, 2020 ? December 31, 2020).

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