Seomin Financial Services Agency Introduces Insurance Products for Children of Single-Parent Families

[Asia Economy Reporter Kim Min-young] The Korea Inclusive Finance Agency announced on the 3rd that it has launched the ‘Low-Income Child Insurance 2’ for children from low-income single-parent families.

The Low-Income Child Insurance 2 has expanded the eligibility from children under 12 years old to children under 17 years old, and improved the insurance enrollment process from individual applications to automatic enrollment. The Korea Inclusive Finance Agency stated that approximately 260,000 low-income single-parent families can now enroll in this insurance for free, a significant increase from the usual 10,000 annual enrollees.

This insurance, supported by the Korea Inclusive Finance Agency and the Samsung Fire & Marine Insurance consortium, fully covers the insurance premiums and related costs for eligible low-income single-parent families who are not receiving livelihood (medical) benefits but are eligible for child-rearing support.

The coverage includes injury/disease-related disabilities of the guardian (custodian), and for children under 17 years old, coverage includes disabilities, daily hospitalization allowance, fracture diagnosis, and cancer diagnosis, with a maximum coverage amount of up to 30 million KRW for disabilities. Eligible recipients can receive benefits even if they are enrolled in other insurance policies.

Lee Gye-moon, President of the Korea Inclusive Finance Agency, stated, “Low-income and vulnerable groups such as the near-poor face greater economic difficulties when sudden situations like illnesses occur. Through the child insurance support project, we aim to help low-income families maintain a basic standard of living and create an environment where they can raise their children with greater peace of mind.”

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