IBK Industrial Bank Launches IBK Ansim Sangjo Trust: "Cancelable Mid-Term Without Funeral Service Fees"

Flexible Deposit Products Allow Free Payments Without Early Termination Fees

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank will launch a flexible installment trust product called ‘IBK Anshim (安心) Sangjo Trust’ on the 27th.

This is a flexible installment trust product where the funeral service funds are held and managed by IBK Industrial Bank, and can be terminated at any time without early termination fees.

The name ‘Anshim’ (meaning ‘peace of mind’) signifies that customers no longer need to worry about the closure of funeral service companies or low refunds upon early termination when using this product, the bank explained.

Customers who subscribe to the product can use designated funeral service companies at discounted prices in the event of the subscriber’s death, and the trustee bank directly pays the funeral service costs with the deposited amount without inheritance procedures, reducing the burden on the bereaved family.

If the deposit amount is 3.5 million KRW or more, the spouse and direct lineal ascendants and descendants can also use the funeral services at the same discounted price.

The subscription target is individual customers aged 19 or older, with a minimum deposit of 50,000 KRW and a maximum of 5 million KRW. An IBK Industrial Bank official said, “We launched this product in response to customer needs preparing for ‘well-dying’ due to the increase in the elderly population and single-person households.”

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