Kyobo Life Insurance "Helping You Prepare Your Children's Tuition Fees in Advance"

Advance Payment of 135 Billion Won in Tuition Fees to Over 25,500 Education Insurance Customers

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance will advance the payment of education insurance tuition fees for the 2021 academic year.

Kyobo Life Insurance announced on the 10th that it will prepay 135 billion KRW in tuition fees to about 25,500 education insurance subscribers starting this month. The amount is approximately 5.29 million KRW per person.

The tuition prepayment system is designed to reduce customer burden ahead of the admission season when a large sum of money is needed by paying tuition fees, which would be received next year, in advance. The target contracts are those receiving tuition fees (interim insurance money, maturity insurance money) between March next year and February of the following year.

Education insurance is a product that allows receiving tuition fees in line with the timing of children's advancement to high school or university. Currently, the number of Kyobo Life Insurance education insurance subscribers has reached 100,000.

A Kyobo Life Insurance official said, “We decided to advance the payment of education insurance tuition fees for the 2021 academic year to alleviate the economic burden customers may experience due to the difference between the timing of education expenses such as admission fees and the receipt of tuition fees.” He added, “Customers who wish to receive tuition fees in advance can apply using the internet, mobile window, call center, or ARS without visiting Kyobo Life Insurance customer service directly.”

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