Shinhyup Launches Mutual Aid Product Providing Accident Coverage for 5,000 KRW per Month

[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea announced on the 16th that it will launch the ‘Eobuba Shinhyup (ON) Accident Insurance,’ which provides coverage for injury accidents with a monthly premium of 5,000 KRW.

According to Shinhyup, this product includes ▲ accidental death (10 million KRW) ▲ consolation money for victims of violent crimes (1 million KRW per incident) ▲ injury surgery (300,000 KRW per incident) ▲ injury hospitalization (10,000 KRW per day) ▲ burn diagnosis (200,000 KRW per incident) ▲ emergency room treatment for injury (10,000 KRW per visit).

The eligibility criteria are adults aged 19 to under 70, and the premium is 5,000 KRW per month regardless of gender or age. The coverage period can be selected from 1 year, 3 years, or 5 years, and a fixed interest rate of 2.4% per annum is applied to the refund amount.

Eobuba Credit Union (ON) Accident Insurance Coverage Details
[Photo by National Credit Union Federation of Korea]

This product is a dividend-paying product, offering dividend payments and income tax deduction benefits. Dividends from the contract holder’s share of the annual profits of Shinhyup Insurance are paid once a year, and income tax deductions (under the protection insurance category) can be claimed on the annual payment amount during year-end tax settlement. As a mobile-exclusive product, enrollment can be done through the Shinhyup mobile application ‘ON Bank.’

Song Jae-geun, head of Shinhyup Insurance Business, said, “In the financial industry, practical insurance products that reduce economic burden by covering only essential protection items rather than broad coverage are popular,” adding, “Shinhyup Insurance offers much more reasonable premium amounts based on the same coverage scope by minimizing business expenses such as sales network management.”

Meanwhile, Shinhyup will give a coffee gifticon to all customers who subscribe to the accident insurance and enter the event by the end of this month.

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