Financial Services Commission Recovers 3.3 Trillion KRW in Hidden Insurance Money Last Year... Remaining Amount 12.6 Trillion KRW

Campaign for 'Finding My Hidden Insurance' Underway... Simplifying Claims for Hidden Insurance Benefits

[Asia Economy Reporter Kwangho Lee] Last year, the amount of unclaimed insurance money that consumers retrieved reached approximately 3 trillion won. The government plans to promote system improvements to make it easier and more convenient for consumers to claim their unclaimed insurance money.

According to the Financial Services Commission on the 16th, the unclaimed insurance money retrieved by consumers last year (December 2019 to November 2020) amounted to 3.3197 trillion won, an increase of 468.4 billion won compared to the previous year (2.8513 trillion won).

By sector, life insurance companies returned 3.1198 trillion won, and non-life insurance companies returned 199.9 billion won.

By type of insurance money, surrender insurance money was the largest at 2.2437 trillion won, followed by maturity insurance money at 819.2 billion won, dormant insurance money at 206.7 billion won, and death insurance money at 50.1 billion won.

In particular, since last year, 270 million won of retirement pensions unclaimed by workers from businesses that have reported closure or bankruptcy were also retrieved.

As of the end of April, the unclaimed insurance money that consumers have not yet retrieved amounts to 12.6653 trillion won. This includes 8.89 trillion won in surrender insurance money, 3.17 trillion won in maturity insurance money, and 610 billion won in dormant insurance money.

The government plans to continuously promote campaigns and simplify claims to make it easier and more convenient for consumers to claim their unclaimed insurance money.

First, using the Ministry of the Interior and Safety’s resident registration network information, postal notifications related to unclaimed insurance money will be sent out this month.

Postal notifications will be sent to holders who had unclaimed insurance money last year but have not yet claimed it, and to the latest addresses of insurance beneficiaries who have not claimed death insurance money due to the insured's death.

Additionally, the system will be significantly improved so that insurance beneficiaries can check insurance money and enter payment account information on the 'NaeBoheom Chajum (Zoom)' platform to claim all unclaimed insurance money at once.

A Financial Services Commission official said, "We are currently working on improving the NaeBoheom Chajum electronic system," adding, "We will strive to complete it by the third quarter of this year."

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