Farmers and Fishermen's Disability and Survivors' Insurance Benefits Can Be Received Like a Pension... Revised Law Promulgated on the 30th

Ministry of Agriculture, Food and Rural Affairs: "Insurance Companies to Develop and Launch Disability and Survivor Pension Products"

[Sejong=Asia Economy Reporter Moon Chaeseok] Farmers and fishermen can now receive disability and survivor insurance benefits in the form of an annuity, in addition to a lump sum payment. A dedicated insurance benefit account will also be introduced to protect the rights to receive insurance benefits.

On the 29th, the Ministry of Agriculture, Food and Rural Affairs announced that the "Act on Safety Insurance and Safety Accident Prevention for Farmers and Fishermen" will be amended and promulgated on the 30th with these provisions.

The key amendment allows disability and survivor benefits to be received not only as a lump sum but also as an annuity. Previously, disability and survivor benefits ranging from a maximum of 90 million KRW (general type) to 120 million KRW (industrial accident type) could only be received as a lump sum.

Additionally, a dedicated insurance benefit account will be introduced to prevent seizure of the deposit claims in the dedicated account. This improvement addresses the issue where the seizure protection does not apply when insurance benefits are deposited into a general account. Upon the beneficiary's request, the insurance company will deposit the benefits into the dedicated account.

Kim Jeonghee, Director of Agricultural Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "We will develop and launch annuity-type products for disability and survivor benefits through close consultation with insurance companies," adding, "We will thoroughly prepare to implement the amended law without delay, including revising enforcement ordinances necessary for managing the dedicated accounts."

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