NH Nonghyup Life Insurance, 'Nong(Im)upin NH Safety Insurance' Records Highest Sales Ever
[Asia Economy Reporter Changhwan Lee] NH Nonghyup Life Insurance announced on the 27th that the number of subscribers to the exclusive insurance for farmers, 'Nong(Im)upin NH Safety Insurance (Non-life)', reached an all-time high in 2021.
As of 2021, about 900,000 people, accounting for 67.1% of the nationwide agricultural economically active population, subscribed to this product, surpassing the approximately 875,000 subscribers in 2020.
Nong(Im)upin NH Safety Insurance (Non-life) is a policy insurance that compensates for injuries or related illnesses occurring during farm work. The company explained that it is a product that can protect farmers in the farming environment where dangers lurk everywhere.
NH Nonghyup Life Insurance stated that it has steadily expanded the coverage of this product. In 2018, it launched an 'industrial accident type' product to strengthen coverage to the level of industrial accident insurance.
In 2021, it newly introduced the 'Industrial Accident Worker Exclusive Nong(Im)upin NH Safety Insurance' for part-time farmers. Part-time farmers who were previously unable to subscribe to agricultural safety insurance due to legal restrictions but were enrolled in industrial accident insurance can now subscribe to agricultural safety insurance through this product.
In January of this year, the coverage period of the 'Death Benefit Extension Rider' was expanded. This rider provides survivor benefits if the insured dies within 60 days after the end of the insurance period due to an accident that occurred during the insurance period. The coverage period was strengthened by extending it from the previous 30 days to 60 days.
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Kim Intae, CEO of NH Nonghyup Life Insurance, said, “Farmers live in a special situation called farm work and always live with the risk of accidents nearby,” adding, “Through agricultural safety insurance, as a cooperative insurance company, we will do our best to support farmers so that they can engage in safe farm work along with economic compensation for accidents.”
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