KAMCO Supports Free Enrollment in '10,000 Won Happiness Insurance' with Post Office

At the 'Kamco-Postal Service Headquarters-Seoul Regional Self-Sufficiency Center Association Ten Thousand Won Happiness Insurance Business Partnership Agreement Ceremony' held on the 30th in the conference room of the Seoul Regional Post Office, officials are taking a commemorative photo. From the left, Shin Heung-sik, Vice President of Kamco; Shin Dae-seop, Head of the Seoul Regional Post Office, Postal Service Headquarters; Ahn Soo-kyung, President of the Seoul Regional Self-Sufficiency Center Association. Photo by Korea Asset Management Corporation

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation announced on the 1st that it has signed a business agreement with the Korea Post to support free enrollment in accident insurance for financially vulnerable groups.

The supported product is the Korea Post's accident insurance exclusively for low-income individuals called ‘Manwon-ui Haengbok Boheom’ (Ten Thousand Won Happiness Insurance). It provides coverage for accidental death benefits (20 million KRW), accidental hospitalization expenses (10,000 KRW per day), and accidental surgery expenses (up to 1 million KRW) within the insurance period (1 year or 3 years).

According to the agreement, KAMCO will donate 10 million KRW for insurance premiums. From this donation, 10,000 KRW or 30,000 KRW will be supported depending on the maturity period. The remaining insurance premiums will be borne by the Korea Post. The target beneficiaries are basic livelihood security recipients and lower-income groups, with up to 1,000 people eligible based on a 1-year maturity insurance. Enrollment will be on a first-come, first-served basis starting today through the KAMCO Customer Support Center or the Insurance Team at Seoul Central Post Office.

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