Samsung Life Launches Industrial Accident Insurance "Prepared for Serious Accidents"

[Asia Economy Reporter Changhwan Lee] Samsung Life Insurance announced on the 20th that it will start selling the 'Industrial Accident Compensation Insurance (Non-dividend)' from the 21st, which comprehensively covers industrial accidents to prepare for the continuously occurring industrial accidents and the enforcement of the Serious Accident Punishment Act.

The Industrial Accident Compensation Insurance was developed to prepare for the increased corporate liability due to the Serious Accident Punishment Act implemented this year.

This product is a group insurance that guarantees death caused by industrial accidents of insured workers under the main insurance. If the insured amount is 20 million KRW, it pays up to 50,000 KRW per visit for emergency patients and up to 30,000 KRW for non-emergency patients when visiting the emergency room due to an accident.

After subscribing to the 'Industrial Accident Disability Special Contract,' if the insured becomes disabled due to an industrial accident, insurance benefits ranging from 100% to 10% of the insured amount are paid according to the disability grade from 1 to 14.

The company explained that considering the continuous increase in the rate of medical treatment due to industrial accidents since 2017, especially with the proportion of patients requiring treatment for more than 91 days exceeding 58%, they newly developed the 'Industrial Accident Medical Treatment Special Contract.'

If the special contract insured amount is 20 million KRW, it guarantees 20,000 KRW per day (up to 180 days) for medical treatment continuing for more than 4 days due to an industrial accident, excluding the first 3 days.

For the first time in the industry, additional coverage is provided for long-term medical treatment exceeding 91 days. This helps create a work environment where employees can work with peace of mind and also disperses the risk for employers.

This product guarantees a fixed insurance benefit without premium increases until maturity even if an industrial accident occurs, and refunds 50% of the premiums paid to the employer if the insured worker survives until the maturity date, reducing the burden on the business owner.

The eligible age for subscription to this product is from 15 to a maximum of 75 years old. The insurance period can be selected from 5, 7, 10, or 15 years, and companies employing five or more workers can subscribe.

A Samsung Life Insurance official said, “The Industrial Accident Compensation Insurance was developed to reduce the risk for business owners due to the continuously increasing industrial accidents and to preserve workers' income,” adding, “We plan to continue developing various products that help corporate operations in the future.”

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