Kyobo Life Insurance Donates 200 Million KRW for Heavy Rain Disaster Recovery

Financial Support Measures Including Premium Payment Deferral

Kyobo Life Insurance announced on July 24 that it will donate 200 million KRW in relief funds to the Hope Bridge Korea Disaster Relief Association to support the swift recovery of areas affected by heavy rainfall disasters.

This donation will be delivered to the Korea Disaster Relief Association and is intended to provide relief supplies for flood victims in special disaster areas such as Gapyeong, Sancheong, Seosan, Yesan, Damyang, and Hapcheon, as well as to support regional reconstruction projects.

In addition, Kyobo Life Insurance has decided to allow customers affected by the heavy rainfall to defer premium payments for six months. During this period, affected customers will continue to receive insurance benefits regardless of premium payments. The deferment period is six months from the month of application, and the deferred premiums can be paid in a lump sum or in installments within six months after the deferment period ends.

Shin Changjae, CEO and Chairman of the Board of Kyobo Life Insurance. Kyobo Life Insurance

For customers with policy loans, Kyobo Life Insurance will allow deferment of principal and interest payments for up to 12 months and will reduce monthly compound interest. For general loans, principal and interest payments can be deferred for six months.

Customers seeking financial support can visit a Kyobo Life Insurance Customer Plaza by the 29th of the following month to complete an application and submit a certificate verifying the damage. If visiting in person is difficult, customers may submit a photo or fax of the damage verification certificate to their designated financial planner (FP).

Kyobo Life Insurance will also simplify the insurance claim process to expedite payments. When claim documents and damage verification are submitted, on-site investigations will be omitted whenever possible, and if no investigation is needed, insurance benefits will be paid on the same day.

A Kyobo Life Insurance representative stated, "We hope this small gesture of kindness will reach neighbors suffering from the heavy rainfall," and added, "We will spare no effort to help those in affected areas quickly overcome adversity and regain hope in their lives."

In March of this year, Kyobo Life Insurance provided recovery funds to Sancheong in South Gyeongsang Province, which was affected by wildfires. Last year, the company also offered financial support to areas damaged by heavy snowfall and to Seocheon Specialized Market in South Chungcheong Province, which was affected by fire. Kyobo Life Insurance continues to provide recovery assistance and engage in various social contribution activities whenever disasters and calamities such as COVID-19, earthquakes, and wildfires occur.

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