MetLife Sells Dollar Insurance on IBK Mobile Banking

by Oh Hyungil

Published 15 Feb.2021 10:17(KST)

MetLife Life Insurance announced on the 15th that it will sell the dollar savings insurance product "ePay in KRW, Save in Dollar Savings Insurance" in collaboration with IBK Industrial Bank through the bank's mobile banking app "i-One Bank."

[Asia Economy Reporter Oh Hyung-gil] MetLife Life Insurance announced on the 15th that it will sell the dollar savings insurance product 'e-Wonhwa Naego Dollar Moa Savings Insurance' in collaboration with IBK Industrial Bank of Korea through the bank's mobile banking app 'i-One Bank.'

The insurance premium can be paid in Korean won without the need for a foreign currency account or cumbersome currency exchange procedures. A preferential exchange rate is applied when converting won to dollars to minimize fees.

The monthly premium starts from a minimum of 100 dollars (for payment periods of 5 years or more), allowing customers to subscribe without a large lump sum burden. The payment period options have been expanded from 2 years to 5 years and 10 years.

This is a monthly payment savings product available for those aged 15 to 70. In the event of the insured's death during the insurance period, the accumulated funds at the time of death along with the death benefit according to the payment period (200% of the basic premium for 2 to 5 years payment, 350% for 10 years payment) will be paid.

The insurance reserves are managed through a portfolio consisting of U.S. long-term government bonds and corporate bonds, offering a higher declared interest rate compared to won-denominated products. As of February 2021, the declared interest rate is 2.47% per annum compounded annually. The minimum guaranteed interest rate is 1.0% per annum within 5 years of subscription and 0.7% per annum after 5 years. After completing payments, it can also be converted into a whole life insurance policy.

Additional payments are possible within the limit, and early withdrawal functions can be utilized when needed. For customers concerned about monthly premium fluctuations due to exchange rates when paying in won, a 'Won Fixed Payment Option' is provided, allowing premiums to be paid monthly in a fixed amount of won.

Song Young-rok, CEO of MetLife Life Insurance, said, "MetLife Life Insurance is leading the domestic foreign currency insurance market thanks to the global asset management capabilities of our headquarters. Through the sale of mobile dollar savings insurance with IBK Industrial Bank of Korea, we hope that anyone can easily and conveniently diversify their household assets' currencies and prepare retirement funds more stably."