Post Office Supports Free Cancer Insurance Enrollment for Low-Income Disabled Individuals

[Asia Economy Reporter Kim Bong-su] The Korea Post, under the Ministry of Science and ICT, announced on the 1st that it will provide free post office cancer insurance guaranteed for 20 years to low-income individuals with severe disabilities, in collaboration with the Post Office Public Interest Foundation.

About 600 beneficiaries were selected through recommendations and screening from five nationwide organizations related to welfare for the disabled and 168 facilities. They will be enrolled through post offices nationwide within this month. The total insurance premium supported by the post office amounts to 480 million KRW.

The Shoulder-to-Shoulder Insurance (cancer coverage type) that the beneficiaries enroll in pays a diagnosis benefit of 10 million KRW (3 million KRW for minor cancers) upon the first confirmed cancer diagnosis after the cancer coverage start date, and 30% of the paid premiums upon survival at maturity. The coverage period is 20 years, and the insurance premiums are fully supported by the Post Office Public Interest Foundation.

Since 2014, the post office has been conducting a cancer insurance support project for low-income disabled individuals, providing a total of 1.76 billion KRW to 2,291 people by 2020.

Park Jong-seok, head of the Korea Post, said, “We continue to provide support to eliminate insurance blind spots and to help form security assets for marginalized groups,” adding, “We will continue to strive to ensure that the post office plays a central role in spreading a culture of sharing within communities, delivering hope and inspiration.”