[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 23rd that it has launched the 'Shinhan S Life Care Funeral Trust,' which offers thoughtful consideration for families and a comfortable conclusion to life.
The Shinhan S Life Care Funeral Trust is a trust product where customers designate a funeral service company as the posthumous beneficiary, entrust money to the bank, and allow their bereaved families to use funeral services upon the customer's death.
Since the funeral service costs are paid with the money deposited by the subscriber, it reduces the burden on the bereaved family. Additionally, because the funds for funeral services are entrusted to the bank, the subscriber's payments are safely protected regardless of the funeral company's suspension, closure, or contract non-fulfillment risks, which is the biggest advantage.
Moreover, subscribers can use Shinhan Bank-exclusive funeral services from reputable funeral companies such as Gyowon Life and SJ Forest Cooperative Funeral Service at discounted prices, and spouses as well as direct ascendants and descendants of the subscriber can also receive discount benefits for funerals.
The Shinhan S Life Care Funeral Trust is available to individual customers aged 19 or older, with a minimum subscription amount of 4 million KRW and a maximum of 5 million KRW. Subscribers can freely cancel at any time before their death. If the funeral service is not used after the subscriber's death, the remaining assets will be returned according to inheritance procedures, and even after using the funeral service, any remaining assets will be returned following inheritance procedures.
A Shinhan Bank official said, "We have launched a new trust product that can solve the concerns of customers who want to subscribe to funeral services," adding, "We will continue to expand various trust products that improve customers' lives."
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