[Asia Economy Reporter Kwangho Lee] The subscription threshold for the ‘Eobuba Hyo (Filial Piety) Deposit,’ which remotely checks on the well-being of parents, has been significantly lowered.
On the 28th, the National Credit Union Federation of Korea announced that to provide benefits to more members, the eligibility criteria have been expanded to include single household heads aged 70 or older, basic pension recipients, and the children of basic pension recipients. Additionally, basic pension recipients must have their basic pension receiving account with the credit union, and if children subscribe, their annual income must be 100 million KRW or less to be eligible.
The Eobuba Hyo Deposit is a differentiated financial service by the credit union for senior members, offering social contribution-specialized care services such as telephone check-in services for elderly parents, healthcare services, and full coverage of premiums for accidental death insurance.
Upon subscription, it provides accidental death insurance benefits for the subscriber or the subscriber’s parents (full premium support and accidental death insurance payout of 10 million KRW). Through healthcare services, benefits include guidance on medical specialties, appointment arrangements at large hospitals, dementia screening, nurse accompaniment to hospitals, and partnerships for caregiving services.
It also offers telephone and text message check-in services that verify parents’ well-being twice a month and notify the children of the results via text message.
Lee Sang-yoon, Head of the Digital Finance Division, said, "The Eobuba Hyo Deposit is a representative social contribution-specialized product of the credit union, and we have significantly relaxed the subscription conditions for elderly members this time. Since the credit union has a high proportion of elderly members, we hope that more members will benefit."
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