[Asia Economy Reporter Changhwan Lee] NH Nonghyup Life announced on the 4th that it has revised and launched the exclusive insurance for farmers, 'Farmer NH Safety Insurance (Non-accidental)'.
Farmer NH Safety Insurance (Non-accidental) is a policy insurance that compensates for injuries or related illnesses occurring during farm work. The revision was made to strengthen coverage so that farmers can be protected at the level of industrial accident insurance, thereby enhancing the practical benefits for farmers.
This revision introduced expanded coverage for injury and illness treatment benefits and leave benefits, family discounts, and pension payment methods for disability and survivor benefits.
The maximum compensation limit for injury and illness treatment benefits was increased from 10 million KRW to 50 million KRW, reducing the burden on treatment cost limits. Leave benefits for General Type 2 and Type 3 were raised to 60,000 KRW, expanding compensation for daily hospitalization allowances.
Benefits for farmer families were also added. The insurance subscription process was improved to allow family unit enrollment, and if two or more family members registered in the agricultural management entity subscribe to the product simultaneously, each will receive a 5% discount on the main contract premium.
A pension payment method for survivor (disability) benefits was also introduced. At the time of insurance claim, the insured can choose between a lump sum or pension payment method, and if pension is selected, the payment frequency and type can also be chosen.
Kim Intae, CEO of NH Nonghyup Life, said, “This revision paid special attention to expanding the coverage and options for Farmer Safety Insurance subscribers so that they can receive practical benefits,” and added, “NH Nonghyup Life will continue to make efforts to provide real help to farmers in their agricultural activities.”
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