Kyobo Life Insurance's 'Youth Savings Insurance' Selected as an Excellent Case of Win-Win Finance by the Financial Supervisory Service

On the morning of the 17th, at the Financial Supervisory Service in Yeouido, Seoul, Pyeon Jeong-beom, CEO of Kyobo Life Insurance (right), and Lee Bok-hyun, Governor of the Financial Supervisory Service, are taking a commemorative photo at the award ceremony for excellent cases of win-win and cooperative new financial products.
[Photo by Kyobo Life Insurance]

Kyobo Life Insurance announced on the 17th that its 'Kyobo Youth Savings Insurance' has been selected as an excellent case of the 3rd Win-Win and Cooperative Financial New Product by the Financial Supervisory Service.

Since last year, the Financial Supervisory Service has been selecting financial products with characteristics of sharing pain or distributing benefits with socially vulnerable groups and financial consumers as excellent cases. Self-reliant youth refers to young people who have grown up under the care of child care facilities or foster families and enter society after their protection ends at age 18.

Kyobo Life Insurance has continuously operated growth-stage nurturing and support programs for thousands of self-reliant youth entering society every year. This Youth Savings Insurance is part of a project conducted for the same purpose.

The Kyobo Youth Savings Insurance is a 5-year payment, 10-year maturity savings insurance product available to self-reliant youth aged 19 to 29. It offers a fixed interest rate of 5% per year for five years, and thereafter, until maturity, it provides an additional 1% self-reliance support bonus annually on top of the announced interest rate. It also offers psychological counseling services, medical appointment assistance, and comprehensive health checkup services, which were highly evaluated for supporting the economic asset formation of self-reliant youth and providing various medical benefits.

Kyobo Life Insurance has been steadily working to support the independence of self-reliant youth through scholarship support, financial education, and career counseling. Last year, it received the '2023 Korea Sharing National Award Prime Minister’s Commendation' hosted by the Ministry of Health and Welfare. It was recognized for systematically supporting educational programs necessary for independence, such as personality, finance, and emotional education, from admission to discharge of children under protection in care facilities, and was awarded the Prime Minister’s Commendation.

Since 2015, Kyobo Life Insurance has sponsored Baby Boxes, and recognizing the need for a comprehensive support program for children under protection, it launched the 'Kkumdokkaebi' project in April 2021. Kkumdokkaebi is a support project for self-reliant youth that provides comprehensive and multifaceted support, including economic support such as scholarships at each growth stage of children under protection, education in employment, economic finance, personality, and formation of human networks.

For elementary school students, it supports basic financial knowledge, language education, emotional counseling, and personality education using play programs. For middle and high school students, it conducts psychological and emotional mentoring through continuous meetings to build rapport and provide counseling on concerns and career paths, as well as education necessary for economic activities such as credit systems and government support utilization.

For youth aged 17 and older who are close to independence, if they complete the financial education course, they receive 1 million KRW per person as independence activity funds, allowing them to experience actual financial life including opening bank accounts, savings, funds, insurance, and stocks. A mentor who is a former self-reliant youth provides one-on-one customized financial education, carefully consulting on economic concepts and consumption habits, which is also a differentiating factor.

Customized career support projects for self-reliant youth also stand out. Through the 'Kyobo Dream Makers' program, elementary and middle school students receive information and communication technology (ICT) experiential education, while high school students and self-reliant youth are supported with ICT professional certification courses such as drones, webtoons, 3D printing, and coding.

In addition, Kyobo Life Insurance conducts various domestic and international social contribution activities, including the 'Kyobo Life Cup Dream Tree Sports Competition,' a nationwide youth comprehensive sports competition celebrating its 40th anniversary this year; 'Love’s Link,' which has supported underprivileged children to study in better environments since 2003; education infrastructure improvement projects in Southeast Asia and the Global Hope Tree economic independence support project started in 2011 and 2013 respectively; and the 'Wow Dasomi Sound Light Support Project,' which has provided surgery and speech rehabilitation treatment for hearing-impaired children facing economic difficulties since 2019.

A Kyobo Life Insurance official stated, "We continue to accompany self-reliant youth on their long journey to realize their dreams with sincerity, not just one-time or financial support," adding, "We will continue to fulfill our social role and responsibility as a corporate citizen through systematic support that can provide practical help to the underprivileged in our society."