The Ministry of Agriculture, Food and Rural Affairs announced on the 30th that it will reduce the premiums for the Farmers' Safety Insurance and the Comprehensive Agricultural Machinery Insurance.
Farmers' Safety Insurance (hereinafter Safety Insurance) is an insurance that compensates for injuries, illnesses, and disabilities caused by agricultural work. There are currently four products available, ranging from General Type 1 to an industrial accident-type product with coverage equivalent to industrial accident insurance.
From this month, Safety Insurance premiums will be reduced by 2.8% to a maximum of 5.2% depending on the product. General Type 1 premiums will decrease from 101,100 KRW to 98,300 KRW, a 2.8% reduction; General Type 2 by 3.8%; General Type 3 by 5.2%; and the Industrial Accident Type by 3.7%.
The Comprehensive Agricultural Machinery Insurance covers 12 types of machinery, including tillers and tractors, providing compensation for bodily injury, property damage liability, personal injury, and machinery damage. From next month, premiums for these 12 types will be reduced by an average of 2.5%.
The Ministry of Agriculture, Food and Rural Affairs will continue to improve products, including expanding coverage, to stabilize the lives of farmers.
In the case of Safety Insurance, due to the increased risk of fractures from the aging farming population, a 'Cast Treatment Special Contract' for fracture accident coverage will be added and operated from the second half of this year. To expand beneficiaries' options, a new 30-year pension-type option for survivors' and disability benefits will be introduced and operated from April this year.
For the Comprehensive Agricultural Machinery Insurance, from the second half of the year, a 'Short-term Agricultural Machinery Rental Cost Coverage Special Contract' will be added to help farmers continue agricultural work even when machinery is damaged.
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