"Full Coverage of Insurance Premiums" Post Office's 'Public Interest Insurance' as a Pillar of Support for the People

The Korea Post Headquarters (hereinafter referred to as the Post Headquarters) is playing a solid supporting role in stabilizing the lives of the people through public interest insurance.

According to the Post Headquarters on the 5th, public interest insurance is divided into five types: ▲Korea Mom Insurance ▲Youth Dream Insurance ▲Eokkaedongmu Insurance ▲Ten Thousand Won Happiness Insurance ▲Narmi Safety Insurance. The Post Headquarters supports all or part of the premiums for these insurances to reduce the burden on subscribers.

Provided by the Korea Post Headquarters

Korea Mom Insurance is a type of public interest insurance launched in November last year with the aim of addressing the low birthrate issue. The entire premium is borne by the post office, and anyone can subscribe regardless of medical history or health condition. The main coverage includes rare diseases of the baby and pregnancy-related illnesses of the mother.

This insurance provides coverage for up to 10 years without a separate renewal process. Eligible subscribers are pregnant women within 22 weeks of pregnancy (aged 17 to 45) and their fetuses. If diagnosed with rare diseases such as Crohn's disease or Moyamoya disease after subscription, a diagnosis fee of 1 million KRW is paid. Rare diseases of the child are covered from the fetal stage up to 9 years old, and pregnancy-related conditions such as preeclampsia, gestational hypertension, and gestational diabetes are also included in the coverage.

Youth Dream Insurance, launched in 1995, is operated in the form of scholarship payments to support the growth and independence of vulnerable youth (children and adolescents living in child care facilities, group homes, foster care, and North Korean defectors).

Subscribers are recruited and selected free of charge every first half of the year, and they can receive an annual scholarship of 500,000 KRW for five years from the year of subscription. Hospitalization insurance (10,000 KRW per day, up to 120 days) is also provided if hospitalized for more than 4 days.

Launched in 2001, the ‘Eokkaedongmu Insurance’ is a cancer insurance product that helps eliminate blind spots in insurance coverage for low-income people with disabilities. Free subscription is supported only for severely disabled persons aged 19 to 35 who are recipients of the National Basic Livelihood Security or belong to the near-poverty class, recommended by disability-related welfare organizations every first half of the year.

Ten Thousand Won Happiness Insurance, launched in 2010, is a public interest accident insurance for low-income groups such as basic livelihood security recipients and near-poverty class who are in the blind spots of insurance benefits.

The post office bears most of the premium, so subscribers only pay 10,000 KRW per year. If hospitalized for more than 4 days due to an accident, hospitalization insurance of 10,000 KRW per day (up to 120 days) is paid. Surgery insurance ranging from 100,000 KRW to 1 million KRW is paid when surgery is required due to an accident. Eligible subscribers are basic livelihood security recipients and near-poverty class aged 15 to 65.

Narmi Safety Insurance is a public interest traffic accident product designed for platform transportation workers such as delivery, courier, and designated drivers, divided into general type (Type 1) and motorcycle-only type (Type 2). Subscribers aged 19 to 60 pay the premium once a year to receive coverage for traffic accident injuries for one year.

At this time, subscribers can receive 50% of the premium supported by the Post Office Public Interest Fund. Subscribers are covered with 30 million KRW for death due to traffic accidents, 5 million KRW for disability due to traffic accidents, and insurance benefits are also paid for surgery and hospitalization. The Post Headquarters launched this insurance in 2020.

The Post Headquarters has been launching public interest insurance since 1995 to reduce the premium burden for low-income disabled persons, basic livelihood security recipients, and near-poverty class. Post office insurance is operated by a government agency, making it reliable, and anyone who meets the eligibility criteria can subscribe.

Since its launch until June this year, more than 701,400 people have subscribed to public interest insurance and received coverage benefits for injuries, diseases, and more. The budget supported by the Post Headquarters for coverage amounts to 40.7 billion KRW.

In addition to public interest insurance, the Post Headquarters is also launching ‘small-amount insurance for ordinary people’ so that citizens can receive substantial coverage at affordable premiums.

Cho Hae-geun, head of the Post Headquarters, said, “Post office insurance has developed insurance products separately for low-income groups and people with disabilities to strengthen the role of the ‘social safety net’ and promote public interest. The Post Headquarters will continue to contribute to strengthening the health security of the people and strive to develop insurance products that reflect changes in economic conditions.”