Mirae Asset Capital announced on the 2nd that it will provide the 'Mirae Asset Capital Loan Safety Plan' to guarantee the housing stability of tenants in rental housing. This group credit insurance service will be offered to customers of Mirae Asset Capital's rental deposit secured loans.
Mirae Asset Capital CEO Lee Man-hee (left) and BNP Paribas Cardif Life CEO Oh Joon-seok (right) are taking a commemorative photo after signing a business agreement to support credit insurance for tenants of rental housing. [Photo by Mirae Asset Capital]
Provided through BNP Paribas Cardif Life Insurance's '(Non) The Safe Group Credit Insurance IV (Renewable)', the Mirae Asset Capital Loan Safety Plan is the industry's first group credit insurance targeting tenants of rental housing. During the service period, in the event of death or disability of 80% or more due to an unexpected accident, the insurance pays up to 50 million KRW to repay the remaining loan balance. Customers who have executed rental deposit secured loans provided by Mirae Asset Capital to public and private rental housing contract holders (including prospective tenants) and residents can enroll.
Since the insurance premium is fully covered by Mirae Asset Capital, customers can enjoy the benefits of the group insurance service with a simple consent to join. Even if there is a delinquency in the rental deposit loan interest due to an insurance event, it is possible to prepare for the risk of unpaid debt. Additionally, since no subrogation claims are made against the tenant or the surviving family members, the precious daily life of the family can be maintained without the inheritance of debt. There is also no burden of having to move during the rental housing period, contributing to the overall improvement of housing stability for vulnerable groups.
Lee Man-hee, CEO of Mirae Asset Capital, said, "By additionally providing the benefits of credit life insurance to the rental deposit secured loans we offer, we can support the entire process from loan execution to repayment for vulnerable groups." He added, "Amid increasing uncertainty in the asset market, we aim to proactively prepare measures that can be taken at the private level to prevent the household debt delinquency issue from spreading as a nationwide systemic risk at an early stage. Going forward, under our ESG (Environmental, Social, and Governance) management mission of 'clearly recognizing social responsibility and roles and pioneering a sustainable future as a leading innovative finance company,' we will strengthen collaboration between the two companies."
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