"Light on Price, Strong on Benefits" Ubon Improves Post Office Insurance Product Features

The economic burden on post office insurance subscribers is expected to decrease.

The Korea Post (hereinafter referred to as KPost) announced on the 2nd that it will remodel all post office insurance products (48 types) focusing on lowering premiums and increasing benefits.

Provided by Korea Post Headquarters

Post office insurance premiums will be adjusted starting from the 3rd, reflecting the recently revised experienced risk rates and the changed expected interest rates according to the interest rate environment.

Reflecting this, the health insurance product ‘(Non-Participating) Post Office Health Clinic Insurance (40-year-old male·10-year renewal·based on annual payment)’ will see its monthly premium reduced by 17.9%, from 36,900 KRW to 30,300 KRW.

Also, ‘(Non-Participating) Post Office More Simple Health Insurance’ will be reduced by up to 22%, ‘(Non-Participating) Post Office Health Clinic Insurance’ by up to 18%, and ‘(Non-Participating) Post Office Reliable Whole Life Insurance’ by up to 10%.

KPost will expand coverage benefits along with premium reductions. The ‘(Non-Participating) Post Office Care Expense Insurance’ will increase the daily care expense coverage from a maximum of 90,000 KRW to 150,000 KRW, and the use of caregivers for ‘dementia inpatients’ will be newly included in the coverage.

For ‘(Non-Participating) Post Office Cancer Care Insurance,’ the renewal period for 10 special contracts, including targeted anticancer drug approved treatments and da Vinci robotic surgery, will be extended from 5 years to 10 years. The renewal period for cerebrovascular disease and ischemic heart disease riders of ‘(Non-Participating) Post Office More Simple Health Insurance’ will also be extended from 5 years to 15 years, which KPost expects will reduce the customer burden from premium renewals.

The subscription age for ‘(Non-Participating) Post Office Simple Indemnity Medical Expense Insurance’ and ‘(Non-Participating) Post Office Senior Indemnity Medical Expense Insurance’ for the elderly will be uniformly increased from the previous 70 and 75 years to 90 years.

For more detailed information regarding post office insurance product subscription applications, please visit the nearest post office.

Cho Hae-geun, head of Korea Post, said, “KPost will strive to ensure that post office insurance is trusted and loved by the public through affordable premiums and high coverage benefits.”