"Use As Much As You Want"... Kyowon Life Introduces 'Direct Payment Usage' Service

Enhancing Flexibility of Funeral Plan Installment Payments

Kyowon Life announced on the 24th that it is launching a new service called 'Direct Payment Usage,' which allows customers to freely utilize their installment payments for funeral plan products.

Previously, customers could only use the conversion service based on the total amount of their paid installments for a subscribed product. As a result, using the conversion service would terminate the existing funeral plan account, and customers would need to re-enroll to use funeral services again. This created limitations and inconveniences in utilizing installment payments.

Kyowon Life introduces the 'Direct Payment Usage' service. Kyowon Life

In contrast, the 'Direct Payment Usage' service allows customers to convert any desired amount within their paid installments in small units, while maintaining their existing account. The amount used is deducted from the total paid installments, and the payment period is automatically extended according to the deducted amount.

For example, if a customer who has paid a total of 3 million won in monthly installments of 30,000 won uses 1.5 million won for a travel conversion service, that amount is deducted from the total paid installments. Subsequently, the payment period is extended by 50 months based on the existing monthly payment (30,000 won) for the deducted 1.5 million won.

This service will first be applied to education (Red Pen) and travel (Kyowon Tour Travel Easy) conversion services. In the future, it will be expanded to cover the entire range of lifecare services, including wedding, healthcare, beauty, and funeral services.

A Kyowon Life representative stated, "We have innovated our service to allow customers to utilize their installment payments more practically, in order to evolve into a total lifecare platform that accompanies every moment of life, beyond just funerals."