Kakao Pay Insurance announced on September 25 that it has revised its overseas travel insurance products and introduced an "Index-Type Flight Delay and Cancellation Rider" to meet the expected surge in demand for travel insurance during the Chuseok holiday period, which lasts up to 10 days.
The revised overseas travel insurance rider covers the following: ▲ flight delays or cancellations for flights departing from South Korea (starting from a 2-hour delay), and ▲ compensation for flight delays in cases of baggage delay, return, or layover.
Subscribers to the rider will receive an initial compensation of 40,000 won if an international flight departing from a domestic airport is delayed by 2 hours or more. An additional 20,000 won is paid for every subsequent 2-hour delay, up to a maximum of 100,000 won. In the event of a flight cancellation, a flat compensation of 100,000 won is provided.
Filing an insurance claim is also simple. After purchasing the insurance and registering the flight, if a delay is confirmed based on flight operation information from Korea Airports Corporation and Incheon International Airport Corporation, a notification is sent via KakaoTalk. Users can complete their claim with just a few clicks, and the insurance payout is made immediately without a separate review process. The coverage now extends to situations that were previously difficult to compensate for, such as waiting on the runway after boarding, so more users are expected to benefit.
If a flight arriving in Korea from an overseas airport, or a flight departing from or transiting through an overseas airport, is delayed or canceled for 4 hours or more, actual expenses for food and beverages, accommodation, and transportation will be reimbursed up to 500,000 won.
If baggage arrives more than 6 hours late or is lost, the same compensation limit applies, providing broad coverage for inconveniences that may occur during travel.
Services are also provided to reduce inconvenience caused by airport congestion. If you are concerned about congestion when departing from Korea, you can use the "Check Departure Hall Congestion" feature in the notification sent after purchasing insurance, or search for "Prepare for Overseas Travel" in the Kakao Pay application to receive guidance on less crowded departure halls.
A Kakao Pay Insurance representative stated, "By providing compensation services based on real-time data, we have eliminated the hassle of paperwork and procedures and minimized the potential for disputes related to cost recognition. With these revisions, more users will be able to conveniently enjoy these benefits."
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