Pension Payments Can Begin the Month After Enrollment
Samsung Life Insurance announced on November 19 that it has launched the "Samsung Immediate Pension Insurance" to help customers prepare for retirement assets in an era where youth is prolonged.
This is a product exclusively available for direct online subscription through Samsung Life Insurance.
It is designed with a simple structure that allows customers to make a one-time lump-sum payment and start receiving pension payments just one month later. It is suitable for those who prefer convenient and stable asset management.
Even if the policy is canceled after enrollment, the principal is guaranteed. After the pension begins, customers can receive a fixed level of interest as a monthly pension for life during the insurance period. In the event of death during the pension payout period, 10% of the basic insurance premium plus the accumulated amount in the contract at the time of death will be paid out.
The monthly pension amount is calculated by applying the declared interest rate and then deducting business expenses. Even if the declared interest rate decreases in the future, a minimum guaranteed interest rate will be applied (1% per annum within 10 years after enrollment, and 0.5% per annum after 10 years).
Taxation on the total pension received is deferred until the amount received exceeds the principal. Even if it is exceeded, if the requirements under the Income Tax Act are met, tax exemption benefits are provided. If the policy is maintained for more than 10 years and the payment amount is less than 100 million won, the interest income tax (15.4%) is exempted.
The eligible age for enrollment is from 20 to 60 years old. The payment amount can be freely chosen from a minimum of 2 million won up to a maximum of 1 billion won. Additional enrollment or mid-term cancellation is also possible if needed.
A Samsung Life Insurance representative said, "The biggest advantage is that you can receive your pension immediately with just a single payment, without complicated procedures or the burden of long-term payments," adding, "It will be a practical alternative for customers who wish to manage their retirement assets quickly and transparently in a digital environment."
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