Postal Savings

The objective of postal insurance service is to carry out a role of a public insurance enterprise that improves stability of people’s lives and public welfare to cope against sudden accidents and disasters by universalizing insurances through well-distributed e-Post Bank windows equipped with a variety of insurance services.
Since this is non-profit enterprise to improve welfare of people who lives in fishing and agricultural villages and other common people, creditability and public confidence is higher than other insurance enterprises with lower cost insurance premiums and simple application procedures.
Also, by considering our applicants being common people, the maximum amount is limited to forty million won, and we offer a variety of other services such as insurance payments, loans, dividends, and scholarship programs for unfortunate children.

Convenient insurance payments

• The grace period for our insurance payment is two month, which is one month longer than other insurance companies, and we offer convenient ways to make payments with well-distributed 2,800 postal offices.
  Also, the payments could be made to postal officers, through e-Post Bank windows, and by asking insurance managers for visit.
  We discount certain amount when customers use scheduled automated payment system through postal offices, banks, and National Agricultural Cooperative Federation .
  We put our effort to improve welfare of people as a public insurance enterprise.

Convenient loan programs

• To improve services in our insurances, we offer policy loans and subscriber’s loans by considering sudden household financial need and mortality rates, arising from long term contracts. In accordance with our insurance contracts, the refund loan is within limit of 80% of surrender value upon termination, and subscriber’s loan is within contracted insurance amount (twenty hundred won per one person) with insurance equities of Surety insurance enterprise as collaterals. The interest rate of our loan is lower than other financial institutions, and if customers want redemption, they can follow procedures for termination of loan: termination in postal offices or by automated transfer, in any period of loan contracts. Currently, our interest rate for the policy loan is 6.0% and for subscriber’s loan is 7.0%.

Guarantee of Quality

• Due to complexity of insurance products, there are often incidents where customers subscribe insurance programs different from their original intention.
  Our policy conditions enforces distribution of policy conditions, and our employees to explain in detail about important contents of policy conditions when customers are about to subscribe.
  If sales persons do not follow this protocol, subscribers can terminate their insurance within three month period upon signing, and we refund all principal payments with interest up to termination date.
  Also, in each year we officially announce our current business states and details of our insurance products for protection of subscriber’s rights.

Return of profit to our subscribers

• We have been paying dividends since 1995 to return profits from our businesses for the promotion of image as a public insurance enterprise, and to adapt to changing financial market such as; opening of financial market to international investors and flexible interest rates.
  The dividends are accumulated in each payment period and paid in lump sum at the end of contracts, for insurance contract period over two years.
  The dividend payout rate is determined by considering result of operation in each year and domestic/international financial environment.

Our contributions to public welfares

• We are operating scholarship programs for unfortunate children since 1995.
  To support school expenses for distinguished unfortunate children, we offer “Children’s Dream Insurance”, and we select a certain number of children with help of Regional offices to provide insurances with free of payments.
  Also, from 1999. we are accumulating public fund: 2 billion won, from 1% of profit generated from Traffic accident insurances for the neglected classes in our society.
  We are operating four Love Hoses of Post Office in Seoul, Pusan, Daegu, and Gwangju, which are shelters for the poor children who are suffering the cancers such as leukemia.
  The Love House program, based on the agreement with Supporters’ Association for Leukemia, is supporting the cost of facility acquisition, lease, equipments, maintenance, and development and management cost of the curing system.