Kyobo Life Insurance announced on Oct. 2 that it has launched Kyobo Hybrid Pension Insurance Plus, which offers a variety of benefits in addition to a guarantee of happy retirement lives.
Kyobo Hybrid Pension Insurance Plus is a non-participating and accumulation type of insurance product.
This product is an annuity insurance policy with a publicly disclosed interest rate that helps people prepare for stable retirements.
It is characterized by minimizing the risk of interest rate fluctuations and enhancing stability by introducing a minimum guarantee structure.
You can choose between Type 1 (with a guarantee fee) and Type 2 (without a guarantee fee) when signing up for this product.
If you purchase Type 1 and keep it for five years, you can save money with a compound interest rate of 3.7 percent, no matter how low interest rates fall during the period.
Kyobo Life Insurance launches Kyobo Hybrid Pension Insurance Plus Oct. 2.
After the minimum guarantee period (five years), you can save money with the publicly disclosed interest rate.
It is also worth noting that you can receive a higher annuity amount as a bonus.
If your monthly premium exceeds 300,000 won, you will receive an additional monthly premium accumulation benefit during the payment period.
In addition, you can receive a long-term retention bonus of 1.5 to 3.8 percent of your accumulation at the 5th and 10th anniversaries.
The annuity can be customized to meet your needs in a variety of ways. You can choose from two types of annuity payments - a lifetime annuity that pays you for life, a fixed annuity that pays you for a set period of time (up to 30 years), or an inheritance annuity that pays you for life and pays out a death benefit upon your death.
The flexibility to pay premiums according to your personal financial situation is also a standout feature.
After five years of enrollment, you can suspend premium payments up to three times.
Also, if you have paid 50 percent of the premiums and have been paying for more than five years, you can apply for a halt to paying premiums if you are unable to pay due to closure of your workplaces, retirements, or hospitalization for more than three months.
When you receive a pension after your retirement, you can also manage your retirement funds according to your retirement plan.
You can postpone the annuity start date for up to 10 years to receive the annuity according to your actual retirement date, and you can receive a lump sum of a certain percentage of the contractor’s accumulated value at the time of the starting point of your annuity start as a lump sum and utilize it for your purposes.
The product is designed for a wide range of generations from young children to the elderly who have not prepared for their retirements and can be purchased from age 0 up to age 85.
Premium payment periods can be selected from three, five, seven, ten, 15 and 20 years.
The monthly premium is at least 200,000 won (100,000 won for a period of ten years or longer).
Save Earth Festival
On Sept. 25, Kyobo Life announced the successful conclusion of the 2nd Save Earth Festival which the life insurer held with the Ministry of Environment at Gwanghwamun Square in Seoul on Sept. 23-24.
More than 30 public institutions, eco-friendly companies, and organizations participated in the event.
They included the Ministry of Environment, the Korea National Environmental Education Center, the Korea Environmental Conservation Institute, Bukhansan National Park, National Ecological Park, the National Academy of Environmental Sciences, the K-water Human Resources Development Institute, Eco Peace Asia and Play 31.
On Sept. 23, the organizers held various eco-friendly experience events and offered programs at learning centers throughout Gwanghwamun Square.
Citizens learned about the importance of environmental conservation, how to practice it, resources circulation, biodiversity, and more in five zones organized by environmental education themes.
“As a corporate citizen, Kyobo Life will take the lead in environmental awareness and eco-friendly practices,” said Cho Dae-kyu, president of Kyobo Life.
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