A model displays an ad for the life insurance firm’s new product, “Shin Nara Insurance” introduced on the occasion of the 70th anniversary of Korea’s Liberation from Japanese occupation, which will be provided to the new-born babies throughout the country this year.(Photos:Samsung Life Insurance)
Samsung Life Insurance Co. will provide free insurance services for babies born this year to mark the 70th anniversary of liberation from Japanese colonial rule on Aug. 15, 1945.
The insurance product named, “Samsung Aug. 15 New Nation Insurance,” will be put on the market on Aug. 15 by the life insurance company. Newborn babies will have all medical expenses covered for free, including charges for operations and other hospital expenses, along with some funds to commemorate their births.
Officials of the life insurance firm said the insurance product has been developed in the hopes that the newborn babies will grow up healthy to celebrate the 100th anniversary of National Liberation Day when they are 30 years old, taking charge of important roles in the nation’s progress.
The life insurance firm will take care of all the insurance premium payments, and if the insurers get damages from disasters they will get guarantees of up to 50 million won and medical operation expenses. The insurance will take care of 100,000 won per operation, with the maximum guarantee amount running to 3 million won. For hospitalization, the insurance will take care of 10,000 won per day in expenses and pay out 100,000 won each to everyone with the insurance policy on Sept. 15.
The insurance policy goes into force on Sept. 15.
The deadline for application is Sept. 14, with the insurance policies given to the newborns going into force the next day. No serious examination of the applicant will take place; all they need is a birth certificate.
The life insurance firm has been serious about the nation’s low birth rate, and is so concerned that four years ago it launched the “Village for Three Year Olds Project,” a project providing children raising services from the stages of pregnancy until they are three years old. The life insurance firm wants to boost the birth rate in Korea, which has been among the lowest in the world.
The project has the same ultimate purpose as it guarantees insurance for various illnesses. The company wants to start with people as soon as they are born.
Samsung Life has been devoted to protecting the lives and assets of the people with its insurance services since its founding in May of 1957. Samsung Life has focused on making contribution to society and ultimately the nation by promoting culture that treasure family values.
“Our efforts have been recognized by Korea’s most prestigious National Customer Satisfaction Index (NCSI) as we have been ranked as the top institution for 10 consecutive years,” the company said. “As of December 2013, our assets have reached 193 trillion won, making Samsung Life the leading financial institution.”
Samsung Life Insurance is the Korean insurance dragon. As South Korea's largest insurance company (with a commanding market share upwards of one-third) and a part of the Samsung chaebol, the company offers insurance (life, health, and accident), asset management, retirement products (annuities and pensions), and financial products, including mortgage loans. Samsung Life sells both individual and group life insurance through a vast branch network and more than 37,000 salespeople. Reaching beyond Korea, the company has operations in China, India, Japan, Thailand, the UK, and the U.S.
Non-life, or property/casualty insurance is offered by its sister company Samsung Fire & Marine.
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