Shinhan Life Releases ‘Shinhan Beautiful Pension,’ Shared Growth Product for Youth

Shinhan Life relesed “Shinhan Beautiful Pension Insurance,” a shared growth financial product for the stable future of youth.

Shinhan Life said on Nov. 21 the life insurance company launched “Shinhan Beautiful Pension Insurance,” a shared growth financial product for the stable future of youth.

The pension insurance with no dividend is a product planned for making youth struggling with emotional and economic hardships, such as high interest rates and high inflation, brace for post-retirement life.

The pension plan targets younger generations aged between 19 and 39.

Subscribers of the pension are entitled to receive an additional payout, equivalent to a maximum 30 percent of basic accumulated money at the time of the start of the pension payout.

In particular, the pension plan has been designed to help freshmen employees and youths expecting marriage and childbirth to amass assets in a mid- and long-term perspective.

Subscribers are also entitled to receive a maximum 30 percent via a bonus pension payout - 5 percent for vowing to join a drive to make a “beautiful society,” 5 percent in case of marriage, and 5 percent per each child birth.

If subscribers choose to step up their pension, they will be entitled to receive more pension payouts, compared to the basic version, by receiving a “pension launch bonus on their accumulated money at the time of the start of the payout.

A minimum premium of the pension insurance has been set at 50,000 won, so young customers can take out the policy without an extra burden.

The payout can start from the age of 45. The product is sold as digital insurance for of the MZ generation, who is familiar with online marketing channels.

Applications may be accepted at the platform of Kakao Pay from today.

A Shinhan Life official said, “We expect the pension policy to bring to youth more high shared growth bonus rates than general pension products, and Shinhan Life will do its utmost to establish itself as an insurance company committed of putting into practice sharing values to our society.”

Chairman Sohn Byung-doo of Korea Exchange and Kim Soon-ki, head of the Strategy Planning Group at Shinhan Life pose after the latter received the “best governance company” prize in the financial institution category at KCGS Best Company Awards ceremony at Korea Exchange Conference Hall in Yeouido, Seoul, on Nov. 24. (Photos: Shinhan Life)

Shinhan Life Designated as ‘Best Governance Company’

Shinhan Life won the “best governance company” in the financial institution category at KCGS Best Company Awards ceremony at Korea Exchange Conference Hall in Yeouido, Seoul, on Nov. 24.

Korea Institute of Corporate Governance and Sustainability (KCGS), pursuing global standards, is the nation’s representative institution, making annual reliable ESG evaluations.

KCGS annually designates and awards companies, which have shown improvement in the environment, social responsibility and corporate governance perspective.

Shinhan Life has been designated as the best governance company for the second straight year in recognition of implementing sustainable management based on a stable governing structure.

In particular, the life insurance company has been credited with practicing ESG management by expanding ESG strategy task areas to not only eco-friendly sectors to social areas.

A Shinhan Life official said, “It is a very important task for Shinhan Life to establish a sustainable management regime with a competitive edge as an insurance company prioritizing trust with customers as the most significant values, and we will make efforts to grow as a reliable company to customers based on a stable governing structure foundation in the future.”

Meanwhile, Shinhan Life became the industry’s first company to get an “A+” grade in KCGS’s latest governing structure evaluation covering the board of directors, ESG management, CEO, a pay system, risk management, auditing and in-house controls, and communications with stakeholders.