Network Partner Profile
- Korea Life, established in 1946 as the first life insurance company in Korea, forms part of the Hanwha Group, one of the leading Korean chaebols (business conglomerates).
- Underwrites all types of life, endowment, term and annuity insurance for both individual and group clients.
- Ranked third in 2009 in terms of group life business, and ranked second in 2009 in terms of total pre-mium and market share.
- Total premium income in 2009 exceeded KRW 10.5 trillion (USD 9.3 billion).
- Total assets under management in 2009 amounted to KRW 59 trillion (USD 52 billion).
- Serves customers through 7 regional headquarters, 67 support groups and 707 branches.
- “AAA” rating in insurance financial strength ratings (NICE Investors Service, Korea ratings).
- Placed second in the National Customer Satisfaction Index (NCSI) survey.
- Member of the Swiss Life Network since 1987.
Special Advantages
- Local dividends are guaranteed and fixed on all products except group term insurance.
- Tariffs are set for all coverages; however, vol-ume and danger grade discounts are available on premiums for group term insurance and group medical care security insurance.
- Corporate and individual tax is not imposed on premiums and therefore group contract holders can save tax amounting to between 16.5% and 29.7% of paid premiums.
Coverages and Products
Types of Benefit - Coverage available and poolable:
- Group Life
- Disability Lump Sum (rider)
- Accidental Death & Dismemberment (rider)
- Medical (rider)
- Critical Illness (rider)
Types of Benefit - Coverage available:
- Old Age Lump Sum (rider)
- Endowment (rider)
- Retirement Pension
