SEOUL, Nov. 3 (Korea Bizwire) — Long forgotten insurance premiums or unclaimed insurance benefits reached about 12.4 trillion won (US$10.4 billion) as of the end of August, prompting financial authorities to come up with an updated plan to give the money back to policy holders via simplified procedures.
The Financial Services Commission announced on Tuesday that it would help any policy holder to get back their ‘hidden insurance money’ by improving the so called ‘Zoom’ (help to find your unclaimed insurance benefits in Korean context) service.
In fact, the Zoom service was introduced in late 2017 and consumers got back such ‘hidden insurance money’ of about 3 trillion won every year. But the procedure was found to be so inconvenient and complicated that the service usage was very low.
Authorities said the payment process will be much faster after claiming such ‘hidden insurance money.’
In the case of small sums of less than 10 million won, no other verification procedure will be required and the amount will be automatically transferred to the account for the party within three business of the claim.
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