Industrial Bank of Korea

Insurance

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for a better future.
Insurance
 
   
Summary

This refers to selling insurance products through bank tellers. It started in Europe in the 1980s and is now spreading rapidly throughout the world. Bancassurance is a combination of the words Banque (bank) and Assurance (insurance) in French.

Benefits of Bancassurance
1. The premium is low.
A premium consists of the economic resource that will be paid to the customers as the net premium and the business expenses of the insurance companies to collect and maintain insurance contracts. Because banks utilize their existing store network and sales organization, the business expenses are reduced accordingly, which allows for a low premium.
2. The range of selection is wide.
The bank selects sales products based on strict examination criteria among the products supplied by various insurance companies, and from the selected products, the product that meets the needs of the customers is chosen for sale.
3. You can receive a combination of financial services.
You can choose various financial products that suit your needs such as deposits, trusts, insurance, etc. that suits your situation from one counter, and you can always get a consultation at any bank branch near you.
Related Products
Annuity Savings Insurance

An essential item for golden years preparation necessary in an aging society

  • Target Customer: Economically active customers such as employees, sole proprietor, etc.
  • Purpose: Golden years preparation
  • Benefits:
    • Tax credit benefit (up to 4 million won from the annual payment, 16.5% maximum limit)
    • Dividend payment according to the management record (for dividend payment products)
Annuity Insurance

An essential item for golden years preparation necessary in an aging society

  • Target Customer: Customers who want to stably prepare for old age
  • Purpose: Golden years preparation
  • Benefits:
    • Interest income tax exemption (if requirements are met)
    • Compound interest payment
    • Premium discount for high monthly payments
Savings Insurance

Insurance to make preparations for financial instability resulting from customer's customized investment techniques and unexpected accidents

  • Target Customer: Customers wanting to prepare a large sum of money
  • Purpose: Long-term purpose fund provision
    • Individual: house purchase, rent, marriage fund, etc.
    • Corporation: Retirement of executives, purchase of factories and facilities, etc.
  • Benefits:
    • Compound interest payment
    • Interest income tax exemption (if requirements are met, limited to individuals)
    • Premium discount for high monthly payments
Health Insurance

Insurance that compensates for medical expenses and the resulting decrease in income due to illness/death

  • Target Customer: Customers who want to make preparations for illness/death
  • Purpose: Illness preparation and stable life maintenance
  • Benefits:
    • Reduction of the financial burden from illness
    • Guaranteed premium tax deduction benefit (annual limit of 1 million won)
Child Insurance

Guarantee insurance to prepare for children's wellbeing, sudden accidents and future education

  • Target Customer: Parents with young children
  • Purpose: Illness, accidental injury and education fund preparation
  • Benefits: Medical expense support for daily injuries and illness of children and youth, and large sum provision for future education
Golf Insurance

Comprehensive insurance that compensates for the various risks that may arise during a game or practice in a golf facility.

  • Target Customer: Corporate executives, customers with sufficient assets, etc.
  • Purpose: Preparation for the momentary funding demand from hole-in-one, club theft, etc.
  • Benefits: Reduced financial burden due to momentary demand for funds
Fire Insurance

Insurance that compensates for damages of building and household goods caused by accidents such as fire

  • Target Customer: Sole proprietors, landlords, etc.
  • Purpose: Unexpected fire accident preparation and fire damage compensation
  • Benefits: A concentrated guarantee for the risk of fire in one building
Registration Procedure for Sales Product
1. Select the desired product.
Currently, dozens of different products are on sale. You can select the right insurance after confirming the product features and guarantee content online or with a Banca Planner at an IBK branch near you.
2. Check the premiums and detailed design content of the selected product.
The selected product can be designed directly on the internet, or you can visit an IBK branch near you and a Banca Planner will be glad to guide you.
3. Fill out an application for the selected product.
Visit an IBK branch near you and fill out the application with the related entries for the selected product without leaving anything blank.
4. Pay the initial premium.
Pay the premium after checking the insurance contract content and notice.
5. Confirm the contents of the insurance policy.
Make sure that the contents of the insurance policy match with those on the application items. Also, check that the main content of the terms and conditions you are informed of at the time of sale is consistent