Dongyang Life Insurance Allows Up to Six-Month Premium Deferment for Flood-Affected Customers

Financial Support Including Deferment of Insurance Premiums and Policy Loan Interest Payments

On the 24th, Dongyang Life Insurance announced that it will offer special financial support to alleviate the financial burden for customers affected by the recent record-breaking heavy rains. The support includes deferment of insurance premiums and policy loan interest payments, deferment of loan interest and maturities, and expedited insurance payouts.

Headquarters of Tongyang Life Insurance, Jongno-gu, Seoul. Tongyang Life Insurance

The support is available to Dongyang Life Insurance customers who maintain active insurance contracts or loans and have suffered damages due to the recent heavy rains.

Dongyang Life Insurance will allow policyholders experiencing temporary economic difficulties due to flood damage to defer insurance premium payments for up to six months. Premiums not paid during the deferment period can be paid in installments or as a lump sum after the deferment ends.

Policy loan customers will also be allowed to defer interest payments. Additionally, loan customers can defer both interest payments and loan maturities to ease financial burdens during the recovery process. Furthermore, when eligible customers submit insurance claims, a dedicated assessor will be assigned to help ensure insurance payouts are made quickly.

Customers can apply for financial support by submitting relevant documents, such as a damage verification certificate issued by a local government, through the dedicated webmail service, a nearby Dongyang Life Insurance branch, or a customer plaza. Applications will be accepted until the 23rd of next month.

A Dongyang Life Insurance representative stated, "We will continue to provide meaningful support to customers facing hardship due to disasters and calamities, share in the challenges of our customers and society, and fulfill our responsibilities as a financial institution."

This content was produced with the assistance of AI translation services.