MetLife Life Insurance Co., Ltd.'s launch of 'Wonhwa and Dollar Moa Pension Insurance'

MetLife Life announced on the 13th that it has released a "unallocated won and dollar-earned pension insurance" that allows it to receive pensions in dollars. The product is exclusively for bancassurance, which can be registered at KB Kookmin Bank from the same day.

Undividend-free won and dollar-earned pension insurance are products that can pay premiums in won and receive pensions in dollars up to life without foreign currency bank accounts or exchange procedures. Pension receipts are available 10 years after joining. You can choose the age at which pension payments begin until age 80.

Pension funds can be selected between dollars and won. It is based on a life-long pension that pays a pension until death. Before the start of the pension payment, the government can select and change up to two types of pension: life-life, inheritance and fixed-term pension.

One can sign up for a monthly payment of 150 U.S. dollars (more than five years), and one can sign up for membership from 0 to 70 years of age without diagnosis or examination. It applied the industry's lowest preferential exchange rate of 2 won per dollar to minimize the burden on customers' exchange fees when paying in won.

Additional payments can be made with a 200% total amount of payment and 12 intermediate withdrawals per year (exemptation of mid-term withdrawal fees four times a year). An additional long-term maintenance bonus (1.5% of the total paid insurance premium) will be set aside for ten years from the date of the insurance contract.

This product may receive tax exemptions if it meets the requirements set out in the relevant tax law. As of April, the disclosure rate is 2.35 percent in annual benefits, 1.5 percent in five years, 1.25 percent in 10 years and 0.8 percent in more than 10 years.

MetLife Life Insurance introduced "Unallocated Universal Dollar Bell Insurance" launched in January 2018, followed by "Unallocated Won and Dollar Gathering Savings Insurance" and "Unallocated Dollar Management Certification Insurance" last year. MetLife Life's total cumulative sales of dollar insurance reached 116,000 cases as of the end of March, with cumulative initial premiums amounting to 33 billion won.