“Creating new financial services for the “Homo-Hundred”
The FSC will encourage development of new and various financial products for growing aging population to ensure financially stable life after retirement in the era of extended longevity.
A ‘pension portal’ will be established until the end of 2014 so that consumers could search all relevant information about pension plans at the portal.
Insurers will be allowed to sell insurance policy tailored to demands of elderly consumers that provides, for example, a package of care services instead of insurance payments.
The FSC will also foster private pension schemes such as personal pension plans or retirement pensions so that more people could be better prepared for their elderly life and those funds could be utilized for further development of the financial industry.
The FSC will discount service fees for long-time pension holders and make it easier to revive temporarily lapsed contracts in order to provide pension holders with an incentive to maintain their contract for a longer period of time.
Retirement pension holders such as Defined Contribution(DC) plans or Individual Retirement Plans(IRPs) will be guaranteed up to KRW 50 million per person, regardless of depositor protection that other financial products would provide.