National Pension Plan Insurance Premium

The amount of insurance premium that must be paid by Category 1 Insured Persons and subscribers to Voluntary Pension Plan is a fixed amount, regardless of the salary. However, if the insurer wishes to receive a bigger amount of pension benefits in the future, the insurer may propose to pay, Additional Insurance Premium, which is the amount added to the fixed amount of insurance premium.

※Payment of Additional Insurance Premium does not apply to subscribers of the Voluntary Pension Plan whose age is 65 years old and above.

 

 

※Insurance Premium Advance Payment System – A discount is given if a lump-sum payment of insurance premium is made. For example, if for the period from April 2009 to February 2010, an advance payment is made until March 2010, this will entitle the insured to a discount corresponding to the month that was subject to advance payment.

 

 

In order to receive pension benefits in the future, one must pay the insurance premium for at least 25 years or more. However, in the event of getting employed, job transfer, marriage, and other turning points in one’s life, when payment is likely to be neglected, or if a period of non-payment of insurance premium exists, there is a possibility that the insurer will not get the pension benefits. To avail of the full amount of pension benefit, it is important that you settle the insurance premium for a period of 40 years, from the age of 20 until 60 years old. 
Moreover, please be reminded that should there exists a period of non-payment of insurance premium, the insurer may find it difficult to avail of the Disability Basic Pension or the Bereavement Pension.