Guidance on finding‘dormant insurance (sleeping Insurance)’
The Pakistan EPS Center (Director: Kim Ki-wook) provides long-term ‘departure guarantee insurance’ and ‘return cost insurance’ among workers who have returned to Korea after the period of stay (up to 4 years and 10 months) has expired after employment in Korea through the Employment Permit System (E9). It guides you to apply for “dormant insurance*, which is inactive because you have not received “guaranteed severance insurance” and “cost return insurance”.
* Dormant insurance: 3 years from the date of occurrence of the reason for payment of insurance money, the extinctive prescription has been completed, but the policy holder has not retrieved it, so the insurance money for departure maturity and return expenses is kept by the Corporation
However, many of the subjects who are not seeking dormant insurance money; and it’s difficult to guide them individually because the address or contact information of many of the subjects has changed or is unclear.
In order to solve this problem, the EPS Center with the cooperation of the sending country (OEC) posted the status of workers who are not collecting dormant insurance money on the homepage of the sending country (OEC).
Workers who have returned to Korea after working in Korea through the Employment Permit System can check on the homepage of the sending country whether they are eligible, and if they are eligible, apply to the Pakistan EPS Center by registered mail with the required documents according to the website guide.
In addition, workers who have recently returned to Korea without applying for ‘departure guarantee insurance’ and ‘return cost insurance’ can apply directly to the insurance company (Samsung Fire & Marine Insurance) by preparing the required documents according to the procedures provided when returning home. You can get help by making or submitting an application to the Pakistan PSE Centre.