Insurance for Lankan workers in Korea

November 25, 2024

political Current Affairs

Insurance for Lankan workers in Korea ^Featured

February 02, 2019

Korea has introduced several insurance schemes for foreign workers under the Employment Permit System (EPS) where workers from other countries are introduced to Korea for employment.The insurance schemes are Departure Guarantee Insurance, Wage Payment Guarantee Insurance, Return Cost Insurance and Accident Insurance.Workers, who have not obtained an insurance benefit so far, can apply under the Unclaimed Insurance and Dormant Insurance.Once a migrant worker departs from Korea, they are eligible for the application of Unclaimed Insurance such as Return Cost Insurance (air ticket cost) and Departure Guarantee Insurance.

Workers, who have departed from Korea, can apply for Dormant Insurance after three years from his departure under Return Cost Insurance (air ticket cost) and Departure Guarantee Insurance. Those who have not applied under Unclaimed Insurance only can apply for Dormant Insurance.Workers, who have been employed for over a year at the same place of employment in Korea, will be eligible for the application of Departure Guarantee Insurance.
There are several required documents for insurance application. To apply insurance for a person who has already departed Korea, an Insurance Application form (received from Sri Lanka EPS Center), copy of the owner’s passport, copy of the owners’ bank account book (name of the bank/ name of the branch which opened the account/ account number/ name of the account), bank identification code (SWIFT or BIC code) should be produced. The name of the account should be the same as the passport.
For a representative (attorney – only immediate family member) to apply for insurance on behalf of a person in Sri Lanka who has departed Korea, requires to produce an Insurance Application form (received from Sri Lanka EPS Center), Power of Attorney in the worker’s handwriting stating his contact number, official family relation certificate and copy of the bank account book of the representative in Korea, copies of the National Identification Cards (NIC) of the representative and the worker and if it is related to Return Cost Insurance; copy of the passport page stating the departure confirmation seal.
For a representative to apply for insurance on behalf of a person living abroad who has departed Korea, the required documents are: an Insurance Application form, Power of Attorney stating his contact number, copy of the passport, copy of the Immigration Seal, copy of the bank account book of the representative, copy of the Identification Card (NIC) of the representative.To submit details of an overseas account: name of the bank/ name of the branch which opened an account/ account Number/ name of the account holder), Bank Identification Code (SWIFT or BIC code).
To apply insurance on behalf of a deceased person who has departed Korea, the family of the deceased requires to submit an Insurance Application form, Certificate of Confirmation of the Death, documents certifying family relationship (Notarization of the Korean Embassy in Sri Lanka is necessary), copy of the bank account book of the applicant (name of the bank/ name of the branch which opened the account/ account number/ name of the account holder), Bank Identification Code (SWIFT or BIC code), copy of the successor’s passport or ID, inherited power of attorney (if applicable).
Once the EPS Center of Korea in Sri Lanka receives applications, the EPS Center applies for relevant insurance on behalf of the applicants and the relevant insurance amount will be remitted to the bank accounts of applicants directly from Korea.Along with the documents, the person is requested to visit HRD Korea in Sri Lanka, 171/4, 2nd Floor, Main Street, Battaramulla. For details contact 0112886945.