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Business Topic

Insurance Premium Calculation Method

  1. Calculating Formula
    Insurance premium per month = Monthly insured amount x Insurance Premium Rate  
    Insured person's self-paid premium  per month= Monthly insured amount x Insurance Premium Rate x Insured person's self-paid ratio
    Insurance premium paid by the governments per month = Monthly insured amount x Insurance premium rate – Insured person's self-paid premium
  2. During the period of October, 2008 to December, 2011, the premium for the National Pension Program was calculated on a monthly basis. In other words, the premium was collected on a full-month basis regardless of the number of insured days in the month. Similarly, the number of insured years was calculated on a full-month basis after the insured has paid the premium. 
  3. With effect from January 2012, the premium calculation basis has been changed to a daily basis. In other words, for those with an insured period of less than a month, the premium shall be calculated proportionately according to the actual number of days enrolled and on a 30 day/month basis. Similarly, the number of years insured will be calculated according to the actual number of days of premium paid, on a 30 day/month basis.
Last Update:2023-09-28