NH NongHyup Life launches campaign to return W28b in unclaimed insurance payouts

NH NongHyup Life Insurance is launching a campaign to actively return insurance payouts that customers have yet to claim.

The insurer announced Sunday it will run a "Customer Asset Recovery Campaign" to protect policyholders' rights. The campaign is designed to notify and refund customers who hold dormant insurance benefits, unclaimed pension payments, and maturity or installment payouts they have not yet received.

To reach the rightful owners of dormant insurance funds, NongHyup Life is conducting outreach through multiple channels: mailing written notices, making phone calls, and displaying system alert pop-ups when customers conduct transactions.

Beyond dormant insurance benefits, the campaign covers unclaimed pension payments, maturity payouts and installment benefits. Customers will also be notified about those funds as part of the company's broader effort to protect customer assets. Small dormant amounts will be deposited directly into customers' registered accounts through an automatic payment process, with no separate application required.

Dormant insurance benefits refer to refunds or payouts that remain uncollected even after the statute of limitations has passed following a policy's expiry or lapse. Unclaimed pension payments are amounts left unreceived after pension disbursements begin, while unclaimed maturity benefits are payouts customers have not requested after a policy matures. Unclaimed installment benefits are amounts that meet the payout conditions under the policy terms but have not been claimed by the customer.

NongHyup Life ran the same campaign last year, disbursing a total of 28.3 billion won ($18.4 million) in dormant insurance benefits, including contributions to the Korea Inclusive Finance Agency.

Customers can check whether they have unclaimed benefits through the NH NongHyup Life website, its customer service hotline, or a visit to a nearby branch. Integrated inquiries and claims are also available through "Nae Boheom Chajajum," a service jointly operated by the Financial Services Commission and the Korea Life Insurance Association, as well as through the Korea Inclusive Finance Agency's "Dormant Deposit Finder" portal.

"We will further strengthen our notification channels and payment convenience to protect the valuable rights of our policyholders," a NongHyup Life official said.