The Credit Union Central Association has introduced a new savings plan with a three-year maturity. The plan offers a fixed annual interest rate of 4%, providing stability in funding even amid fluctuating interest rates.
On May 7, the association announced the launch of the 'Non-Dividend Credit Union 4U Savings Plan.' Members pay a one-time premium upon enrollment and receive a fixed annual interest rate of 4% if they maintain the plan until maturity. This savings plan is similar to savings insurance products offered by insurance companies.
A 55-year-old man who pays a one-time premium of 50 million won can expect to receive 54,718,000 won before taxes at maturity, with an estimated return rate of 109.4%.
The plan also includes a death benefit. If the contract holder passes away, the death benefit will be the sum of 3% of the one-time premium and the accumulated amount at the time of death. Additionally, participants can make partial withdrawals up to 50% of the surrender value up to 12 times a year.
Participants can convert their benefits into an annuity through the 'Non-Dividend Annuity Conversion Special Clause II.' Enrollment is open to individuals aged 15 to 80, with a minimum premium of 1 million won. However, early termination may result in a surrender value lower than the paid premium.
On the same day, Chairman Ko Young-cheol and CEO Son Sung-eun became the first customers to enroll at Hanuri Credit Union. Chairman Ko stated, “In a volatile financial market, this product aims to help customers secure their goal funds and plan for retirement. We will continue to introduce products that enhance the financial benefits for our members and customers.”
* This article has been translated by AI.
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