Detail

`The Ministry of Communications inaugurates, on July 1, 1983, life insurance business named Communications insurance. This is a new type of insurance, run by state, which is designed solely for the welfare of the insured, with no consideration for profit. The insurance amount is limited to 10 million won for the benefit of low-income people. The contract procedure is simple so that expenses are small. The premiums are low so that as many people as possible can be benefited by the system. But the disbursements made to the policy holders are high. Communications insurance consists of five kinds of insurance : term insurance and special guarantee insurance, both designed for cases of accident education insurance, designed to help parents to finance their children`s educationwelfare insurance and endowment insurance, designed to help provide for one`s old age. The Ministry of Communications issues this postage stamp in commemoration of the inauguration of the Communications insurance, which is expected to play an important role in promoting social welfare in our coutry.`