Title : Postage Stamp to Commemorate the Inauguration of the National Welfare insurance System
Stamp Serial#
930 
KPC#
C-634 
MICHEL#
957 
StanGib#
1151 
Scott#
925 
Date of Issue
01/01/1975 
Quantity
5,000,000 
Denomination
10 won 
Design
A key of good luck and a pigeon 
Designer
Kim, Sung Sil 
Image Area
33mmí┐23mm 
Perforation
13 
Sheet Composition
5í┐10 
Paper
White unwatermarked
Print
Government Printing &Mint Agency of the Repubic of Korea 
Description
The Ministry of Communications has established a National welfare insurance system to be put in effect beginning January, 1,1975.

The highlights of the system are:
First, the insured sum will be paid in instalments when the insurant or any one of his or her family members gets seriously injured or ill, thus providing money when it is most needed.

Second, unlike most other insurance systems in which the insured money is paid in one package upon the expiration of the term of insurance or in such cases as stipulated otherwise, this system provides that the insured amount will be paid in three installments whenever any family member of the insurant gets seriously injured or sick.

Third, when the insured sum is paid upon the expaiation of the term, the interest pertinent to the period will be added to the insured amount.

There are two kinds of this insurance system. One calls for a term of 10 years with a 10-year payment of the insurance dues, and the other provides for a 15-year term with a 15-year payment of the dues. Those who are aged between 10 and 65 years are all eligible to apply for this insurance.

The insured sum will be paid on a installment basis in the following cases:
1. The insurant's injury, serious sickness, marriage, 60th birthday Anniversary, or the birth of his or her child.

2. The injury of serious sickness of any one of the insurant's lineal ascendants or descendants.

3. The 60th birthday Anniversary of any one of the insurant's lineal ascendants or spouse.

4. The marriage of any one of the insurant's descendants.

The Ministry of Communication, in order to give a wide publicity to this convenient insurance system with is designed to help promote the welfare of the people, is issuing the commemorative Stamp upon the inauguration of the system.