Old age insurance Old age
insurance is a mandatory social insurance contribution that allows the insured to have an old age payment when they reach a specific age. Payment is available in
pension and
lump-sum form.
Invalidity insurance Invalidity insurance is a mandatory social insurance (with premiums) "that allows insurance holders to have invalidity pension provided that the status of invalidity is determined and certain conditions, are met." If the insured person is determined by the ISS Health Committee to have lost working power (or a minimum 60% earning power in their profession due to work accident or occupational disease), they may be eligible for a pension or lump-sum payment dependent on other factors such as how long they have held insurance.
Survivors' insurance Survivors' insurance is a compulsory and contributory insurance "which provides a monthly pension to survivors including spouse, children and parents in case the insurance holders become deceased due to a reason other than work accident and occupational diseases. The rights provided under survivors’ insurance are survivors’ pension, death grant, marriage allowance for the girls who are receiving monthly pension and funeral allowance." A pension is dependent on other factors such as how long they have held insurance and if they received disability or old age insurance.
Marriage benefit Marriage benefit "shall be payable in advance, for once, at the amount of two years of pension or income they receive, upon marriage and request of the daughters, whose income or pensions should be terminated due to marriage."
Funeral benefit Funeral benefit "shall be payable to the right holders of the insurance holder who deceased when receiving permanent incapacity income due to work accident or occupational disease, invalidity, duty disability or old-age pension or when minimum 360 days of invalidity, old-age and survivors insurance premiums are notified" for themselves. ==See also==