Employee Group Accident Insurance Budget Calculator

Compare up to three actual Korean employee group accident insurance quotes across as many as five aggregated occupational and age groups. The dedicated bilingual calculator reuses one pure KRW function for starting headcount, planned hires and leavers, daily, monthly or no-proration settlement scenarios, annual per-person rates or a starting-roster total quote, separate fees, confirmed credits, company and employee funding, annual budget headroom, group allocation, minimum headcount, and accidental death, disability, diagnosis or surgery, and hospital daily coverage. It only recommends the lowest entered price when roster, scope and coverage amounts are aligned. The guide preserves Commercial Act Articles 638, 638-3, 731, 735-3, 737 and 739 in current MST 272919 effective July 23, 2026, plus Supreme Court cases 2007Da42877 and 2007Da42884 checked on July 31, 2026, without inventing premiums, risk multipliers, minimum group size, refund rates, underwriting or claim outcomes.

Use only premiums and settlement terms from actual written quotes.

Enter only aggregated employee groups. Do not enter names, employee IDs, medical history, or diagnoses. Premium fields start at zero and do not represent market averages.

Company budget and contribution split

The annual budget is compared with the company-funded amount. Enter zero to omit the budget test.

KRW

Annual amount the company can fund, not the full premium

%

The remainder is shown as employee-funded; tax treatment is not determined.

Possible overlap with personal policies

Employee groups

Create up to five aggregated groups by duties, age band, and risk class. These labels do not generate rates; they connect your roster to quoted premiums.

Group A

people
people
people

Capped at starting employees in the calculation

days
days

Actual quotes A, B, and C

Only quotes with entered premiums are included. For per-person pricing, enter every active group rate. For total pricing, enter the 12-month premium for the full starting roster.

Quote A

people

Enter the quoted condition; there is no statutory default here

KRW
KRW

Capped at gross quoted cost

Annual premium per active employee group

KRW/person

Coverage amount per insured employee

KRW
KRW
KRW
KRW

Quote B

people

Enter the quoted condition; there is no statutory default here

KRW
KRW

Capped at gross quoted cost

Annual premium per active employee group

KRW/person

Coverage amount per insured employee

KRW
KRW
KRW
KRW

Quote C

people

Enter the quoted condition; there is no statutory default here

KRW
KRW

Capped at gross quoted cost

Annual premium per active employee group

KRW/person

Coverage amount per insured employee

KRW
KRW
KRW
KRW

Illustrative values demonstrate the formulas; they are not market averages, official rates, or recommended premiums.

Comparison status

Additional checks are required

Enter premiums for at least two quotes to compare them.

Starting → year-end employees

50 → 50

Active quotes

0

Annual quote spread

KRW 0

Quotes within budget

Budget not set

Enter quote premiums or load the illustration to see results.

Personal-policy overlap review

No possible personal coverage was selected. Review actual policy schedules before flagging overlaps.

A possible overlap is neither a cancellation recommendation nor a double-payment decision.

2026 contract checks

  • Commercial Act Article 735-3 group rules, beneficiary, and consent structure
  • Material terms explanation and policy schedule under Article 638-3
  • Joiner/leaver notice dates, eligibility end, refunds, extra charges, and conversion options
  • Settlement dates, short-period rates, minimum premiums, and contribution consent

Rule year 2026 · official sources checked 2026-07-31. This tool compares budgets and quotes; it does not determine premiums, underwriting, claims, group rules, consent, tax, accounting, or legal compliance.

Related calculators

What this employee group accident insurance budget calculator does

Korea-based 2026 planning scope

This page models group accident insurance purchased for employees in Korea.
It uses Korean Commercial Act boundaries checked on July 31, 2026, and keeps every amount in KRW.
It is a budget and quote-normalization tool, not insurance, underwriting, claims, legal, tax, accounting, or employee-benefit advice.

A one-line annual premium rarely makes three employee insurance quotes comparable.
Office, field, and management groups can have different age distributions and occupational classifications, while insurers can apply different underwriting, exclusions, benefit definitions, settlement rules, and minimum headcounts.
This calculator connects up to five aggregated employee groups with up to three actual written quotes and shows annual net premium, monthly equivalent, company-funded cost, employee-funded cost, group allocation, and joiner or leaver effects.

No invented insurance rate

Korean statutes do not establish one national group accident premium, occupational multiplier, minimum group size, employer contribution, or joiner and leaver refund rate.
Enter an actual annual per-person rate or an actual 12-month total for the starting roster.

Aggregates, not health records

Do not enter names, employee numbers, resident registration numbers, diagnoses, medical history, or policy numbers.
Use only aggregated age bands, occupational groups, risk labels, and headcounts needed for a budget scenario.

Gather comparable source records first

Choose one roster date and reconcile every quote to that date before entering premiums.
If an insurer’s occupational or age classification does not match the HR system, ask the quote provider to map each employee group to the correct quoted rate.

Source records and checks for an employee group accident insurance budget
SourceCalculator inputReconciliation check
Aggregated HR rosterStarting employees, planned hires, and planned leavers by groupRemove personal identifiers and use one roster date
Written premium quoteAnnual per-person rates or 12-month starting-roster totalInclude separate fees, confirmed credits, and minimum headcount
Coverage scheduleAccidental death, disability, accident lump sum, and hospital daily amountCompare definitions, exclusions, reductions, and benefit limits
Policy and settlement sheetDaily, monthly, or no midterm prorationCheck whether joiner additions and leaver refunds use the same rule
Company budget recordAnnual company cap and company-funded percentageReview payroll deduction, consent, tax, and accounting separately

A total quote creates an allocation estimate

When only a starting-roster total is available, the calculator divides it by starting headcount to derive an implied average annual premium.
It uses that average for joiner and leaver scenarios and allocates cost by equivalent employee-years.
This is an internal planning allocation, not the insurer’s occupational or age-level rating schedule.

How employee-year proration works

Starting employees who are not expected to leave count as one full employee-year.
Planned hires and leavers use their entered average coverage days and each quote’s settlement method.
The result is a budget exposure measure and does not decide the actual date when insured status begins or ends.

Daily proration

Coverage days are divided by 365.
For example, 183 days equals about 0.50137 employee-years.

Monthly proration

Coverage days are divided by the average 365 ÷ 12 days per month, and a touched month is rounded up.
This does not reproduce an insurer’s actual cutoff date or short-period rate.

No midterm proration

Every starting employee and planned hire receives one full annual premium in the conservative cost scenario.
It does not mean that a former employee remains insured after leaving.

Core formulas

Equivalent employee-years = continuing employees + leavers × leaver factor + hires × hire factor
Scenario base premium = sum of group employee-years × actual annual group rate
Annual net premium = scenario base premium + separate fees − applied confirmed credit
Company-funded cost = annual net premium × company-funded share
Budget difference = annual company budget − company-funded cost

Some contracts add new hires daily but provide no refund for leavers, or apply a separate short-period table.
Run bounding scenarios when one option cannot express the mixed rule, then use the insurer’s actual endorsement and settlement sheet for the final budget.

Worked 75-employee illustration

The following numbers demonstrate the calculation and are not Korean market averages, official rates, or recommended premiums.
The company budget is KRW 9,500,000 and the company funds 80%.
The starting roster has 75 employees, with 7 planned hires and 4 planned leavers, producing a year-end headcount of 78.
All three quotes show KRW 100,000,000 accidental death, KRW 100,000,000 accidental disability, KRW 1,000,000 accident diagnosis or surgery lump sum, and KRW 30,000 hospital daily benefit.

Worked 75-employee group accident insurance quote comparison
MetricQuote AQuote BQuote C
Pricing and settlementGroup rates / dailyGroup rates / monthlyRoster total / daily
Equivalent employee-years76.682277.583376.6822
Scenario base premiumKRW 11,982,411KRW 12,150,417KRW 12,269,151
Annual net premiumKRW 11,782,411KRW 12,050,417KRW 12,069,151
Company-funded costKRW 9,425,929KRW 9,640,334KRW 9,655,321
KRW 9,500,000 company budgetWithin budgetKRW 140,334 overKRW 155,321 over

When roster, coverage, exclusions, and amounts are confirmed as equivalent, Quote A becomes the price recommendation and the annual high-low spread is KRW 286,740.
If Quote C increases accidental death coverage to KRW 150,000,000, the comparison changes to a coverage-mismatch status.
Quote A remains the lowest entered price but is no longer labeled a recommendation because the benefit designs are not equal.

A six-step procurement workflow

  1. Freeze one roster and date.
    Confirm that Quotes A, B, and C include the same aggregated employee population.
  2. Create no more than five meaningful groups.
    Match quote classifications without entering individual health or identity data.
  3. Translate workforce changes into coverage days.
    Use an HR hiring and attrition plan to estimate average joiner and leaver timing.
  4. Copy the written pricing structure.
    Use group rates when available, or enter the 12-month starting-roster total when that is all the provider supplied.
  5. Align benefits and settlement terms.
    Reconcile exclusions, reductions, waiting periods, occupational change, roster endorsements, and refunds in addition to face amounts.
  6. Separate price from affordability and service.
    Review net premium, funding split, group allocation, and budget headroom, then score non-price contract terms separately.

Read coverage amounts with the policy wording

Accidental death and beneficiary

The same face amount can create a different benefit flow depending on whether the beneficiary is the employee, heirs, or the company.
Review the group rules and the beneficiary or consent structure under Commercial Act Article 735-3.

Accidental disability

The screen compares the insured amount only.
An actual payment can depend on the disability schedule, percentage, same-body-part rules, pre-existing impairment, and policy wording.

Diagnosis or surgery lump sum

Fracture, burn, and named-procedure benefits may differ by diagnosis code, procedure definition, repeat-payment rule, and annual limit.
Reconcile the detailed schedule rather than one representative amount alone.

Hospital daily benefit

Direct treatment, minimum admission hours, payment start day, and maximum covered days can materially change value.
A higher daily amount is not automatically equivalent or better coverage.

Official Korean legal boundaries checked for 2026

Commercial Act Articles 638 and 638-3

Article 638 describes an insurance contract around an agreed premium and agreed payment when an uncertain event affecting property, life, or body occurs.
Article 638-3 requires delivery and explanation of important policy terms when the contract is entered.
Use the final application, policy wording, certificate, roster, and material-terms explanation ahead of this planning result.

Commercial Act Articles 731 and 735-3

Article 731 generally requires written consent for insurance on another person’s death.
Article 735-3 addresses group insurance entered under group rules and the additional rule when the policyholder designates someone other than the insured or heirs as beneficiary.
The calculator does not validate group rules, beneficiary designation, or whether separate consent is required.

Commercial Act Articles 737 and 739

Article 737 addresses the accident insurer’s responsibility for agreed payment when a bodily injury insurance event occurs.
Article 739 applies life-insurance provisions to accident insurance, except Article 732, so the group-insurance structure also requires review for group accident coverage.

Supreme Court 2007Da42877 and 2007Da42884

In its October 12, 2007 decision, the Korean Supreme Court explained that group insurance protection ends when an insured person loses group-member status through retirement or another qualifying departure.
Continuing to pay premium after the employee left did not by itself preserve that protection in the case.
Therefore, review roster-removal notice, eligibility end, refund or extra charge, individual conversion, and coverage-gap procedures under the actual contract.

Possible overlap with personal insurance

Employees may already hold accidental death, disability, fracture or surgery lump-sum, and hospital daily benefits in personal policies.
Overlap does not by itself prove that a benefit will be reduced, paid twice, or should be cancelled.
Fixed-benefit and indemnity coverage operate differently, and every payment still depends on policy wording.

  • Compare benefit name, insured amount, trigger, exclusions, and maximum duration
  • Identify the beneficiary and who ultimately receives each payment
  • Review when group eligibility ends after resignation, leave, or occupational change
  • Check any individual-conversion deadline before group protection ends
  • Consider future underwriting and coverage gaps before changing a personal policy

Why the tool never recommends cancellation

Group insurance depends on employment status and the company contract, so it can disappear after departure or non-renewal.
A replacement personal policy can require new underwriting and a different premium.
A simple overlap flag is not enough evidence for an employee to reduce or cancel long-term personal protection.

Practical planning scenarios

Launching a new benefit

Add expected hires and leavers to build a first-year funding envelope, then compare 100% and 80% company-funded scenarios.
If employees contribute, review consent, payroll deduction, labor, tax, and accounting treatment separately.

Renewal negotiation

Obtain refreshed quotes for one roster and benefit design, then isolate group rates, fees, and confirmed credits.
Use the comparison gates to find a missing group or benefit hidden behind a lower headline total.

Expanding field operations

Add projected field hires and average coverage days to test budget sensitivity.
Use the insurer’s occupational classification and underwriting result rather than an assumed risk multiplier.

High-turnover workforce

Run daily, monthly, and no-proration versions to bound the first-year settlement effect.
Close the budget with the insurer’s actual endorsement, refund, and notice schedule rather than the model alone.

Limitations and cautions

  • Illustrative premiums are not market averages, official rates, or recommended prices
  • The model does not estimate loss experience, occupational multipliers, age factors, or underwriting
  • Total-quote group allocation is an implied-average planning estimate
  • Daily and monthly factors do not reproduce short-period rates, minimum premiums, or settlement fees
  • No-proration is a cost scenario and does not extend insured status after leaving
  • Coverage amounts do not calculate claims, disability percentages, exclusions, or reductions
  • The tool does not validate group rules, consent, beneficiary, roster notice, or conversion procedure
  • Tax, accounting, payroll, wage, and employee-benefit classification are outside scope
  • A price recommendation is not an insurer, intermediary, product, or legal-compliance recommendation

Frequently asked questions

What is the statutory minimum group size in Korea?

The calculator does not apply one because Korean law does not set a universal minimum for these quotes. Enter the actual underwriting condition stated by the provider.

Is a 100% company contribution required?

No universal rate is built into the model. The funding split is a company-policy input, and employee consent, payroll, tax, and accounting consequences require separate review.

Does every leaver receive a daily premium refund?

No. Refunds, extra charges, short-period rates, notice timing, and minimum premiums depend on the policy and settlement sheet. Use the insurer record for the final amount.

Can a total quote still show group budgets?

Yes, but it uses an implied starting-roster average rate and allocates by equivalent employee-years. Request a group-rate schedule when exact departmental allocation is required.

Does personal accident insurance make group coverage unnecessary?

The calculator cannot make that conclusion. Compare payment triggers, beneficiary, fixed versus indemnity design, the end of group eligibility, and future personal underwriting.

Can we sign immediately when a price recommendation appears?

No. The label only identifies the lowest entered premium after core comparison checks. Review final policy wording, exclusions, beneficiary, settlement, service, data handling, and contract terms.

Primary sources and update date

The National Law Information Center OPEN API was checked on July 31, 2026.
The current Commercial Act version was MST 272919, Act No. 20991, effective July 23, 2026.

  • Commercial Act Article 638, meaning of an insurance contract
  • Commercial Act Article 638-3, delivery and explanation of policy terms
  • Commercial Act Article 731, insurance on another person’s life
  • Commercial Act Article 735-3, group insurance
  • Commercial Act Article 737, accident insurer responsibility
  • Commercial Act Article 739, application of life-insurance provisions
  • Korean Supreme Court, October 12, 2007, 2007Da42877 and 2007Da42884, precedent ID 216253
  • Financial Supervisory Service FINE portal and General Insurance Association of Korea consumer portal

Recheck the current-history code, Articles 735-3 and 739, relevant case-law boundaries, policy wording, and product disclosures at the next renewal.
Premiums, minimum headcount, and settlement rates are not statutory constants, so replace every old quote with a current written quote.

Build the budget from one roster and comparable policy terms

Replace every illustration with the latest aggregated workforce plan, actual quote, coverage schedule, and joiner or leaver clause.
Recording net premium, funding split, group allocation, budget gap, and benefit differences creates a clearer renewal and internal approval record than one headline price.

When cost differences are small, evaluate claim support, roster endorsement service, policy explanation, data protection, and contract service levels separately.