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Chapter Law Content

CHAPTER - 3 INSURANCE PREMIUM
Article 10
The premium rate of the Insurance is 8% to 12% of the insured’s monthly amount of insurance unit.
The premium rate prescribed in the preceding Paragraph shall be calculated regularly by the actuary or the actuarial institute retained by the insuring agencies. The actuarial result with the actual revenue and expenditure of the Insurance shall be evaluated by the competent authority and reported to the Executive Yuan. The premium rate will be reviewed and determined by the Executive Yuan and shall be sent to the Legislative Yuan for reference. The same process shall apply to the adjustment of the premium rate. However, during the actuarial procedure, the amount of the retirement payments that shall be calculated and paid on the basis of the insurance coverage in accordance with the provisions prior to the Articles of this Act amended on 31 May 2013 came into force and the policy reserves have not been deposited accordingly shall be excluded from the calculation of the premium rate.
The monthly amount of insurance unit prescribed in Paragraph 1 is calculated based on the monthly salary of the insured.
The monthly amount of insurance unit of compulsory military officers and non-commissioned officers shall be based on the monthly amount of insurance unit of volunteer military officers and non-commissioned officers in the same rank at the pay grade 1. The monthly amount of insurance unit of soldiers and military school students receiving grants from the government shall be based on the monthly amount of insurance unit of volunteer corporals at the pay grade 1.
The premium shall be paid monthly; 35% of the premium is paid by the insured herself/himself and 65% is subsidized by the government. However, the premium of the compulsory officers, non-commissioned officers and soldiers is borne by the government in full amount.
The premium that is subsidized or borne by the government prescribed in the preceding Paragraph shall be budgeted respectively by the organization that the insured serves and paid to the insurance agencies monthly.
Article 11
Prior to the enforcement of the amended Act on 20 April 2010, the insurance premium will be shouldered by the National Treasury during the valid period of the Insurance based on the condition that an insured person has been insured for 30 years or has been insured for less than 30 years but will continue to pay the insurance premium until the insured person is insured for 30 years; Should any of the insured events listed in Article three (3) occur, the insurance payments may be withdrawn according to this Act.