Article 42
The age provided in the annuity insurance contract for workers to claim annuity insurance payment under the annuity insurance shall not be less than 60. However, this does not apply to workers who meet the conditions stipulated in Paragraph 1 of Article 24-2 of the Act.
The annuity insurance contract shall stipulate the following terms and conditions for workers claiming annuity payment:
1. Workers who reach the age of 60 with seniority of fifteen years or more may choose to receive either monthly annuity payments or a lump-sum payment; workers whose seniority is less than fifteen years shall claim for a lump-sum payment.
2. Workers who have not reached the age of 60 but meet any condition stipulated in Paragraph 1 of Article 24-2 of the Act, and have seniority of 15 years or more shall apply for monthly annuity payments or a lump-sum payment; workers with less than 15 years of seniority shall apply for a lump-sum payment.
The annuity insurance contract may provide that when a worker dies, his/her designated beneficiary(ies) shall apply for the insurance payment; in the absence of the designation, his/her survivor(s) shall apply for payment of the accumulated policy value reserve.