A system and a method for paying insurance money by using a virtual payment account and a program recording medium thereof are provided to minimize error such as duplicated payment and enable a customer to receive the insurance money even though accounts of the customer are seized by enabling a bank to offer a virtual account number to the customer and enabling the customer to a password to a received virtual account when an insurance company informs the bank of insurance money payment details of the customer. An information receiver receives information for a customer receiving insurance money and virtual payment account request information. A virtual account opener opens a virtual payment account for the customer in response to a virtual payment account request by using an account of an insurance company. The customer registers a password of the virtual payment account by using a customer terminal. An insurance money payer pays the insurance money to the customer through the account of the insurance company when the customer withdraws the insurance money with the virtual payment account. Banking transaction details corresponding to withdrawal of the insurance money are provided to the insurance company.
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