SEOUL (AFP) - A 17-YEAR-OLD South Korean boy was arrested after he allegedly hired a friend to torch his home and kill his family, police said on Monday.

The boy's mother and sister died after the 15-year-old friend set the house alight last week, according to police, who said the pair organised the killings to cash in on a life insurance policy worth 300 million won (S$357,659).

The boy who wanted his family dead, identified only by his surname of Jang, allegedly promised to share the insurance money with his friend, surnamed Kim.

Jang's father survived the attack as he was not at home when Kim allegedly set fire to the house, police said.

Kim has been charged with murder and Jang with instigating murder.

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