UPDATE 1-Two S.Korea IPOs set to raise combined $1 bln in Sept

* Spirit maker Jinro plans up to $693 mln offering

* Tong Yang Life Insurance to fetch maximum $353 mln in IPO

* Teachers and military associations to exit via Jinro IPO

SEOUL, Aug 31 (Reuters) - Two South Korean companies plan to raise a combined 1.3 trillion won ($1 billion) in public offerings next month, which will give a boost to the country's moribund IPO market.

Spirit maker Jinro Ltd said on Monday it will raise up to 864 billion won ($693 million) by offering an existing 14.4 million shares held by teachers and military savings associations on Sept. 21 and 22.

The maker of the popular spirit soju, in which South Korea's largest beer maker Hite Holdings (000140.KS) is the single top shareholder, told regulators in a disclosure that it would sell the shares in a range between 54,000 and 60,000 won apiece.

After the offering, Hite's stake will decrease to 53.5 percent from 55.4 percent, while the Korean Teachers' Credit Union and the Military Mutual Aid Association are left with no holdings.

This will be Jinro's second entry into Seoul's stock market after it was delisted in 2003 following its bankruptcy.

Separately, Tong Yang Life Insurance Co Ltd plans to raise up to 440 billion won ($353 million) in an IPO next month, making it the country's first life insurer to go public.

Tong Yang, which trails the top three domestic rivals -- Samsung, Korea Life and Kyobo -- and ING (ING.N) (ING.AS), will sell 20 million common shares in a price range between 17,000 won and 22,000 won per share on Sept. 29 and 30, according to its disclosure to a regulator on Friday.

The initial public offering will help South Korean private equity firm Vogo Fund exit part of its investment in the life insurer.

Vogo is the third-biggest shareholder in Tong Yang Life, with a 16.1 percent stake, and is offering 1 million shares for the IPO, and unlisted Tong Yang Capital is to sell an existing 8.2 million shares in the offering.

The remaining 10.75 million shares on offer will be new issues.

Proceeds will be used to improve the insurer's solvency margin, with the size of the IPO to be equivalent to about 20 percent of its enlarged capital.

The two public offerings come after about a one-year delay due to the global credit crisis.

The expected proceeds for Tong Yang Life would be slightly lower than last year's plan for 521 billion won.

Pricing is due on Sept. 28, with Daewoo Securities (006800.KS) lead-managing the offering. ($1=1246.4 Won)

(Reporting by Kim Yeon-hee; Editing by Jacqueline Wong)