What are the different products that insurance companies in Indonesia have launched this year?
Here’s a roundup of new products launched in the world’s largest archipelago in the first quarter of 2020, collated by Milliman in their latest Indonesia Life Insurance Newsletter.
The following new life insurance products were reported to have been launched during Q1 2020:
- PT Prudential Life Assurance (Prudential) launched PRUTotal Critical Protection, an innovative critical illness rider for both conventional and Syariah business. The rider offers protection against an unlimited number of critical illnesses, including undiscovered ones. The rider comes bundled with Prudential’s other rider benefits, PruCrisis Cover Benefit 34/Plus61 with PruTotal Critical Protection and PRUEarly Stage Crisis Cover/Plus with PRUTotal Critical Protection, covering major critical illnesses-only and both major and minor critical illnesses with death cover, respectively.
Prudential also launched a 20-year Syariah term life product called PRUcinta that provides life cover plus a further three times sum assured for accidental death, guaranteed cash benefits on maturity and additional accidental death benefit during Ramadhan and the mudik period when policyholders travel to celebrate Eid al-Fitr.
- PT FWD Life Indonesia (FWD Life) launched Critical Armor covering multiple critical Illnesses. Policyholders are allowed to make three claims against 50 different major critical illnesses plus one claim against 15 minor critical illnesses. A similar product, FWD Multiple Protection, was launched through PT Bank Commonwealth with the same critical illness benefits of up to 420% of sum assured.
- PT Asuransi Jiwasraya (Persero) (Jiwasraya) launched two microinsurance products, namely JS Asuransi Mikro Sahabat and JS Demam Berdarah. The first product provides death cover up to IDR 30 million with premiums starting from IDR 50,000. The second product provides protection against dengue fever with in-patient benefits amounting to IDR 500,000 per day with a premium of IDR 17,500 for three months’ cover.
- PT AIA Financial Asuransi (AIA) launched a traditional life product, AIA Protection Income Plan, with a choice of four premium payment terms: 5, 10, 15 and 20 years with premiums starting from IDR 24 million per year. The product offers a death benefit, with a guaranteed cash benefit every year during the guaranteed period. Additionally, a non- guaranteed cash benefit will be paid every year after the guaranteed period until maturity. On maturity, the policyholder will be given a maturity benefit with a non-guaranteed bonus.
- PT Asuransi Jiwa Manulife Indonesia (Manulife) released a new unit-linked product named MiSmart Insurance Solution (Mission) with a minimum premium of IDR 4 million per year. The product offers 100% allocation to investment funds from the second year and comes with a choice of three riders: MiSmart Health Care, MiSmart Critical Care and MiSmart Waiver of Premium.
- PT Asuransi Jiwa Generali Indonesia (Generali) launched i-PRO 100. The 15-year term life product offers a death benefit starting from IDR 50 million until age 99 and is sold through the bancassurance arrangement with PT Bank Mestika DharmaTbk (Bank Mestika).
- PT Asuransi Allianz Life (Allianz Life) launched a new product, Joint Life Care, sold by PT Bank HSBC Indonesia (HSBC Indonesia). The product is a joint life term insurance for married couples with a sum assured up to IDR 1.5 billion and with premiums starting from IDR 500,000 per month. Allianz Life also launched a credit life product called Smart Protection for customers of PT Bank Maybank Indonesia (Maybank). Similar products are also offered through Bank Mestika specific to mortgage loans.
- PT Astra Aviva Life (Astra Life) and PT Bank Permata Tbk (Bank Permata) launched AVA iPro Prima Plus through Bank Permata’s telemarketing channel. The product offers death, critical illness and cash benefit upon hospitalisation with premiums starting from IDR 100,000 per month.
- PT Avrist Life Assurance (Avrist) released two new Syariah unit-linked products, namely Hijrah Ahsan Proteksi and Hijrah Safa Syariah that provide 200% sum assured upon accidental death or death during the hajj pilgrimage. The products are sold through PT Bank Muamalat Indonesia.
Download the May 2020 edition of Milliman’s Indonesia Life Insurance Newsletter here.
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