FWD Life and BTN Enhance Accessibility to Insurance through Bancassurance Product Partnership
Jakarta, September 20, 2017 – PT FWD Life Indonesia (FWD Life) and PT Bank Tabungan Negara (Persero) Tbk. (Bank BTN) today signed a strategic partnership to expand its bancassurance distribution channel.
FWD Life and BTN share a similar commitment to continue improving services that make insurance and banking more easily accessible. Through this bancassurance partnership, FWD Life and BTN have agreed to provide a simple and affordable term life insurance product, BEBAS RENCANA PLUS to reach more Indonesian to have insurance.
This is part of FWD Life and BTN’s efforts to support the government’s target to improve financial inclusion. Based on Indonesian Life Insurance Association (AAJI)’s data, insurance penetration in Indonesia stood at 2.7% of total GDP as of Q1 in 2017. This is lower than neighboring countries such as Singapore, Malaysia, and Thailand – who all maintain penetration levels above 5%.
FWD Life President Director Choo Sin Fook said, “We highly value this collaboration with BTN, a bank with a solid track record in the industry, as our strategic partner. Both partners have the same commitment – to provide the widest access to financial products for all Indonesians, through innovative product development and technology-based services. We want to protect Indonesians through bancassurance products that can offer optimal protection and an opportunity to obtain the maximum bonus according to the paid premium.”
BTN Managing Director Maryono revealed that the partnership with FWD Life is in line with BTN’s commitment to improve customer-led products and services. Through the BEBAS RENCANA PLUS product, BTN aims to provide a variety of insurance protection products that can liberate the steps of BTN customers without fear of future financial risks.
“We want Bank BTN customers to achieve the best in life by providing them with the right protection. This partnership offers a simple and affordable term life insurance product that enhances the variety of bancassurance product options to all of our customers,” said Maryono.
BEBAS RENCANA PLUS INSURANCE
BEBAS RENCANA PLUS is a term life insurance product which gives a total bonus of 105% of the total paid premium. BEBAS RENCANA PLUS insurance provides maximum protection, allowing the customer to pursue their passions freely without worrying about losing money. The premiums start from Rp 50,000 – Rp 1 million with no administration fees. With the five-year term premium payment, customers will get a longer protection term of eight years.
BEBAS RENCANA PLUS has three main benefits for customers:
- First, the first-year death benefit, where 100% (one hundred percent) of the Sum Insured will be paid if the policy holder dies not because of accident, or 200% Sum Insured is they die because of accident.
- Secondly, second-year death benefits and onwards, where 100% of the Sum Insured will be paid if the policy holder dies not because of an accident, or 200% of Sum Insured if they die because of an accident.
- Third, and most attractive is the 105% bonus from the total premiums paid for five years if there is no claim from the policy holder. The bonus will be divided twice, at the end of the fifth year or 50% of the premium that has been previously paid. And secondly given at the end of the eighth year, comprising 55% of the premium that has been previously paid.
Moreover, BEBAS RENCANA PLUS life insurance has only two exclusions, namely: suicide attempt and violation of the law. Other than these two exclusions, customers can enjoy maximum protection from the product.
FWD Life and BTN will introduce the bancassurance product through a sporting event titled, “Padang KulineRUN 2017”. At the event, FWD Life and BTN will invite the public to achieve the best in life by providing the right protection. In the Padang KulineRUN event, which will involve 1,000 participants, FWD Life and BTN will be the official insurance and bank partners.
As the official insurance partner, FWD Life will provide personal accident insurance for all the runners in Padang KulineRUN with a total coverage of Rp 20 million. “This is part of FWD Life’s commitment to support all Indonesians in liberating their steps and pursuing their passions,” Choo concluded.