Jakarta, 7 August 2020 – Chubb Life Indonesia, the life insurance division of Chubb Group, officially launched its new Long Term Endowment Insurance today. This latest product from Chubb Life Indonesia is designed to help customers prepare for long-term savings in the current climate of economic uncertainty and provides protection for up to 20 years.
Kumaran Chinan, President of Chubb Life Indonesia said, “In 2018, the Central Statistics Agency (BPS) recorded that about 73% of workers in Indonesia don’t have access to Old Age Security (OAS). Meanwhile, the middle-class and working-age population in Indonesia continues to increase. With the economic uncertainty caused by the COVID-19 pandemic, the demand for insurance has increased significantly as people want protection against future uncertainty, therefore our new Long Term Endowment Insurance helps people to prepare and save for their long term needs.”
According to the World Bank, over the past 15 years, the middle-class population in Indonesia has increased from 7% to 20% of the population or around 52 million people. Meanwhile, data by the Central Statistics Agency estimates that the working population in Indonesia will reach more than 193 million people by 2025.
Unfortunately, this growing population goes hand-in-hand with rising costs for long-term necessities. Healthcare costs in Indonesia increase at an average of 11% per year. Furthermore, those with children should make extra preparations as BPS noted an annual rise of 10% in education costs. “Chubb Life Indonesia provides Long Term Endowment Insurance as the answer to these concerns, and we believe that it is a must have solution to protect the future of people’s families," said Kumaran Chinan.
With protection for up to 20 years, Chubb Life's Long Term Endowment Insurance offers coverage for ages up to 80 years old. Under the policy, a death benefit of up to 150% of the sum insured is paid out. In the event of an accidental death, the beneficiary can receive additional benefits of up to Rp 2 billion.
Additionally, customers have the flexibility to choose their cash benefit payment to be made gradually or all at once. At the end of the coverage period, the customer can receive cash benefits payments of up to 250% of the sum insured.
Premiums are flexible to suit the customer’s needs, as is the premium payment period, which can be three years, five years, or seven years.
To learn more about Long Term Endowment Insurance, please visit the website at https://www.chubb.com/id-en/personal/long-term-endowment-insurance.aspx