JAKARTA The Chief Executive of Insurance Supervisory, Guarantee and OJK Pension Fund Ogi Prastomiyono said that the rise of cases of default in insurance has created fears in the community to have insurance.
According to Ogi before the public decides to buy insurance products, they must first pay attention to the benefits of the products purchased.
"Generally, insurance products that provide protection benefits will be simpler than complex insurance products, as will Paydi [unit-linked] which offers a combination of protection and investment benefits, as well as investment risks borne by policyholders," Ogi said in a written answer to the Media, Saturday 9 December.
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In addition, Ogi appealed to the public to pay attention to the suitability between the specifications of the insurance products to be purchased with their financial needs and capabilities.
"For insurance products that contain savings/investment benefits, don't expect excessive returns compared to returns from other financial service products, such as returns offered by deposit products from the banking industry sector," he explained.
Ogi also reminded the public to pay attention to the level of financial health of insurance companies, such as the type of company assets, the total value of obligations, and the ratio of financial health (risk-based capital/RBC) which is published regularly on the official website of insurance companies.
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