Positive Insurance Industry, Great Eastern Life Indonesia And OCBC Launches GREAT Legacy Assurance

Photo: Doc. Great Eastern Life

JAKARTA - The life insurance industry in Indonesia recorded positive growth throughout 2024, with premium income reaching IDR 185.39 trillion, an increase of 4.3 percent compared to the previous year.

In addition, the insured number rose 80.1 percent to 154.64 million people, reflecting the increasing public awareness of the importance of financial protection.

However, there are still many families who face financial risks when they lose their main livelihood seekers, with claims and benefits paid throughout 2024 reaching IDR 160.07 trillion.

On the other hand, inflation remains a challenge in inheritance planning, based on data from the Central Statistics Agency (BPS) showing that Indonesia's inflation in December 2024 reached 1.57 percent year on year (yoy), which could erode asset value if not planned properly.

Meanwhile, with a continued inflation rate, the value of assets inherited without careful planning can be depreciated over time.

Responding to this need, Great Eastern Life Indonesia and OCBC launched the GREAT Legacy Assurance, a life insurance solution designed to help people plan their heritage better, protect the value of assets from inflation, and provide financial certainty for families in the future.

Director of Bancassurance Great Eastern Life Indonesia Sisca Then stated that in dynamic economic conditions, the community needs a legacy planning solution that is not only flexible, but also provides protection against the value of their assets in the future.

"Great Legacy Assurance is here as an answer to this need, with the Extra Currency feature of up to 204 percent, protection against the risk of terminal illness and life protection, customers can ensure their beloved family can get optimal financial protection and stability," he said in his statement, quoted Wednesday, March 19.

Likewise, OCBC Premier Banking Division Head Juky Mariska conveyed that financial planning to prepare for inheritance to adequate families is crucial.

"For that, as a partner of Great Eastern, we strive to provide customers with this option. We see this product can be an alternative choice of products that are relevant for each individual as well as for future generations," he said.

Here are the benefits of GREAT Legacy Assurance:

- Obstacles that continue to increase Starting from the 6th Year of Policy, customers will enjoy an Extra Currency of up to 204 percent of the Initial Responsibility Money. This feature ensures that the value of the inheritance is maintained and is able to offset the depreciation of asset value due to inflation.

- Benefits of the risk of Terminal Disease (Accelerated) If a customer is diagnosed with terminal disease, this product provides 50 percent of the Benefits of Death, up to a maximum of IDR 3 billion per life, providing significant financial support during critical conditions.

- Benefits of End Insurance If customers are still alive until the end of the insurance period, the GREAT Legacy Assurance will provide End Insurance Benefits of Total Death Payment Money, ensure the planned legacy remains intact and provides maximum protection for families.

- The choice of the Customer Premium Payment Period has flexible payment options, including payments at once or periodically for 3 or 5 years, with insurance periods up to 100 years of age, ensuring convenience in financial planning.