Retired Jiwasraya Policy Holders Will Be Injected With A Total Of IDR 22 Trillion

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The new management of PT Asuransi Jiwasraya (Persero) believes that the policy rescue program initiated by the government will save Jiwasraya policyholders, especially those who are participating in the pension program.

President Director of PT Asuransi Jiwasraya, Hexana Tri Sasongko, said that as of August 31, the number of Jiwasraya policy holders had reached 2.63 million people, of which more than 90 percent of customers were pension program policy holders and the lower middle class.

"Participants in the Jiwasraya retirement program are the Guru Foundation with 9,000 participants. If there is no policy rescue program, they will be greatly affected," he said, in a written statement received by VOI, Monday, October 5.

Furthermore, Hexana assessed that this will also be faced by approximately 2.63 million group policy holders and other individuals who have policies at Jiwasraya.

As is known, in the policy rescue program, the government as the shareholder will provide State Capital Participation (PMN) to PT Bahana Indonesian Business Development (BPUI) worth IDR 22 trillion. The details, IDR 12 trillion in 2021 and IDR 10 trillion in 2022.

Meanwhile, President Director of PT BPUI, Robertus Bilitea, said that this PMN would actually be used to establish an insurance company called IFG Life. Later, IFG Life will receive the policy resulting from the transfer of the Jiwasraya insurance policy rescue program.

"IFG Life will be a going concern and is expected to be a company that is healthy, profitable, and provides comprehensive insurance services, not only to former Jiwasraya customers but also to the general public," he explained.

According to him, the need for funds in order to save all policyholders, Jiwasraya's new management and independent consultants have already been calculated. Where the need for this fund refers to the current total equity of Jiwasraya of negative IDR 37.4 trillion.

"The calculation still takes into account the limited fiscal / financial capacity of the country," he said.

Rescue Policy Provides Certainty to the Customer

Special Staff of the Minister of BUMN, Arya Sinulingga emphasized that rescuing the policy at Jiwasraya can provide certainty for fulfilling Jiwasraya's obligations for policyholders who since 2018 have not received their rights.

Arya said policyholders can still receive most of their rights, where the value is much better than the liquidation option. This policy rescue program, he said, also maintains the trust of policyholders in particular and the general public in BUMN, the government and the insurance industry as a whole.

"Rescuing the policy through PMN is a bail in not a bail out. This means that it will also prevent Jiwasraya's greater losses due to the promise of high development," he explained.