Presenting Educational Solutions, Sequis Financial And Bank Woori Saudara Launches Q Study Plan Insurance

Illustration (Photo: Doc. Antara)

JAKARTA - PT Asuransi Jiwa Sequis Financial (Sequis Financial) and PT Bank Woori Saudara Indonesia 1906 Tbk (Bank Woori Saudara) launched the Q Study Plan Insurance.

This product is a financial planning solution for family education funds that provides insurance benefits of up to 200 percent of the Sum Assured (UP) with premium exemption in the event of a risk of death.

Director of Consumer Bank Woori Saudara M. Tri Budiono said that there was certainty in the payment of the benefits of education funds and cash value during the protection period.

"The products are marketed through the bancassurance distribution channel," he said in a written statement received by VOI, Tuesday, November 1.

Citing Education Support Statistics for 2021 from BPS, Tri said that during the 2020/2021 school year the average total cost spent for tertiary education was around IDR 14.47 million and for high school/equivalent to IDR 7.80 million.

This means that parents must prepare funds early and recalculate the education fund preparation scheme so that later the burden of children's tuition fees will be lighter.

"The difficulty of providing education funds has put pressure on parents to give their children the opportunity to attend school and study at the best schools and universities," said Tri.

Through this product, it encourages customers from the start to start preparing funds for education preparation for a higher level because without being prepared early, the value collected will not be sufficient in the future and the risk factor will also increase.

Sequis Financial fulfills this need by providing education insurance product Q Study Plan Insurance.

President Director of Sequis Financial Edisjah targets the Q Study Plan Insurance's total premiums to reach IDR 3.8 billion this year.

"Through this bancassurance collaboration with Bank Woori Saudara, we are committed to trying to meet the needs of our customers for financial planning and protection, especially the certainty of children's education funds," he said.

He explained, Q Study Plan Insurance can be a solution so that children have the opportunity to get higher education. The Insured's entry age is 18 to 50 years with a coverage period of 18 years.

Customers can choose the Sum Assured (UP) plan starting from IDR 25 million to IDR 100 million.

"Premium payments for five years with a choice of monthly, quarterly, semi-annual, or annual premium payment methods," continued Edisjah.

Edisjah detailed, the benefits provided include Death Benefit worth 150 percent UP if the Insured dies not due to an accident.

In addition, the heirs will also get Premium Free Coverage and Education Fund Benefits.

"If the Insured dies due to an accident, the compensation is 200 percent UP. Premium Free Benefits and Education Fund Benefits are still provided," he added.

Second, the Education Fund Benefit will continue to be paid according to the Education Fund Benefit table whether the Insured lives or dies as long as the policy is still active during the period.

"Insurance coverage and when due for payment of Education Fund Benefits," he concluded.