15 Best Life Insurance in Indonesia 2021, Premiums and Benefits
1/14/2022
With so many life insurance products in Indonesia, it might make you confused in choosing which one is the best and the most suitable for you?
Life insurance is a service provided by an insurance company that aims to protect you from financial losses.
This loss can be caused by the death of a family member who previously acted as the breadwinner or an accident that results in disability so that the policyholder cannot work.
Now, buying the best life insurance product can be used as a solution as well as an anticipatory step from these adverse conditions because this service has various important benefits.
The insurance benefits in question include protection from the risk of death, compensation for disability, ensuring survival or heirs, and helping to manage finances properly and appropriately.
The following are recommendations for the best life insurance in Indonesia along with their products and premium prices.
The 10 list of life insurance companies below are included in the list of market leaders for Indonesian Life Insurance 2021 according to the Insurance Media Research Institute (LRMA).
It should be noted that in this article, they are not ranked by company and product performance which is superior. Prudential Life Assurance
PT Prudential Life Assurance or known as Prudential Indonesia is a subsidiary of Prudential plc from the UK which has been officially operating in Indonesia since 1995.
The performance of this insurance company has been very good since launching an investment insurance product (unit link) which was launched in 1999. In 2007, Prudential Indonesia expanded by establishing a Sharia Business Unit. The goal is to target all levels of society.
This is proven by the representative offices spread throughout Indonesia. In addition to the head office in Jakarta, Prudential is also present in Bandung, Semarang, Surabaya, Denpasar, Medan, and Batam as well as 371 Independent Marketing Offices (KPM) throughout Indonesia.
Until the end of 2020, Prudential Indonesia serves 2.8 million insureds who are supported by more than 243,000 licensed Marketers.
Prudential Life Insurance Benefits:
- Cover the loss if the insured dies due to illness or accident.
- Health protection by maintaining health, providing protection for families, and guaranteeing old age.
- Especially for insurance unit link , the insured not only gets protection, but also investment.
- Premium costs are cheap and can be adjusted according to the ability of the insured.
- Fund management is regulated by a team of professionals and experts in their fields.
- Various insurance products
- Fast service
- Stable investment value
- Proactive insurance agents in assisting customers when submitting claims
- Strict claim conditions
- No tolerance is given if a lack of documents is found when making a claim
- PRUuniversal Life
- Price: from IDR 250 thousand/month
- PRUlife Cover
- Price: from IDR 400 thousand/month
- PRUmy Child
- Price: from IDR 400 thousand/month
- PRUsafe Guard
- Price: for women IDR 200-300 thousand / month, men IDR 230-340 thousand / month
- PRUlink
- Price: New Generation from IDR 400 thousand per month
- PRUlink New Generation Sharia
- Price: from IDR 400 thousand per month
- PRUlink Assurance Account
- Price: from IDR 400 thousand per month
- PRUlink Syariah Assurance Account
- Price: from IDR 400 thousand per month
- PRUlink Capital Account
- Price: from IDR 40 million (one time payment/single premium)
- PRUlink Investor Account
- Price: from IDR 12 million (one time payment/single premium)
- PRUlink Syariah Investor Account
- Price: from IDR 12 million (one time payment/single premium)
- PRUcorporate Life minimal
- Price: IDR 3 million per policy for 5 people per year
- PRUcorporate Personal Accident
- Price: minimum IDR 3 million per policy for 5 people per year
Sinar Mas Insurance Company was originally known as a company general insurance . Over time, the company, which is a subsidiary of the Sinar Mas Group, has formed an insurance unit that focuses on health, life, education, and pension funds. This is in line with the company's vision to achieve prosperity and prosperity for its customers.
In order to strengthen its network and capital, Asuransi Sinar Mas also cooperates with a Japanese insurance company, Sumitomo Insurance. Until now, Sinar Mas is also classified as the best life insurance company in Indonesia and the largest.
Benefits of Sinar Mas life insurance:
- High solvency ratio so that default is rare
- Good corporate governance and in accordance with applicable regulations
- Guaranteed high investment value for a period of three years
- Complete product selection
- Short premium payment period
Sinar Mas Insurance also has a variety of products that provide the best protection for the people of Indonesia when the insured dies either due to an accident or other things. This is added to the investment in the form of policy value. The period of coverage for each product varies.
Here are the best Sinar Mas life insurance products and their premium prices:
- Seamus Sehat Income
- Price: from IDR 1,200 per day.
- Simas Petani
- Price: IDR 50 thousand per year.
- Simas Protection
- Price: IDR 50 thousand per year
- Micro Healthy Simas
- Price: IDR 50 thousand per year
- Stop Eruption Effort
- Price: IDR 40 thousand per year.
Founded in 1980 in Germany, Allianz is the health insurance and asset management world's largest company. In addition to health insurance, Allianz also has a life insurance unit that provides a wide selection of products at affordable premium prices.
Allianz Life Indonesia Life Insurance Benefits:
- A definite end of the contract if the insured is still alive when the insurance policy is nearing the expiration date
- Provide compensation for critical illness and life compensation if death is not due to an accident.
- Accidental compensation is paid if the insured dies within 90 days from the date of the accident
- High solvency ratio in claim payment
- Good service
- Quick claim
- Cheap premium
- Lack of details regarding guaranteed investment returns
- SmartLink Flexi Account Plus is priced at a premium starting from IDR 2.4 million per year
- SmartLink New Flexi Account
- SmartLink Maxi Fund Plus
AIA Financial
AIA Financial Indonesia or known as AIA is a leading life insurance company in Indonesia from Shanghai, China. This company has various businesses, one of which is life insurance.
AIA Life was also the first company to introduce bancassurance in Indonesia in 1990. Bancassurance can be defined as an insurance product that cooperates with banks with their target customers, namely bank customers.
The banks that have cooperated with AIA Life include BCA, BJB, Bukopin, CIMB Niaga, Citibank, and BRI.
The advantages of having AIA Life life insurance:
- High solvency rate
- Quick claim
- Affordable premium price
- The agent's performance in explaining the product is still lacking
Regarding the premium price, you can directly access the AIA Financial website.
AXA Mandiri Financial Services
AXA Mandiri Financial Services, which was established in 1991, provides life, health, critical illness, property, pension and old age insurance products, and education.
This subsidiary of Bank Mandiri has also served many customers in Indonesia. One of the things that makes AXA Mandiri interesting is that their products are quite innovative by providing protection according to customer needs.
Advantages of AXA Mandiri Financial Services:
- High credibility
- The additional premium is quite complete
- There are quite a lot of product choices
- Mandiri Legacy Plan Insurance with annual premium starting from IDR 50 million
- Mandiri Prosperous Protection Insurance with an annual premium of IDR 3.6 million per year or IDR 300 thousand per month.
PT Capital Life Indonesia is a business unit of PT Capital Financial Indonesia Tbk which is under the auspices of PT Bank Capital Indonesia Tbk. Capital Life Indonesia focuses on the integrated financial services industry and has been registered with the Financial Services Authority of the Republic of Indonesia (OJK) .
At first, the company only focused on life protection. However, as of 2017, the company has also begun to explore insurance products wrapped in investment (unit link).
Capital Life has three main life insurance products, namely individual insurance, group insurance, and the Financial Institution Pension Fund (DPLK). The benefits of having Capital Indonesia life insurance:
- Individual insurance: life protection + investment with the benefit of providing compensation if the insured is sick or has an accident.
- Group insurance: group life protection with the benefit of providing compensation if the insured is sick or has an accident.
- DPLK: provides post-employment benefits which are recorded in the employer's account.
- High solvency ratio
- Products can be purchased online at the official website www.capitallife.co.id
- Various premium payment methods: auto debit, virtual account, cash deposit.
- How to claim can be done online if you can't come directly to the head office.
- Individual Insurance
- Capital Protection: starting from IDR 500 thousand.
- Capital Personal Accident: starting from IDR 50 thousand.
- Capital Sakti: Price premiums start from IDR 50 thousand.
Indolife Pensiontama
Indolife Pensiontama is one of the best life insurance companies in Indonesia under the auspices of the Salim Group. This company has a variety of the best life insurance products for the people of Indonesia, which are focused on individual, group and DPLK customers.
This company has attracted quite a lot of public interest, especially in DPLK products because it provides pension benefits of up to Rp. 100 million and investment value with monthly contributions starting from Rp. 100 thousand.
Indolife Life Insurance Benefits:
- Death benefits plus children's education funds for Individual Life Insurance policyholders
- Death benefit for the insured employees of Group Life Insurance policy holders
- Pension fund compensation for elderly customers of DPLK policyholders.
- 91 marketing office network throughout Indonesia
- The benefits of pension funds are high compared to its competitors
- Timely claim settlement
Manulife Indonesia Life Insurance
The best life insurance in Indonesia that can be a profitable choice for you next is Manulife Life Insurance.
The company, which operates under Manulife Financial Corporation from Canada, offers a variety of superior products ranging from pure life insurance to pension funds.
In 2016, Manulife Indonesia was recorded to have served more than 22 million customers with managed funds reaching US$728 billion.
Asuransi Manulife Indonesia provides a variety of services and a variety of the best life insurance products, such as health insurance, pure life insurance, to pension funds.
Manulife Life Insurance Benefits:
- Lifetime coverage guarantee
- Compensation for death until the age of 100 for Manulife Essential Assurance products
- Death benefit in US dollars for ProLife Plus products
- Compensation for death and permanent disability for Proliving Absolute products.
- Compensation for death and additional if died due to an accident for Term Saving Protection products
- Compensation for death due to accident for ProActive Plus products
- Death benefit plus premium refund for life protection products
- Compensation for death due to accident, total permanent disability or as for Manulife Persona Guard products.
- Manulife Essential Assurance is priced starting from IDR 475 thousand per month.
- ProLife Plus is priced starting at $1.13 per day.
- ProActive Plus is priced starting from Rp. 14,568 per day.
- The Jiwa Proteksi compensation is priced starting from Rp. 300 thousand per month.
- Manulife Persona Guard is priced starting from Rp. 150 thousand per month.
The company, which is managed by Bank BRI, provides the most complete insurance products for the people of Indonesia at affordable premium prices. BRI Life products are divided into several policy options that can be tailored to your profile.
BRI Life Insurance Benefits:
- Death benefits plus unit link and medical check-up fees for life insurance products.
- Compensation for death according to sharia principles for Sharia life insurance products.
- High solvency ratio
- The quality of customer service is quite good
- Micro Prisma Plus is priced at a premium of IDR 50 thousand per year
- Micro Prisma Plus Syariah is priced at a premium of Rp. 50 thousand per year + hospitalization benefit of Rp. 100 thousand per day
Although relatively new in 2021, BNI Life has been able to enter the list of one of the market leaders of Indonesian life insurance in 2021. This product, one of the best life insurance in Indonesia, is offered through 4 distribution channels, namely Agency, Employee Benefits, Bancassurance , and Sharia .
Since 2014, BNI Life has officially become a joint venture life insurance company with PT Bank BNI (Persero) Tbk.
BNI Life Insurance Benefits:
- Compensation for death either due to accident or not
- Various insurance products
- Cheap insurance premiums
- Insurance benefits tailored to your needs
- Optima Cash Plan: The premium price is adjusted to the age of the insured, the plan, and additional benefits taken, including the number of participants.
- Optima Group Health: Depends on the number of employees and additional benefits taken.
Simas Life Insurance is a subsidiary of the Sinar Mas Group. Simas Life Insurance has four types of products, namely individual life insurance, group life insurance, sharia life insurance, and health insurance.
Individual life insurance products include Smart Investa Link, Simas Maxi Pro SiJi Fixed Link, Simas Protection Complete, Simas Jiwa Smart Save, Simas Jiwa Legacy, Simas Dana Pasti, and Simas 1 Link.
Meanwhile, group life insurance products include DPLK, Credit Life Insurance, Natural Death Insurance, Savings Life Insurance, Group Term Life Insurance, and Group Personal Accident Insurance.
Regarding sharia life insurance products, among others, Simas Investa Link Syariah, Simas Maxi Pro Syariah.
The advantages of Simas Life Insurance are:
- high solvency ratio so that default is very rare
- Guaranteed high investment value
- Lots of product choices
The next best life insurance in Indonesia is Astra Life, a subsidiary of PT Astra International Tbk, PT Sedaya Multi Investama and Astra International Cooperative. Astra Life Insurance provides protection products and services needed by the people of Indonesia.
One example of Astra Life's products is Flexi Life which provides protection starting from 1 year. Flexi Life is processed online, from the buying process to the existing claims.
Flexi Life also has a simulation application with technology that can calculate the projected premium amount.
Sun Life Financial Indonesia
Sun Life Financial Indonesia has a superior life insurance product, namely Sun Safety Life.
This product provides an all in one solution with the following benefits:
Benefit:
- Provides protection against 5 risks of life at once through the following benefits:
- Compensation Died due to any cause.
- Additional Compensation for Death due to Accidents and Accidents in Public Transportation.
- Critical Illness Compensation; and
- Permanent Total Disability Compensation.
- Provides a Premium Return Benefit (ROP) of 50% of the premium that has been paid every 5 years, regardless of whether or not the customer has submitted a claim.
- Available in 2 benefit packages to suit your protection needs.
- Affordable premiums start from IDR 8,000 per day.
- Easy and fast application process without health check.
- Currency: rupiah
- Entry age:
- Police Owner: 18 - 80 years old
- Insured: 30 days – 60 years
- Police Period: 1 year, can be extended until the Insured reaches the age of 75 years.
Sequis Life has one of the best family life insurance products in Indonesia, namely Q Smart Life New Gen Insurance.
Benefit:
- Provides life protection to help your family well-being until you are 100 years old.
- Affordable premiums with benefits up to billions of Rupiah.
- The premium payment period is flexible, namely 5, 10, 15 or 20 years.
- No need to pay a lifetime Premium for lifetime coverage.
- Can be combined with Additional Insurance that can be tailored to your needs.
- Guaranteed cash value
Panin Dai-ichi Life is a life insurance company with a variety of superior products for both conventional and sharia insurance.
Products available include:
- Panin Life Care
- Panin Lifevestlinked
- Premier Multilinked Insurance
- Premier Maxilinked Insurance
- Preferred Life
- SPRY
- Smart Protection Supplies
