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AKARTA: Insurance company Manulife Indonesia launched on Thursday a new sharia-compliant life insurance product in cooperation with Indonesia'€™s first Islamic bank, Bank Muamalat.

The insurance called Zafirah Proteksi Sejahtera, which will be sold through the bancassurance division of the Islamic bank, offers protection to customers against, among other things, income loss due to permanent and total disability as well as death.

It offers protective benefits ranging from Rp 25 million (US$1,915) to Rp 1 billion, or 500 times greater than the monthly premiums. '€œManulife wants to provide protection to a large number of Indonesian customers. That is why the monthly premiums are flexible, starting from Rp 50,000 per month.'€ Manulife Indonesia executive vice president and chief partnership business officer Hans de Waal, said.

The new insurance product is the second launched under the Manulife Indonesia and Bank Muamalat partnership. The first product named Zafirah Save Link was launched in August, 2015. In addition to Bank Muamalat, Manulife Indonesia also sells its sria-compliant insurance products to private lender Bank Danamon.