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ife insurer Asuransi Jiwa BCA, also known as BCA Life, aims to double its premium this year driven by the launch of a new product that targets wealthy customers.

The 1.5-year-old company aims for its premium to reach Rp 220 billion (US$16.8 million) by the end of the year, from Rp 110 billion in 2015.

As of April, BCA Life had booked Rp 129 billion in premium, Christine Setyabudhi, the president director and CEO of BCA Life told the press on Wednesday. The figure showed a huge jump of about 370 percent from 27.4 billion year-on-year (yoy).

“We will focus on selling BCA Life Heritage Protection to reach our target this year as the product caters to high-end customers with a high premium,” she said after the company’s product launch event in Jakarta.

The firm, a subsidiary of BCA, the nation’s largest private lender, claimed that the product would benefit wealthy customers in terms of meeting their wealth preservation and inheritance distribution needs, for their children and grandchildren.

With its high premium size, BCA Life’s first “bancassurance” product aims to add a 40 to 50 percent contribution to the company’s premium, Christine said.

The “Credit Life” product, which includes housing (KPR) and car (KPM) loan bundled products, would offer the second largest contribution, followed by employee benefits and telemarketing, Lely Pekih, BCA Life’s head of department of marketing communication stated.

BCA director Henry Koenaifi said that by utilizing BCA’s extensive network of priority customers and other potential customers, the product is likely to prosper.

“Currently BCA has more than 14 million customers and 38 percent of the funds managed come from Priority and Solitaire customers,” he said.

With its newly launched product, BCA Life targets to book Rp 100 billion premium by the end of the year.

To reach the targeted premium, Christine explained that BCA Life would intensify its cooperation with the BCA’s regional offices, both head and branch managers, in order to reach out to more customers.

“We will also place financial advisors at BCA Priority and Solitaire branch offices,” she said.

The firm doesn’t have plans to launch any further products this year, electing to concentrate on selling BCA Life Heritage Protection products.

Currently, BCA Life has around 138,000 customers and seeks to grow its customer base to 150,000 in the next six months.

BCA Life commenced its operation in June 2014, booking Rp 8.98 billion in premium in 2014.

Today, 99.9 percent of its shares are owned by BCA Sekuritas, with the remaining shares held by Asuransi Umum BCA (BCA Insurance).

The BCA Group has many subsidiaries including its flagship Bank BCA, BCA Finance, BCA Finance Limited, BCA Syariah, BCA Sekuritas, BCA insurance and BCA Life. (win)