The Jakarta Post
Zurich Topas Life, the Indonesian unit of Zurich Insurance Group Ltd., in cooperation with state-owned lender Bank Tabungan Negara (BTN), launched the Zurich Prima insurance product for small business owners and migrant workers.
Zurich Prima aims to be an affordable option for the middle to lower class, with a premium starting at Rp 50,000 per month for a 10-year protection plan, with a five-year payment term.
The insurance also offers a return rate of 105 percent if the insurer does not lodge an insurance claim during the protection term.
The insurance is marketed by BTN through a bancassurance program in post office networks across Indonesia.
Zurich Topas Life distribution and communication director Rosmaylinda Nasution said people often viewed insurance as an exclusive product, while small business owners and migrant workers faced financial risks every day.
“When an emergency happens to a small business owner, it impacts their business and their family […] so it is important to educate them on how to mitigate risks,” Rosmaylinda said.
She also said migrant workers faced risks abroad, but with insurance, the workers and their families could have peace of mind in an emergency.
BTN consumer banking director Budi Satria said with the bank’s national networks, Zurich Prima would be easily accessible to potential customers.
Budi expected that Zurich Prima insurance would help increase BTN’s fee-based income to reach the target of 10 percent of the bank’s total revenue in 2018. (ami/bbn)