Life insurance is different from health insurance. Life insurance functions as a financial solution for the bereaved family.
Based on the 2024 Indonesia Top Insurance Awards from The Iconomics, there are several categories of the best life insurance companies in Indonesia.
Namely, life insurance with assets of IDR 1 trillion-IDR 5 trillion, assets of IDR 10 trillion-IDR 25 trillion, assets of IDR 25 trillion-IDR 40 trillion, to life insurance with assets> IDR 40 trillion.
The following is a list of the best life insurance companies recommended by various media and information sources:
1. AIA Financial
AIA Financial Indonesia or better known as AIA is a leading life insurance company in Indonesia from Shanghai, China.
AIA Life is also the first company to introduce bancassurance in Indonesia in 1990. Bancassurance is an insurance product that collaborates with banks with its target customers being bank customers.
This life insurance company offers various insurance products. One of the best pure life insurance policies recommended by AIA that you can consider is AIA Critical Protection.
Because, it not only provides death benefit, but also covers the cost of treatment for critical illness risks up to the age of 99 years.
Customers are also free to choose the premium payment period, between 10-20 years with loyalty bonus benefits at the end of the insurance period.
2. Allianz Life Indonesia
Established since 1980 in Germany, Allianz is the largest health insurance and asset management company in the world.
In addition to health insurance, Allianz also has a life insurance unit that provides a variety of product choices with fairly affordable premium prices.
Allianz started its business in Indonesia by opening a representative office in 1981. In 1989, Allianz established PT Asuransi Allianz Utama Indonesia, a general insurance company.
Then, Allianz entered the life insurance, health, and pension fund business by establishing PT Asuransi Allianz Life Indonesia in 1996.
The policy that you can consider from Allianz Life is SmartLink NewFlexi Account. This policy provides protection up to the age of 100 years and investment cash value benefits at the same time.
In addition, customers can also add various riders or additional benefits ranging from critical illness coverage to premium exemption.
3. Prudential Life Insurance
Prudential Life Indonesia is one of the best life insurance companies in Indonesia.
Since the launch of its first investment-linked insurance product (unit link) in 1999, Prudential Indonesia has become the market leader for this product category in Indonesia.
One of Prudential’s best life insurance policy choices is PRULink New Generation which is available in conventional and sharia forms.
This life insurance product provides a minimum UP of IDR 200 million plus an additional 100% of the basic UP. With the requirement that the insured dies before the age of 70.
This Prudential life insurance policy is classified as unit link insurance. This means that customers can get death benefit and investment cash value at the same time.
If unit link insurance premiums are generally expensive, it is different from PRULink New Generation which you can get with a premium range starting from IDR 400 thousand per month.
4. AXA Mandiri
PT AXA Mandiri Financial Services offers life insurance, health, critical illness, property, pension and old age funds, and education products.
This subsidiary of Bank Mandiri has also served many customers in Indonesia. One of the best pure life insurance policies from AXA Mandiri is the AXA Mandiri Secure Plan.
This policy offers protection for 10 years and provides a 110% premium refund benefit if there are no claims. In fact, insurance policies that provide premium refund benefits above 100% are still relatively rare.
In addition, customers only need to pay premiums for the first 5 years for a 10-year protection benefit.
5. Simas Jiwa
Simas Jiwa Insurance is a subsidiary of the Sinar Mas Group. This insurance has four types of products, namely individual life insurance, group life insurance, sharia life insurance, and health insurance.
The Simas Jiwa life insurance policy, namely Siji Guard 4, is classified as the best life insurance ranking choice in 2020 for the best pure insurance. This policy covers the customer’s entry age up to 69 years.
The insurance money will be given if the customer dies due to illness or accident. This policy also covers the cost of hospital care due to accidents.
6. Manulife Indonesia
Manulife life insurance comes with the Essential Assurance policy, which is insurance that covers the customer’s age up to 99 years.
In addition, this policy from Manulife also provides cash value benefits and a 100% refund of the insurance money at the end of the policy.
Customers will also receive a very high death benefit from the Essential Assurance policy, which is up to IDR 2.5 billion.