Asuransi Jiwa Manulife Indonesia

DBS Indonesia, the local unit of Singapore's DBS Bank, plans to expand its bancassurance business by 40 percent this year as it seeks to tap into its nine-year partnership with Asuransi Jiwa Manulife Indonesia, the local life insurance arm of Canada's Manulife Financial Corporation.

The bank, in collaboration with Asuransi Jiwa Manulife Indonesia, launched MiWealth Protection on Wednesday, which is a single-premium life insurance product linked with investment that targets future retirees. The launch was another bid to capture the ever-expanding young middle class in Indonesia, a market where only 2.5 percent of the 250 million population have life insurance.

Indonesia is often regarded as a promising market for life insurance consumers due to its massive pool of young middle class population who are just starting to plan for retirement, in contrast to the aging population of its peers in the region such as Hong Kong and Singapore. Our newest study showed that only 47 percent of Indonesians feel that they have sufficient funds for retirement.