Zurich Topas Life, the insurance subsidiary of Mayapada Group, and Bank CTBC Indonesia, the local arm of Taiwanese CTBC Bank, announced on Tuesday (25/10) that they have introduced two bancassurance products that will provide life insurance products to borrowers.
Bancassurance, or bank insurance, is a partnership between a commercial lender and an insurance company, where the insurer takes advantage of the bank's sales channel to sell its products.
Zurich and Bank CTBC – previously known as Bank Chinatrust Indonesia – introduced credit life insurance products ProteksiKu and ProteksiKu Tetap that specifically target owners of small and medium enterprises.
The products are life insurance policies designed to pay off loans if the debtor dies.
ProteksiKu offers insurance premiums and insurance benefits that can be adjusted in accordance with the amount of money borrowed by a client of Bank CTBC, while ProteksiKu Tetap offers life insurance benefits in three scenarios: benefits equivalent to 50 percent; 75 percent and 100 percent of the debtor's loan value.
"Different compared to large corporations, SMEs have high dependency on their owners. With the credit life insurance products, SMEs can be more focused on developing their businesses without having to worry about outstanding loans if something unwanted happens to the owners, who are also borrowers," Zurich Topas Life president director Peter Huber said.
Both products are accessible at all Bank CTBC Indonesia offices in Jakarta, Bekasi (West Java) and Tangerang (Banten).
The lender's global parent CTBC Bank, operates 150 branch offices in Taiwan and more than 100 in several other countries, including the United States, Canada, Japan, India, Indonesia, the Philippines, Thailand, Vietnam, Hong Kong, Singapore, Myanmar, Malaysia, Australia and China.
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