Prudential Indonesia & OVO

Indonesian e-wallet unicorn OVO has expanded its partnership with Prudential Indonesia to launch a digital shariah life insurance product with affordable premiums. The Asuransi Jiwa Kumpulan Syariah PRUTect Care product is provided by Prudential Indonesia through insurance broker PT Salvus Inti and can be accessed through OVO’s app.

It is designed to offer users a highly affordable, highly accessible, shariah-compliant life insurance product. This arrangement gives Prudential Indonesia access to OVO’s large user base nationwide, spanning all of Indonesia’s 34 provinces. Users have a choice of monthly or yearly contribution payment schemes, starting from around IDR 5,000 (US$0.34) per month.

The product provides basic death-benefit and other preferred protections, such as daily hospital cash (non-ICU-Intensive Care Unit), daily hospital cash (ICU), permanent disability due to total accident benefit, death benefit due to infectious diseases and death benefit due to accident.

In 2019, Prudential Indonesia established a long-term partnership with OVO to expand access to life insurance for the Indonesians. In early 2020, OVO and Prudential Indonesia collaborated to provide premium-free accident and COVID-19 life insurance to help Indonesians at the onset of the COVID-19 pandemic. Approximately 222,000 individuals registered through the OVO platform during the programme period, which ran until 31 May 2020.