PT China Life Insurance Indonesia launched the first individual endowment plan in RMB currency
09 July 2019, PT China Life Insurance Indonesia launched the first individual endowment plan in RMB currency in Indonesia life insurance market, namely the CLII Privilege Insurance Plan. This is to further support the internationalization process of the RMB currency, to provide customers with more options in asset allocation and to inject a more diversified risk protection options to the market. This product will provide up to 3.5% of guaranteed revenue annually.
Mr. Lam Kin Kwok Ken, the President Director of PT China Life Insurance Indonesia, pointed out in his speech, “We are particularly grateful for the support and guidance from the Financial Services Authority (OJK) and the Indonesian Life Insurance Association (AAJI), for giving us the opportunity to provide a more diversified product option in the market”. From today onwards, this new product could be accessed and sold through all nine branches of Bank of China Jakarta Branch.
Mr. Wang Liping, the Economic and Commercial Minister Counselor of the Embassy of the People’s Republic of China in the Republic of Indonesia, attended the launching ceremony of this product and delivered a speech. He pointed out that “I hope that PT China Life Insurance Indonesia will take this opportunity to deeply understand the Indonesian customers and continue to provide them with better products and services and to make life protection more diversified”. The launching of the first RMB insurance product is a great significance as the Indonesian Financial Services Authority (OJK) and the Indonesian Life Insurance Association (AAJI) also sent their representatives to attend this product launching ceremony.
PT China Life Insurance Indonesia officially started its operation in Indonesia on 15 August 2018. This company is a subsidiary of China Life Insurance (Overseas) Company Limited, whose vision statement is “Lifelong Promise, Lifelong Partner”. PT China Life Insurance Indonesia will keep on launching more and more different products in the future. This is to fill the gap in the life insurance market, to contribute themselves in the Indonesian life insurance market, and to provide customers with more innovative and high-quality products to aid them with the ever-changing risks.
As the first cooperation channel to sell this product, Bank of China Jakarta Branch ranked the fifth among all 114 banks and ranked the first among foreign banks in Indonesia based on the 2018 Indonesian Bank Comprehensive Business Indicators Index which is published by the latest Indonesian authoritative financial magazine “INFOBANK”.