Wednesday, May 29, 2024

Allianz Life, HSBC Indonesia launch “Premier Legacy Assurance”

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Gusty da Costa

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PT Asuransi Allianz Life Indonesia (Allianz Life) and PT Bank HSBC Indonesia (Bank HSBC) on Thursday, April 18, 2024, launched a financial protection product − the Premier Legacy Assurance − in the form of inheritance to support customers’ prosperous family life in the future.

Seeing the movement of the economy and world conditions accompanied by uncertainty and inflationary growth, the preparation of future plans for the next generation is something that needs to be prepared early. The importance of preparing future plans for the continuity of the next generation can be realized by preparing for investment, asset inheritance, and education.

Based on a survey conducted by Allianz on middle to upper middle class SES customers aged 30 to 60 years and above, 94 percent of respondents mentioned that inheritance is important for the family and 85 percent of them have started preparing inheritance for the family through insurance, but they also have a need for additional inheritance value features in insurance products. As many as 78 percent of respondents want their insurance to add value to the total inheritance that their family will receive in the future.

Alexander Grenz, Country Manager & President Director of Allianz Life Indonesia said Allianz Life has built a strategic partnership with HSBC Bank to continuously improve and expand financial solutions, one of which is through the latest legacy product. 

“This innovation is to ensure that family financial plans are not interrupted when life’s risks occur, and that customers’ quality of life is protected in the long term,” Grentz said.

Francois de Maricourt, President Director of HSBC Indonesia, said, “This year HSBC celebrates 140 years of presence in Indonesia. Together with Allianz Life we are delighted to launch Premier Legacy Assurance, a traditional whole life insurance product that aims to maximise legacy planning, for our Premier customers.”

Francois added that according to the “Quality of Life” survey reported by HSBC, it was revealed that the three main factors of a quality life are physical and mental health, financial sufficiency, and spending quality time with family. All three are closely linked to legacy planning, or how Premier customers prepare for their future.

In addition to providing the peace of mind needed, legacy planning will also help the next generation fulfil the three factors that make their lives quality in the future.

Premier Legacy Assurance is a traditional whole life insurance product that targets affluent customers as well as high net worth individuals. This legacy insurance product has a basic objective to maximize legacy planning with various beneficial advantages, such as the Sum Assured Booster Benefit in the form of an additional 20 percent of the sum insured for every 5 Policy Years.

The additional sum insured that can be obtained by the customer is a maximum of 200 percent of the initial sum insured, so that the total sum insured is a maximum of 300 percent which includes the additional sum insured from the Booster Benefit. 

This sum insured is designed to meet the needs of customers who want to leave a larger sum insured as a legacy as the next generation grows. This takes into consideration the inflation rate as well as fluctuations in asset values. With the presence of this insurance product, the inheritance obtained by the family in the future is not eroded in value by inflationary conditions and the family’s financial goals can continue to run and be fulfilled.

Introducing another advantage in this product − theEnd of Contract Benefit. The customer will get the benefit according to the amount stated in the policy, which can reach a maximum total of 300 percent of the sum insured. This provision includes an additional sum insured from the booster benefit, thus ensuring comprehensive protection. 

In addition, this product offers flexibility tailored to customers’ preferences, allowing them to choose the premium payment period that best suits their needs. Customers can choose the premium payment period, namely Single Basic Premium or Periodic Basic Premium for 3 years with an Insurance Period up to the Insured Age of 100 years.

“Premier Legacy Assurance is the answer to the desire of Premier customers who are looking for solutions to add to the amount of inheritance in addition to the assets they already have today,” Lanny Hendra, Wealth and Personal Banking Director, HSBC Indonesia, said.

“In addition, the Sum Assured booster feature of this product certainly answers their concerns about the effect of inflation on the amount of inheritance that will be given to the next generation,” she added. 

Through the launch of Premier Legacy Assurance, Allianz Life and HSBC Bank strive for Indonesian families to live in peace by preparing an inheritance whose value can grow over time as the family’s life evolves.

Gusty da Costa

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Editor

 

Interview

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