DBS Indonesia and Manulife Indonesia Launch Joint Financial Solution
DBS Indonesia and Manulife Indonesia have announced that they have formed a partnership to address customers’ needs and help realise their financial goals through a newly launched financial solution MiTreasure Flexi Assurance (MiFA) amid the currently challenging global landscape triggered by the Covid-19 pandemic.
Through this product, Manulife and Bank DBS Indonesia offers investment and long-term protection that customers need, according to a press release.
Paulus Sutisna, President Director, DBS Indonesia, said: “MiFA launch is a testament to the commitment of Bank DBS Indonesia to ceaselessly provide services and address customers’ needs, especially our priority customers who have trusted us to carry out their asset management. We are confident that this partnership with Manulife will elevate our customers’ comfort and peace of mind as they work toward their financial goals.”
Ryan Charland, President Director and CEO, Manulife Indonesia, said: “We understand that customers need protection solutions that are more diverse. MiFa is a comprehensive solution that allows customers to optimise fund growth through investment, meet their long-term needs, and on top of that protect Indonesian families. This is the financial solution for those who know the importance of financial planning, of anticipating market movement, and of protecting themselves and their families from the multitude of risks in the future.”
As customers need to sustain their current lifestyle in the future and upon entering their golden period, it is likely that there will be challenges that shift or even lessen the value of their financial assets. The reason may be market volatility or global financial dynamics, which could prompt customers to trim their lifestyle to ensure that their essential needs are covered.
Unfortunately, more often than not, those challenges are not met with a reliable financial plan. According to Manulife Investment Sentiment Index (MISI) XI, investors allocate less than 20% of their savings for their golden period and only 10% of investors that rely on insurance to prepare for retirement or their golden days later in life. While insurance is an option for them to bolster their financial condition after they are no longer productive, the number of investors who have made insurance as their financial choice remains low.
Considering the low needs for insurance as the financial instrument for non-productive days, MiFA is launched as the solution. This product is designed to protect a customer’s financial assets and can be continued by the next generations. MiTreasure Flexi Assurance is a life insurance product with extensive benefits and provides lifelong protection until 110 years of age, complemented with investment feature and a wide variety of riders (additional insurance) to complement customer’s need. Its long-term protection affords the customers enough room to be well-prepared for their future and to prepare the financial legacy for the next generations, sustaining the same lifestyle as the customers’ productive years.
In addition, this product allocates 50% of funds for investment during the first year and 100% investment from the second to the tenth year, and 102% investment starting from the eleventh year of policy. Customer will receive loyalty benefits up to 200% of the annual basic premium at the end of the fifth-year policy according to the terms and conditions of the product. At the end of a contract, customer will receive the accumulated policy value that they can utilise as their financial asset.
DBS Indonesia and Manulife has been partnering since 2016, according to the press release, and together have launched various products from unit link, life insurance, to health insurance. MiTreasure Flexi Assurance will be available through the bancassurance channel of Bank DBS Indonesia.