Jakarta, 7 July 2010 – Addressing customers’ demand for unit link and education endowment products, PT CIMB Sun Life (CIMB Sun Life) is launching two new products: Asuransi X-Tra Choice (X-Tra Choice) and Asuransi X-Tra Cerdas (X-Tra Cerdas). X-Tra Choice is a single premium unit link product and X-Tra Cerdas is an education endowment product. The launch of these products come on the heels of the company’s recent launch of the Asuransi Cahaya Investa, a unit link regular premium product.
“Our recent research shows that unit link and educational savings are two most demanding type of products in the Indonesian market. The launch of these two products indicates CIMB Sun Life’s high commitment in providing life insurance protection, savings and investment solutions that our Indonesian customers say they want,” said Vivien Kusumowardhani, President Director of CIMB Sun Life. “We believe these products will help support and protect our customers in their financial planning objectives,” she added.
As a unit link product, X-Tra Choice offers life insurance protection and investment benefits in one product. Both benefits protect customers’ as well as their family’s financial planning today and in the future. The life insurance benefit provides financial protection to a customer’s family or beneficiary in the event of death. At the same time, the customer can make use of the investment benefit when they need it or upon policy maturity date.
X-Tra Choice also offers high flexibility in investment management. Customers can adjust their investment strategy by changing their portfolio whenever they need it, allowing them to align it with their changing financial goals and risk profile. The high flexibility of X-Tra Choice is made possible by the 4 types of funds behind this product, namely - CSL Link Ekuitas, CSL Link Ekuitas Syariah, CSL Link Berimbang and CSL Link Pasar Uang, which are designed to meet various customers’ risk profiles from conservative, moderate to high.
Meanwhile, X-Tra Cerdas is an education endowment product providing customers with child’s education fund and life insurance protection for parents as the insured. The education fund will be provided in every stage of the child’s education from elementary school, middle school to university. The life insurance benefit will be paid if the insured dies during the coverage period, where the beneficiary will receive the sum assured. In the event of death of the insured, the beneficiary will be released from his/her obligation to pay the premium and the education fund will be paid as scheduled.
X-Tra Choice and X-Tra Cerdas will be offered through two different distribution channels: In-Branch or through CIMB Niaga’s branches across Indonesia for the X-Tra Choice product; and Telemarketing or through phone call for the X-Tra Cerdas product. By offering the products through these channels, CIMB Sun Life is providing wider and easier access for customers.
Responding to CIMB Sun Life new product launches, Arwin Rasyid, President Director of CIMB Niaga said, “We really welcome the new CIMB Sun Life’s products. We hope that these products will provide the right financial solutions to our customers, answering their demand on these products. The synergy between CIMB Niaga and CIMB Sun Life – both as subsidiaries of CIMB Group in Indonesia is believed to support CIMB Niaga’s ambition to become the most trusted bank in Indonesia.”
A joint venture life insurance company between CIG Berhad (a subsidiary of CIMB Group), PT Bank Niaga Tbk (CIMB Niaga), and Sun Life Financial Inc, CIMB Sun Life was officially launched in 28 July 2009 and aims to become the major provider of life, accident and health insurance products to CIMB Niaga’s customers through its over 670 branches and direct channels across Indonesia. CIMB Sun Life offers products through its 4 distribution channels: Telemarketing, In-Branch Automatic, Tele Direct and now In-Branch.
About CIMB Sun Life
CIMB Sun Life is a joint venture life insurance company between CIG Berhad – a subsidiary of CIMB Group, PT Bank Niaga Tbk (CIMB Niaga), and Sun Life Financial Inc. through PT Sun Life Indonesia Services (SIS). CIMB Sun Life leverages the combined strengths of the two organizations: Sun Life Financial’s insurance expertise and infrastructure, and CIMB Group’s extensive treasury capabilities and distribution strength.
In almost one year of its operation, CIMB Sun Life offers various products such as X-Tra Medika Plus, X-Tra Siaga Plus, and X-Tra Siaga through its Telemarketing channel, and Credit Life Insurance for home loan customers through its In-Branch Automatic channel to CIMB Niaga’s customers. Recently, CIMB Sun Life also launched Asuransi Cahaya Investa through its Tele Direct channel.
For further information, please contact:
Nadya Siregar
Head of Marketing & Corporate Communications
PT CIMB Sun Life
Tel: 62-21 2994 2888
Fax: 62-21 2994 2800
E-mail: nadya.siregar@cimbsunlife.com