OVO Ties up With Prudential Indonesia to Offer Shariah-Compliant Digital Life Insurance
JAKARTA – IDFinancials.
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.
Jason Thompson, CEO of OVO said,
“This launch marks OVO’s entry in the life insurance and sharia insurance space.
By combining OVO’s strong digital reach and capabilities together with Prudential Indonesia’s expertise in insurance, we can make sharia life insurance affordable and easily accessible for Indonesians all over the country, enabling them to protect themselves and their loved ones amid the country’s low penetration rates.”
Jens Reisch, President Director of Prudential Indonesia said,
“The launch of PRUTect Care – Hospital Cash Insurance reflects Prudential’s and OVO’s joint vision to create a healthier and more prosperous society, as well as our commitment to providing affordable and easily accessible life protection products amidst low insurance penetration and financial literacy in Indonesia.
The realisation of our strategic partnership with OVO through PRUTect Care – Hospital Cash will enable Prudential Indonesia to reach more users, meet their continuously evolving needs for protection, and help them to get the best out of life,”