Traditional Life Insurance Products
The life
insurance Indonesia products consist of two main types: traditional life
insurance and unit-linked insurance account. I will discuss financial results
of three types of traditional insurance in Indonesia.
Three traditional
types of life insurance
Traditional life insurance consists of three types of
long-term insurance (Termlife), life insurance (of Wholelife) and endowment
insurance (staffing). Here is an explanation of the three types of traditional
life insurance.
Insurance Termlife
(futures)
As its name suggests Termlife insurance (long-term), this
traditional life insurance provides protection for a period of tertetu.
Characteristic is the presence of Termlife specific time period insurance and
if it does not there will not refund premium payment of benefits or insurance
money.
Termlife insurance premiums life insurance more traditional
low and coverage is quite large sums of money. Termlife life insurance has no
cash. If the insurance contract expires and no claims then the insurance
company will not pay money.
Whole life insurance
(whole life)
The next traditional life insurance whole life insurance
(life). In general, the protection afforded to the age of 99 years. Features
Wholelife insurance is the protection period until the age of 99 years. Whole
life insurance has a cash value. The redemption value can be borrowed (interest
and rules may be made to each company). The insurance company will pay benefits
or insurance money disaster in the contract period or at the end of the
insurance contract.
Projector (staffing)
The third traditional life insurance is an insurance product
that is quite unique. This insurance is usually combined with a kind of
specific purpose, such as insurance education, pension insurance. Projector is
insurance that can be considered popular at the time of unit-linked insurance
account was not out. Read: Principles of Insurance and Elements of Insurance Contract
Projector has features similar to the whole life insurance
(life) in terms of implementation and payment of cash benefits. One of the
advantages of whole life insurance is a
benefit payable at the time given schema, for example to fund education will
come in stages, for example, when children enter elementary, secondary, high
school, and the education. This endowment insurance has premiums that are more
expensive compared to other traditional life insurance premiums.
Conclusion
Life insurance in Indonesia is not only unitlink. In
Indonesia, the different types of traditional life, as life insurance Termlife
(forward), life insurance (whole life) and staffing of traditional life
insurance (staffing).
Keyword: traditional life insurance, insurance product, insurance traditional,
traditional life insurance products.