AIA launches new products

JAKARTA (JP) : Life insurance schemes have become increasingly preferable investment vehicle alternatives, the vice president of PT Asuransi AIA Indonesia life insurance company, Angger P Yuwono, said on Wednesday.

Yuwono said the collapse of the banking industry had prompted an increasing number of people to shift a portion of their savings to insurance companies.

AIA director and general manager Mark S. O'Dell said the Indonesian-American insurance joint venture increased its premium income 150 percent to Rp 118.50 billion (US$17.6 million) last year.

The two executives made the observations at a news conference held to launch two new AIA life insurance products.

One of the new products is Provider 88. It offers life insurance coverage, with seven or 21 premium payments, until the policyholder reaches 88 years of age. The other product is ARTA 15, which provides 15 years of life insurance coverage with only five years of payment emphasizing the savings aspect.

The company said the products presented two benefits, namely an annual bonus and, starting from the second year, guaranteed cash value every three years. (01)