Eka Life launches Excellink

JAKARTA: Eka Life insurance, a joint venture between Sinar Mas Group of Indonesia and Ayala Group of the Philippines, launched on Monday a new life insurance product that combines protection and investment services.

CEO Willy Nusantara told a press conference that the new product, called Excellink, offers insurance coverage for death caused either by illness or accidents and benefits from the funds invested in various investment products with a tenure of 18 years.

Just like savings in banks, policy holders are free to increase or withdraw their funds anytime, he said.

He said the introduction of Excellink was expected to help increase the company's premiums income from over Rp 150 billion (US$ 16.67 million) as of the start of this year to Rp 400 billion as of the end of the year.

"We hope we can generate Rp 150 billion in premiums from Excellink alone," he said.

Eka Life, whose risk-based capital reached 129 percent as of last December -- far higher than the 75 percent required by the government -- now operates 60 branches throughout the country and hires about 3,000 employees. --JP