Mon, 15 May 2000

SCB launches new scheme

JAKARTA (JP): Standard Chartered Bank (SCB), in cooperation with insurance company CIGNA International, launched on Saturday a new savings scheme combining a regular savings account with insurance coverage.

"Our research shows that banking customers in Indonesia view insurance protection as a value-added benefit," Standard Chartered's country head of consumer banking, Farhad Irani, said.

Savings Plus comes with free life insurance coverage, personal accident coverage and a hospital cash plan.

The life insurance coverage is for 100 percent of a customer's average balance, up to a maximum of Rp 200 million, while the personal accident coverage is equal to 200 percent of the customer's average balance, up to a maximum of Rp 400 million. The hospital cash plan provides a daily payment of up to Rp 250,000 when a customer is hospitalized.

The higher the balance in the customer's account, the higher the insurance protection, the bank said in a statement.

CIGNA chief executive officer for Indonesia Steven Lee Novkov said the combination of insurance coverage and a savings account had never before been offered.

"We hope Standard Chartered customers will derive a benefit from the scheme," he said.

The London-based Standard Chartered has operated in Indonesia since 1863. It now has five branches -- in Jakarta, Bandung, Semarang, Surabaya and Medan. (10)