KONTAN.CO.ID - JAKARTA. Difficult conditions during the Covid-19 pandemic caused some insurance customers to need funds. This encourages submission of surrender claims to be an option and the data shows an increase until the first semester of 2021.
The Indonesian Life Insurance Association (AAJI) noted that until the first semester of 2021, life insurance surrender claim data increased by 2.5% year-on-year (yoy) from Rp 42.29 trillion to Rp 43.35 trillion. This achievement is also higher than the first semester of 2019, which has not yet occurred in a pandemic, with a surrender claim value of IDR 42.76 trillion.
"These benefits are used by the community in difficult times to increase economic resilience and maintain the quality of life of Indonesian families," said AAJI's Head of Operations and Consumer Protection, Freddy Thamrin.
Meanwhile, this claim for redemption value also contributed the most to the total claim benefits paid in the same period of 58%. In second place, there were claims for partial withdrawals which contributed 13% and the value also increased 61% yoy to Rp 9.77 trillion.
BNI Life is one of the life insurance companies that also recorded a growth in surrender claims even though it was less than 1% yoy in August 2021. BNI Life Finance Director Eben Eser Nainggolan also said 59% of surrender claims came from unitlink products.
"Until August 2021 BNI Life has paid surrender claims of more than Rp. 712 billion with a total policy of more than 16 thousand," said Eben.
According to Eben, the increase in surrender claims experienced by BNI Life was not too significant. Instead, he saw that BNI Life customers would still keep their policies active, considering the increasing awareness of the importance of having self-protection and health. "Moreover, currently our products also cover Covid-19," added Eben.