Jakarta, November 6, 2024 – PT Asuransi Allianz Life Syariah Indonesia (Allianz Syariah) has partnered with PT Bank SMBC Indonesia Tbk (SMBC Indonesia, previously Bank BTPN) to meet the public's need for Sharia-based protection. This commitment is marked by the launch of a traditional Sharia life insurance product, Guardia RENCANA Syariah. This protection solution is the first Sharia insurance product designed explicitly by Allianz Syariah for SMBC Indonesia customers, ensuring sustained welfare when life risks occur.

"Allianz Syariah and SMBC Indonesia share a vision to provide financial solutions for everyone's future. Allianz Syariah recognizes that insurance penetration in Indonesia is still under 3%, making this a great opportunity to boost Sharia insurance penetration and fulfil specific protection needs through bancassurance distribution channels. With a spirit of sharing goodwill, we will continue to provide universal life insurance solutions and services aligned with Sharia values and goodness principles," explained Achmad K. Permana, CEO of Allianz Life Syariah Indonesia.

"Aligned with the company's vision, SMBC Indonesia is committed to offering innovative and comprehensive financial solutions, leveraging global expertise with local excellence. This also applies to the investment and insurance products we offer our customers. We believe Allianz Syariah is capable of meeting our customers' needs for Sharia product options that provide future financial protection," said Darmadi Sutanto, Deputy President Director of SMBC Indonesia.

Through this strategic collaboration, Allianz Syariah and SMBC Indonesia provide traditional Sharia life insurance protection for all segments of Sinaya customers at SMBC Indonesia, accessible at all SMBC Indonesia branches offering Sharia products and supported by certified financial advisors.

The Guardia RENCANA Syariah product is designed with an 18-year insurance term and periodic contributions for the first 8 years, offering future financial planning support, including legacy planning. This aligns with Allianz Syariah's vision to provide customers with long-term and sustainable protection solutions.

Guardia RENCANA Syariah offers ease of policy application, requiring only a health declaration without a medical examination to secure maximum insurance benefits in the event of death or accidental death.

Beneficiaries receive a cash benefit of 105% of the total contributions paid. Additionally, if the insured passes away within two years, the beneficiary is entitled to an additional savings balance (available at the time). If the insured dies after two years, a 100% insurance benefit and contribution waiver benefit apply, subject to approved waiver claim terms and conditions.

The RENCANA plan offers two options – beneficiaries will receive a cash benefit at the end of the 11th policy year from the available savings balance (total of allocated and invested contributions by Allianz) if the insured passes away or dies from an accident after two years. Additionally, if the insured is still alive until the policy maturity date, they receive the available savings balance at the end of the 11th policy year and 60% of the insurance benefit at the end of the 18th policy year.

Allianz Syariah also emphasizes the value of goodness through the option of Waqf and Tabarru's contracts for mutual aid among participants. Through the Waqf feature, participants can designate up to 45% of the insurance benefit and/or 30% of the savings balance as a waqf contribution.

"We hope that with Guardia RENCANA Syariah, SMBC Indonesia customers will find maximum future protection, where participants can practice mutual support and empowerment for goodness among participants," Permana concluded.

"We hope that this partnership inaugurated today will bring positive value for all parties, including SMBC Indonesia, Allianz Syariah, and particularly SMBC Indonesia customers," Darmadi concluded.

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