UOB Indonesia and Prudential Indonesia launch endowment plan, USave PRUStar, to help customers invest for the future

Jakarta, 17 July 2019  – PT Bank UOB Indonesia (UOB Indonesia) and PT Prudential Life Assurance (Prudential Indonesia) today announced a new endowment plan, USave PRUStar.

USave PRUStar offers the benefits of both life insurance coverage and wealth enhancement under a single endowment plan. It is the first bancassurance product in Indonesia to offer an annual cash bonus from the annual premium which customers can reinvest for their future financial needs.

Although Indonesia is seeing strong economic growth, increasing affluence and a rising middle-income population, insurance penetration is only 3.01 per cent. Awareness of and accessibility to insurance products such as through banks can help bridge this gap.

Through USave PRUStar’s annual premium from as low as IDR3.6 million a year for a period of five years, customers can receive coverage for 10 years. In addition, customers can also enjoy a cash bonus of six per cent of their annual premiums from the first to the ninth year, after which they can reinvest the cash bonus to generate even more savings in the future. Upon maturity of the policy, they will receive the full accumulated premium plus 10 per cent bonus for the term of the policy. In the event of natural or accidental death4 of the holder, USave PRUStar life insurance provides the beneficiary a double benefit of up to 240 per cent of the sum assured. Consumers can also benefit from the hassle-free access to insurance products by a guaranteed issuance offered by USave PRUStar..

Kevin Lam, President Director of UOB Indonesia, said, “The launch of our new endowment plan, USave PRUStar reflects our mutual commitment to creating financial solutions that are in the best interests of consumers and that are essential to their lifestyles and life stages. Our collaboration with Prudential Indonesia combines our experience in the financial market with Prudential’s insurance expertise to help customers meet their financial goals. With USave PRUStar, consumers can save regularly and prudently to build a nest egg for the future.”

Jens Reisch, President Director of Prudential Indonesia said, “We believe that our continued partnership with UOB Indonesia reinforces our continuous effort to widen the insurance penetration in Indonesia. We look forward to fulfilling our commitment to providing long-term life and financial protection to individual and families across the country. This product demonstrates our long-term commitment that is well-aligned with our current We Do Wealth focus under the We Do campaign.”

USave PRUStar is offered at all UOB Indonesia’s branches.