Jakarta - PT Bank Danamon Indonesia Tbk (Danamon) and PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) launched an initiative today to broaden access to life insurance by providing affordable insurance solutions through Danamon’s micro finance unit, Danamon Simpan Pinjam (DSP). Through this initiative, Danamon and Manulife Indonesia’s affordable insurance product Primajaga 100 will be made available through DSP’s wide and strategically located branch network, ensuring easy accessibility to target customers.
“This initiative is part of our mutual commitment to bring the benefits of life insurance to the mass market segment, which currently does not have easy access to appropriate insurance products. We believe that the benefits of life insurance should be accessible to all customer segments and, through this initiative, we aim to provide affordable protection to those who previously were largely untouched by financial services. As such, I am proud to launch this initiative, which will fully leverage our wide Danamon Simpan Pinjam network,” said Henry Ho, President Director, Danamon.
Primajaga 100 is a term life insurance product that has a monthly premium starting as low as Rp10,000 up to Rp1,000,000. At such affordable premiums, Primajaga 100 policyholders gain protection against the risk of death or disability, where in the event of a claim, beneficiaries of the policy will receive compensation to offset the family’s loss of income. In addition to this, should there be no claim during the period of coverage, 100 percent of the premiums paid will be returned.
“Awareness on the importance of insurance protection among the Indonesian community is increasing. The introduction of Primajaga 100 through Bank Danamon Simpan Pinjam network provides Danamon and Manulife an opportunity to provide forward thinking insurance solutions to an important and growing segment of the Indonesian community,” said Chris Bendl, Chief Executive Officer and President Director, Manulife Indonesia.
Through Danamon Simpan Pinjam, customers can enjoy an easy application process, which requires no health check-ups, and premium payments can be made easily through an auto-debit facility linked to Si Pinter, a Danamon Simpan Pinjam savings account. The Danamon Simpan Pinjam branch is a one-stop shop for customers – here they can get their insurance contracts, file claims, pay for premiums, and speak with financial planners about their needs.
“We are very pleased that the partnership between Danamon and Manulife has now extended to Danamon Simpan Pinjam. This initiative improves access to insurance for low-income families, and thus provides these families with a more secure financial future. This is in line with our vision to care for and enable millions to prosper, and it shows our commitment to provide customers with a full range of financial services, from savings, to loans, to insurance,” said Khoe Minhari Handikusuma, Micro Banking Director, Danamon.
The implementation of this initiative will be conducted in stages. Starting in the first quarter of 2013, 44 Danamon Simpan Pinjam branches in Sumatera will start offering Primajaga 100, while 96 additional branches in South Sumatera will follow in the second quarter of 2013. By the third quarter of 2013, customers will be able to obtain affordable protection in an additional 103 Danamon Simpan Pinjam Branch.
PT Bank Danamon Indonesia Tbk. (Danamon) was established in 1956 and as of December 31, 2012 operates over 3,300 branches and points of sales, including its Danamon Simpan Pinjam (DSP) and Syariah units as well as its subsidiaries branches. As of December 31, 2012 Danamon provides its customers with access to over 30,000 ATMs, including through its association with ATM Bersama and ALTO, in all 33 provinces in Indonesia. Danamon manages IDR 155.8 trillion in assets as of December 2012.
Danamon was recently awarded as the Best Private Bank with over IDR10 trillion in Assets in Risk Management Education at the Indonesia Enterprise Risk Management Award 2012 from Business Review. Danamon also received Digital Brand of the Year 2012 Award in the Credit Card Category from Infobank. Internationally, Danamon received “Best Corporate Governance” in FinanceAsia’s Asia’s Best Companies 2012 poll.
Danamon is the sole issuer and acquirer of American Express® cards in Indonesia under an independent operator agreement which allows it to issue American Express cards to individual and corporate clients. Danamon is also the only bank which provides services to local merchants who accept American Express Cards and for signing up new merchant partners in Indonesia. Danamon is also the sole license holder of Manchester United cards in Indonesia, allowing the Bank to issue Manchester United ATM/Debit cards and credit cards.
PT Adira Dinamika Multi Finance Tbk (Adira Finance), the automotive financing subsidiary of Danamon, operates an extensive branch network in more than 260 cities in Indonesia. Danamon is also the majority owner of PT Asuransi Adira Dinamika (Adira Insurance), a general insurance company and PT Adira Quantum Multifinance (Adira Kredit), a durable goods financing company
As of December 31, 2012, Danamon was 67.37% owned by Asia Financial (Indonesia) Pte. Ltd. and 32.63% by the public. On April 2, 2012, Danamon has been informed by Fullerton Financial Holdings Pte. Ltd., that it has entered into a share purchase agreement with DBS Group Holdings to sell its interest in the whole of the issued share capital of Asia Financial (Indonesia) Pte. Ltd. to DBS. The transaction is subject to the approvals, among others, of DBS shareholders and regulators in Singapore and Indonesia, including Bank Indonesia.
For further information regarding Danamon, please visit Danamon’s corporate website at: www.danamon.co.id
Manulife Indonesia offers the most comprehensive products and services in the Indonesian financial services industry through life insurance and employee benefits from PT Asuransi Jiwa Manulife Indonesia and through mutual funds and asset management services from PT Manulife Aset Manajemen Indonesia. Headquartered in Jakarta, PT Asuransi Jiwa Manulife Indonesia operates through a network of marketing offices in 24 cities across the country, supported by more than 10,000 employees and professional agents and has approximately 1.7 million in-force policies.
Manulife Indonesia has earned several prestigious awards in 2012:
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$555 billion (US$$547 billion) as at March 31, 2013. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
Zsa Zsa Yusharyahya, Head of Public Affairs
PT Bank Danamon Indonesia Tbk
Telephone (+6221) 57991001-03 ext. 8301/8323
Fax. (+6221) 57991161
Mobile: (+62 81 1109369.
Adi Chandra, Marketing and Communications Dept. Head, Vice President, PT Asuransi Jiwa Manulife Indonesia
Telephone (+6221) 2555 2372 Fax. (+6221) 2555 2278
Mobile (+6281 5953 9999)