Sinarmas MSIG Life dan Bank Sinarmas Introduce Sinarmas Maxi Life

Properity Guaranteed, Maximum Protected Family Now and Later

Jakarta, 27 Februari 2023 - PT Asuransi Jiwa Sinarmas MSIG Tbk (Sinarmas MSIG Life) dan PT Bank Sinarmas Tbk (Bank Sinarmas), introduce Sinarmas Maxi Life as a definite financial planning solution for the welfare of Indonesian families with maximum protection benefits in the form of life benefits at the end of the contract or death benefits for up to 75 or 100 years, and free from premium increases.

Based on survey from Populix regarding Insurance Product1, life and pension insurance are the second and third place for insurance products chosen by the public among other insurance products after health insurance. Meanwhile, a survey from Deloitte2 stated that 31% of the millennial generation still feel that they cannot retire financially comfortably. This condition shows that financial planning for well-being in old age is needed, but many people still don't prepare it.

Wianto Chen, Presiden Director of Sinarmas MSIG Life explained, “Choosing life insurance with lifetime protection is the right strategy for planning a calm and prosperous life while still enjoying life with your family to the fullest. Together with Bank Sinarmas, we present Sinarmas Maxi Life as a protection solution that provides sure guarantees but remains flexible in choosing the protection period, currency and method of payment."

Sinarmas Maxi Life has several advantages including, a premium paying period from 5 to 20 years, guaranteed life benefits at the end of the contract of 100% of the sum insured at the end of the insurance period, flexible currency options that make it easy for customers to choose IDR or USD currency, Guaranteed maximum death benefit with 100% of the sum insured during the insurance period, entry age up to 70 years, fixed premium amount and can get a special premium discount for sum insured above Rp. 1 billion.

"Bank Sinarmas as one of the banks that is committed to becoming a long-term financial solution always presents products that provide convenience and benefits for customers. We are collaborating with Sinarmas MSIG Life to launch Sinarmas Maxi Life which provides peace of mind for customers in preparing for family welfare and comfort until old age." added Frenky Tirtowijoyo, Presiden Director of Bank Sinarmas.

As the preferred partner for Bancassurance collaboration, Sinarmas MSIG Life and Bank Sinarmas continue to add financial solution options for Bank Sinarmas customers. The collaboration that has been established consistently for more than 10 years has brought Sinarmas MSIG Life to the 8th rank in the industry (fellow JV companies) for the Bancassurance distribution channel in 2022.

About Sinarmas MSIG Life

PT Asuransi Jiwa Sinarmas MSIG Tbk. (also known as Sinarmas MSIG Life - SMiLe), began to enliven the national life insurance industry as PT Asuransi Jiwa Purnamala Internasional Indonesia (PII) on April 14, 1985. After undergoing two transformation processes, Sinarmas MSIG Life emerged as a joint venture company between PT Sinar Mas Multiartha Tbk and the giant Japanese insurance group, Mitsui Sumitomo Insurance Co., Ltd. in 2011.

The new chapter of the Company's progress was recorded on June 28 2019 when Sinarmas MSIG Life officially became a public company under the name PT Asuransi Jiwa Sinarmas MSIG Tbk. On July 9 2019, Sinarmas MSIG Life shares (stock code: LIFE) began to go public on the Indonesia Stock Exchange. Simultaneously, Mitsui Sumitomo Insurance Co., Ltd. (MSI) officially became the controlling shareholder with a shareholding composition of Mitsui Sumitomo Insurance Co., Ltd. (80%), PT Sinar Mas Multiartha Tbk (12.5%) and the public (7.5%).

About Bank Sinarmas

PT Bank Sinarmas Tbk. was established on August 18, 1989 in Jakarta under the name PT Bank Shinta Indonesia. The Bank obtained status as a Foreign Exchange Commercial Bank providing banking services for foreign exchange transactions in 1995.

PT Sinarmas Multiartha Tbk. a financial services company under the Sinarmas business group took over 21% of PT Bank Shinta Indonesia's shares in 2005. The bank changed its name to PT Bank Sinarmas in December 2006.

PT Bank Sinarmas Tbk. obtained a license to establish a Sharia Business Unit (UUS) in 2009, based on a Decree of the Deputy Governor of Bank Indonesia. In the same year, the Bank was also given authorization to carry out Trustee business activities by Bapepam (Now OJK). PT Bank Sinarmas Tbk. conducted an Initial Public Offering (IPO) on December 13, 2010.