This product is specifically designed to meet the post-term insurance needs of the Company’s Board of Directors and Commissioners. TM Executive Severance is a Group Life Insurance product.
Featuring coverage for death, accidental death, and end-of-term benefits, this product offers a maximum coverage period of 5 (five) years.
Benefits
Should the Participant survive until the end of the term of office, the Insurer shall pay the amount specified in the Benefit Schedule.
If the Participant resigns or withdraws during the Period of Insurance, the Insurer shall pay the Cash Value applicable at the time of resignation or withdrawal, as stated in the Benefit Schedule.
In the event of the Participant’s death due to causes other than an accident during the Period of Insurance, the Insurer shall pay 100% of the Sum Insured plus the Cash Value accumulated at the time of death.
In the event of the Participant’s death due to an accident during the Period of Insurance, the Insurer shall pay 200% of the Sum Insured plus the Cash Value accumulated at the time of death.
Policy Term
1 (one) year or as per the premium payment mode.
Cash Value
Cash Value for the current policy year.
Currency
IDR (Indonesian Rupiah)
Premium
Premiums are payable annually, semi-annually, quarterly, or monthly.
DEATH BENEFIT
In the event of death during the Policy Term, the Beneficiary shall receive a benefit equal to the Sum Insured plus the Cash Value.
Additional Insurance Benefit:
Should death occur as a result of an accident during the Policy Term, the Beneficiary shall receive a benefit equal to 2 (two) times the Sum Insured plus the Cash Value.
EMPLOYMENT TERMINATION BENEFIT
In the event of employment termination during the Policy Term, the Insured shall receive a benefit equal to the Cash Value.
MATURITY BENEFT
Should the Insured survive until the end of the contract period, the Insured shall receive the Maturity Benefit.
PARTICIPANTS
Board of Directors and Board of Commissioners.
INSURANCE PERIOD
Maximum of 5 (five) years.
PREMIUM
- Premiums are payable annually throughout the Policy Term.
– Additional premiums may be applied in the event of a salary increase.
ENTRY AGE OF THE INSURED
The determination of the Insured’s entry age is based on the premium payment period. The maximum age at the end of the premium payment period shall be the retirement age (Insured’s age + premium payment period = retirement age).
DEFINITION OF AGE
Age is calculated using the nearest birthday method.
CURRENCY
(IDR) Indonesian Rupiah
CASH VALUE
The Cash Value for the current policy year is calculated as the Cash Value from the previous year, plus the current year’s premium, less current year’s expenses. This amount is then accumulated based on the actual net investment return.
PREMIUM RESERVE
Cash Value plus Unearned Premium Reserves (UPR).
COMMISSION
A maximum of 1% of the Annual Premium.
COVERED RISKS
Death risk, Accidental risk, and Investment risk.
INTEREST RATE
Guaranteed Interest Rate.
BENEFIT PAYMENT MECHANISM
Benefit payments shall be made up to the maximum amount as stated in the Benefit Table attached to the Certificate / Policy.
Important Notes
- PT Perta Life Insurance is licensed and supervised by the Financial Services Authority (Otoritas Jasa Keuangan, OJK).
- Prospective customers must read and understand the product benefits thoroughly before deciding to purchase an Insurance Policy.
- In the event that PT Perta Life Insurance intends to make any changes to the provisions of this insurance product, including but not limited to provisions regarding benefits, fees, risks, and the terms and conditions of the Policy, PT Perta Life Insurance shall provide prior written notice no later than 30 (thirty) business days before such changes become effective.
- The information provided herein is for general guidance only and does not constitute an Insurance Policy, nor does it serve as a guarantee of investment performance by PT Perta Life Insurance.
- PertaLife Insurance reserves the right to decline your application if it does not comply with the applicable requirements and regulations.
- For further information regarding our products and claim procedures, please contact Hallo PertaLife
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