China Life Insurance Indonesia president director Lam Kin Kwok Ken speaks during the launch of the CLII Privilege Insurance Plan in Jakarta on Tuesday. (Photo courtesy of China Life Insurance)

China Life Insurance Indonesia Launches First Renminbi-Denominated Individual Endowment Plan

JULY 12, 2019

Jakarta. China Life Insurance Indonesia launched the first renminbi-denominated individual endowment plan in the archipelago. 

The CLII Privilege Insurance Plan is aimed at supporting the internationalization process of the Chinese currency, to provide customers with more options in asset allocation and to inject more diversified risk protection options into the market. The product will provide guaranteed revenue of up to 3.5 percent annually.

"We are particularly grateful for the support and guidance from the Financial Services Authority [OJK] and the Indonesian Life Insurance Association [AAJI], for giving us the opportunity to provide a more diversified product option in the market," China Life Insurance Indonesia president director Lam Kin Kwok Ken said at the product launch on Tuesday.

The product is currently available at all nine branches of the Bank of China in Indonesia.

"I hope China Life Insurance Indonesia will take this opportunity to deeply understand Indonesian customers and continue to provide them with better products and services to make life protection more diversified," Wang Liping, minister counsellor for economic and commercial affairs at the Chinese Embassy, said during the launch.

Representatives of the OJK and AAJI also attended the product launch.

China Life Insurance Indonesia launched its operations in Indonesia on Aug. 15 last year. The subsidiary of China Life Insurance Company plans to launch more insurance products at a later date.