A Financial Need Exists Claims for the Redemption of Insurance Units Could Increase Before Eid

 

Ramadan and the days leading up to Eid are known for having extremely high financial demands. Additionally, this Ramadan is the first one in which there are no restrictions on community activities. (PPKM).

There are several ways that are typically used, one of which is to submit a claim for the redemption of an insurance unit, also known as surrender or partial withdrawal.

It is unlikely, but it is still conceivable, that this will occur this year.

Togar Pasaribu, executive director of the Indonesian Life Insurance Association (AAJI), is aware that it is possible for owners to request the redemption of units at times like these.

Togar said on Friday, "There is a possibility, but it's usually not that big."

He realizes that the vacation allowance that some people also receive can still be used to meet the financial needs during this Ramadan period. Therefore, he says that there is no pressing need for the public to submit claims for the redemption of units for insurance coverage.

According to the most recent OJK statistics from January 2023, unit redemption claims are still seen as having decreased from the same time last year. an approximate 13% decline to Rp 6.22 trillion.

He continued, "Usually it is high if there is a pressing need, like for money for education.

According to statistics at BNI Life, the finance director of BNI Life said there hasn't been a rise in surrender claims in advance of the Eid season thus far.

He stated, "Payment for withdrawal claims is still typical.

Eben emphasized that his party is extremely prepared and excellently able to settle client claims in accordance with the policy's provisions. Whereas, unitlink products are used by about 79% of consumers who submit surrender claims to BNI Life.

In the meantime, up until February 2023, relinquish claims at BNI Life had risen by about 35%, or Rp 295 billion, when compared to the same period in 2018.

To ensure that policyholders are adequately safeguarded, he said, "We provide comprehensive product explanations, information transparency, and improve customer asset governance."