Citibank's Indonesia unit and PT Prudential Life Assurance have agreed to establish a partnership to market Ultimatelink, a unit-link product that enables Citibank customers to make an investment and also receive insurance protection.
As part of the agreement, Citibank and Prudential will offer two types of unit-link products, namely Ultimatelink assurance account and Ultimatelink investor account. Both products will be offered in two currencies, rupiah and US dollars.
Citibank will serve as the marketing agent or referrer to Prudential for Citibank customers, while Prudential will allocate a number of financial service consultants in Citibank branches to provide in-depth explanation about the two Ultimatelink accounts.
Ultimatelink allows customers to tailor their insurance coverage as customers can add insurance coverage from 12 riders, in addition to life and accident insurance.
This is part of our continuing commitment to provide the best services to our customers, said Citibank’s country business manager for the global consumer group, Shariq Mukhtar.
President director of PT Prudential Life Assurance Kevin Holmgren said: Unit-link products make up 38% of the total types of insurance available in Indonesia. Industry trends suggest that there is a significant growth in the demand for unit-link product that provides double benefits.
Ultimatelink provides flexibility in deciding insurance protection based on customers’ profile and presents optimal investment outcome through five investment products in line with customers objective and risk profile, Mr Holmgren continued.