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JAKARTA, 6 August 2018 – After launching insurance benefits waqf for its sharia insurance product last year, today PT Sun Life Financial Indonesia ("Sun Life") repositioned the Brilliance Hasanah Maxima Insurance product by adding new facilities called periodic waqf. The innovation presented in this product dedicated to waqf allows customers to plan their future finances while making endowment such as waqf at the same time with certainty today and in the future.
Elin Waty, President Director of Sun Life said, “The variety of facilities that we deliver through Brilliance Hasanah Maxima Insurance products is a testament to our seriousness in providing services and complete sharia-based insurance products, and assisting the community in making endowment such as waqf services regularly. This product is expected to be a mean of fundraiser through a periodic waqf feature that distributes waqf funds since the first premium payment. In addition to the value of goodness, waqf funds also contribute to the development of the state.”
In managing the distribution of the collected waqf funds, Sun Life is collaborating with trusted waqf asset management agencies (nazhir), namely Indonesian Waqf Board (BWI), Dompet Dhuafa, Rumah Wakaf, and 174 institutions registered with the BWI. As one of the trusted waqf management partners, Dompet Dhuafa welcomes the trust and cooperation with Sun Life. “In optimizing the potential and channeling waqf funds for the welfare of the people, we need supports from various parties, including sharia-based financial management institutions. The funds raised will then be channeled by nazhir to various social sectors in need, ranging from education, economics to health. In the health sector, for example, Dompet Dhuafa currently has a waqf-based hospital network in various regions in Indonesia, one of which is the AK Medika Sribhawono Hospital in East Lampung,” said Yuniarko, Director of Dompet Dhuafa Waqf Mobilization.
Viewing from its potential, the Indonesian Waqf Board (BWI) calculates the potential of endowments in Indonesia to reach IDR 180 trillion. Yet, in 2017, the endowment fund collection has only reached IDR 400 billion. Whereas, if properly collected and managed, the waqf object can be used as a strategic investment in an effort to eliminate poverty and overcome backwardness in the fields of economy, education, and health. The understanding of society that considers waqf object is limited to land or buildings (immovable waqf), is suspected to be one reason that causes the potential of waqf is not optimal. The presence of waqf benefits in sharia insurance product from Sun Life, especially the Brilliance Hasanah Maxima Insurance product facilitates the public to no longer delay giving endowment. “Sun Life believes that sharia insurance with its virtue values offers great benefits to the wider community. Through this product, we want to educate and help the community to be able to give waqf with certainty, today and in the future. More certainty with no deductions (100% directly distributed) and the support of trusted Nazhir partners; can be performed as early as possible with waqf funds that are directly distributed from the first payment of the contribution and subsequently according to the frequency of payment of the contribution that the customer chooses; and help to carry out the will to give endowment on insurance and investment benefits when customers die. Now, there is no more reason to delay giving endowment because #LebihBaik Sekarang,” explained Norman Nugraha, Chief Agency Officer Syariah Sun Life.
Sun Life's idea of providing endowments for sharia policy holders also received support from DSN-MUI. Through the benefits that apply to all of this sharia insurance products, insurance participants can now grant their insurance benefits up to 45% of insurance compensation and 30% of investment benefits of their policy. The maximum limit is in accordance with the DSN-MUI fatwa. Based on the fatwa, the benefits of investment must still be received by the heirs.
“Affirming our position as a pioneer in the sharia insurance industry in Indonesia, in marketing its sharia products, Sun Life is also supported by dedicated and certified waqf marketers officially by Sun Life in collaboration with DSN Institute and Indonesian Waqf Board (BWI). In addition to having an in-depth understanding of the product, our marketers are also equipped with insight into the types of waqf and their allotments. With good education, and supported by qualified facilities, we hope that the presence of our waqf feature in sharia products can provide blessings not only for customers who are waqifs, but also beneficiaries of waqf, and help improve the welfare of the nation,” Elin concluded.
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Sun Life Financial Indonesia is a wholly owned subsidiary of Sun Life Financial. We offer a wide range of protection and management through varied products, including life insurance, educational insurance, health insurance, and retirement plans. Sun Life partners with leading financial institutions, both nationally and internationally, to provide multi-distribution channel strategies while also providing extensive access to our insurance solutions.
Sun Life Financial Indonesia won several prestigious awards in 2017 including:
1. PT Sun Life Financial Indonesia won the award as the Best Takaful Family Provider Indonesia 2017 at the Global Banking & Finance Awards 2017 held by Global Business Outlook
2. PT Sun Life Financial Indonesia was presented with the Excellent Service Experience Award (ESEA) 2017 for the category of Life & Health Insurance held by the Carre Center for Customer Satisfaction and Loyalty (“Carre CCSL”) and Service Excellence Magazine.
3. PT Sun Life Financial Indonesia received the award for Predikat Bintang Lima atas Kinerja Unit Link Jenis Campuran tahun 2012 – 2016 untuk Salam Balanced Fund (Five Star Performance for Mixed Unit Link Products 2012 – 2016 for the Salam Balanced Fund) at the 2017 Unit Link Awards 2017 from Infobank Magazine.
4. PT Sun Life Financial Indonesia won the award as HR Asia Best Company to Work for in Asia 2017 Awards from HR Asia Media International.
5. PT Sun Life Financial Indonesia received the award as Indonesia’s Most Admired Company – Special Mention Life Insurance from Warta Ekonomi Magazine.
6. PT Sun Life Financial Indonesia won the award as HRD Employer of Choice as the Top Performer award in the category of Learning & Development.
7. PT Sun Life Financial Indonesia won the award for Best Financial Performance Life Insurance Company for the category of Assets between IDR 6-10 trillion in the Indonesia Insurance Consumer Choice Awards 2017 from Warta Ekonomi Magazine.
8. PT Sun Life Financial Indonesia received the award for Best e-Mark Award 2017 as The 1st winner Category Life Insurance Company in Indonesia from SWA Magazine.
9. PT Sun Life Financial Indonesia won the award for Special Mention as The Innovative CEO in Insurance Sector in the Most Admired CEO 2017 from Warta Ekonomi Magazine.
10. PT Sun Life Financial Indonesia won the award as The Most Popular Company – Category Life Insurance from Warta Ekonomi Magazine
11. PT Sun Life Financial Indonesia won the award as The Most Informative Insurance Company Campaign from Warta Ekonomi Magazine
About Sun Life Financial
Sun Life Financial is a leading international financial services provider offering a wide range of insurance products, as well as asset and wealth management solutions for both individuals and corporations. Sun Life Financial has operations in a number of major markets around the world such as Canada, the USA, the UK, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2018, Sun Life Financial had total assets under management amounting to CDN 979 billion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. is traded on the Toronto Stock Exchange (TSX), New York Stock Exchange (NYSE), and the Philippines Stock Exchange (PSE), with the stock symbol SLF.
For more information, please contact:
Shierly Ge
Chief Marketing Officer
Sun Life Financial Indonesia
Tel: +6221-5289-0000
Faks: +6221 5289-0019
E-mail: shierly.ge@sunlife.com
About Dompet Dhuafa
Dompet Dhuafa is a non-profit organization owned by the Indonesian people who are humbled to raise the social welfare of the dhuafa with ZISWAF Dompet Dhuafa fund, which was established since July 2, 1993 and will continue to realize empowered society based on local resources through a just system.
For further information, please contact:
Dompet Dhuafa Republika
Philanthropy Building
Jl. Warung Jati Barat No.14
Jakarta Selatan 12540, Indonesia
Ph : +62 21 7821292
Fax : +62 21 7821333
