OVO partners with Prudential Indonesia to offer digital life insurance

By Leandra Monteiro

E-wallet unicorn OVO in partnership with Prudential Indonesia has launched a digital shariah life insurance product with affordable premiums. The Asuransi Jiwa Kumpulan Syariah PRUTect Care product is provided by Prudential Indonesia through insurance broker PT Salvus Inti and can be accessed through OVO’s app.

The product is designed to offer users an affordable, easily accessible, shariah-compliant life insurance product. This arrangement gives Prudential Indonesia access to OVO’s large user base nationwide, spanning all of Indonesia’s 34 provinces.

Also, beside the basic death benefit it offers daily hospital cash benefit, daily hospital cash for ICU admission, permanent disability due to an accident benefit, death benefit due to infectious diseases, and death benefit due to accident. Premiums start from around US$0.34 per month and there is a choice of monthly or yearly payment.

According to media reports, OVO CEO, Jason Thompson said, “This launch marks OVO’s entry in the life insurance and sharia insurance space. By combining OVO’s strong digital reach and capabilities with Prudential Indonesia’s expertise in insurance, we can make sharia life insurance affordable and accessible for Indonesians, enabling them to protect themselves and their loved ones.”

According to media reports, Jens Reisch, President Director of Prudential Indonesia said, “The launch of PRUTect Care – Hospital Cash Insurance reflects Prudential’s and OVO’s joint vision to create a healthier and more prosperous society, as well as our commitment to providing affordable and easily accessible life protection products amidst low insurance penetration and financial literacy in Indonesia.

The realisation of our strategic partnership with OVO through PRUTect Care – Hospital Cash will enable Prudential Indonesia to reach more users, meet their continuously evolving needs for protection, and help them to get the best out of life,”