Future Wealth Assurance (FWA)

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The right step for your better future

The right step for your better future

Needs continue to grow over time. New aspirations continue to grow and every means that we give every day is an effort to make it happen. Excellent financial planning and protection are important elements to accompany your steps to realize your aspirations of life.
FUTURE WEALTH ASSURANCE is an insurance product from PT AIA FINANCIAL giving you a certain step in planning a better future.

PRODUCT INFORMATION

BENEFITS OF FUTURE WEALTH ASSURANCE:


Fast Start to drive Optimum Investment

  • Free of Acquisition Costs, 100% of Premium is directly invested since the first year.
  • Extra Premium Allocation of 3% (IDR) and 1.5% (USD) since the 6th Premium Year.
  • Loyalty Bonus at the end of the Premium Year 10.

Aggressive Growth

  • More aggressive investment growth with fund selections denominated in USD that are invested in the offshore market.

Peace of Mind

  • Life protection for 5 times Annual Basic Premium.
  • Life insurance due to accidents.
  • Top-Up premium guarantees invested with Top-Up Sum Assured.

Future Wealth Assurance Benefits:


Investment benefit
Account value formed from the premium invested, will be paid if (whichever occurs first):

  • Achieve 80 years of age on the policy anniversary;
  • The Insured dies during the Insurance Period; or
  • The policy is canceled or canceled during the Insurance period after deducting the Policy with Redemption Fee (if any).

Death benefit

  • Life protection up to 80 years of age equal to 100% of Sum Assured (SA);
  • Top-Up Sum Assured (if any).

Additional death benefit due to accident
If the Insured dies due to accident in the Insurance Period and Age of the Insured for no more than 70 years, then the Accumulated Death Benefit will be paid a maximum of 100% of the Sum Insured.

Additional death benefit due to dying from accidents in public transportation
If the Insured dies due to an accident in public transportation during the Insurance Period and the Age of the Insured for no more than 70 years, then the Accumulated Death Benefit will be paid a maximum of 100% of the Sum Insured.

Choices of Underlying Funds


Underlying Funds Investment Strategy & Risk Level
IDR Prime Equity Fund Investment in selected stock mutual funds with a relatively high level of risk to obtain a more optimal long-term growth rate.
IDR Prime Fixed Income Fund Investment in Rupiah-based fixed income mutual funds with medium risk level to obtain attractive growth rates.
IDR Equity Fund Investments in stock instruments on the Indonesia Stock Exchange (IDX) that provide relatively high yield growth with relatively high risks.
IDR Balanced Fund Strategic investment in selected stocks with a relatively high risk level and in fixed income securities with medium risk level to obtain optimal growth rates.
USD Fixed Income Fund Investments in US Dollar medium-term fixed income securities to obtain attractive growth rates.
USD Prime Global Equity Fund Investment in US dollars with broadly diversified placements in various countries, both developed and developing countries, with a relatively high risk level to obtain optimal long-term growth rates.
USD Prime Emerging Market Equity Fund Investments with US dollars with broadly diversified placements in various developing countries with relatively high risk levels to obtain optimal long-term growth rates.
USD Prime Multi Asset Income Fund Investment in US Dollars through the selection of various mutual funds listed on the global stock exchange, and having diversified investments in various assets such as: debt securities, stocks, infrastructure assets, Collateralized Loan Obligations (CLOs), Real Estate Investment Trusts (REIT), Catastrophe Bonds (CAT bonds) and / or equity hedges marketed in the United States, Canada, Europe, Asia, the United Kingdom, and / or developing countries, with medium risk levels to obtain a sustainable growth rate.

Entry Age:
Insured: 30 days - 60 years old
Policy holder: minimum 18 years old

Currency options: Rupiah (Rp) & US Dollar (USD)

Insurance Period: until the insured is 80 years old

Minimum Premium Payment:

Currency Payment Period
Annual Semester Quarterly Monthly
Rupiah 50.000.000 25.000.000 12.500.00 4.166.667
US Dollar 5.000 2.500 1.250 417

Minimum Single Top-Up Premium: Rp 1.000.000/USD 100

Sum Assured: 5 times Annual Basic Premium

Loyalty bonus (at the end of the 10th premium year)

Annual Basic Premium Loyalty Bonus
(%Annual Basic Premium)
Rupiah Policy US Dollar Policy
< Rp 200.000.000 / < USD 20.000 25% 12,5%
≥ Rp 200.000.000 / ≥ USD 20.000 50% 25%

Extra Allocation Premium

Premium Year Extra Allocation Premium
(%Annual Basic Premium)
Rupiah Policy US Dollar Policy
6 – onwards 3,0% 1,5%

Fees and Charges

  • Insurance fees will take effect from the Policy Effective Date and the amount depends on Age, Sum Assured during the Insurance Period and Top-Up Sum Assured (if any).
  • Administration fees of Rp35.000,-/ USD 5 monthly.
  • Maintenance fees will be charged only for the first 5 years of policy amounting to 5% for the Rupiah policy and 3% for US dollar policy currencies from the basic premiums.
  • Single Top-Up fee of 3% from Top-Up premium.
  • Withdrawal Fee for Basic Premium Account Value is imposed if Withdrawal of Basic Premium Account Value is carried out on Policy Year 3 to 7.
    Policy Year 1 2 3 4 5 6 7 8+
    Withdrawal Fee for Basic Premium Account Value Rupiah Not Allowed 40% 25% 10% 7,5% 5% 0%
    (% Of Basic Premium Account Value withdrawn) US Dollar 35% 20% 10% 7,5% 5% 0%
  • Policy Redemption Fee imposed if the Policy ends in the first 7 years of policy.
    Policy Year 1 2 3 4 5 6 7 8+
    Policy Redemption Fee Rupiah 75% 60% 40% 25% 10% 7,5% 5% 0%
    (% Of Basic Premium Account Value withdrawn) US Dollar 70% 55% 35% 20% 10% 7,5% 5% 0%
  • Switching fee of 0,5% from switched funds or a minimum of IDR 25,000 / USD 2.5 per transaction. Free Transfer Fee for 5 (five) transfer transactions within one Policy Year.
  • Investment management fee
    Underlying fund Investment management fee (annually)
    IDR Prime Equity Fund 1,00%
    IDR Prime Fixed Income Fund 0.60%
    IDR Equity Fund 2,10%
    IDR Balanced Fund 1,65%
    USD Fixed Income Fund 1,45%
    USD Prime Global Equity Fund 2,10%
    USD Prime Emerging Market Equity Fund 2,10%
    USD Prime Multi Asset Income Fund 1,85%

    Terms & Condition:

  1. Terms and Conditions are set out in full in the Policy.
  2. Insurance Benefits Provisions are set out in full in the Policy. Requests for payment of Insurance Benefits (claims) are made by the Customer to PT AIA FINANCIAL as the Insurer.
  3. Account Value is the value of the total units formed at any given time, which consist of Basic Premium and Top Up Account Value, if any.
  4. Customers are advised to make premium payments of more than 5 years or up to the end of the Insurance Period (the Insured is 80 years old) to ensure the adequacy of Account Value in paying for costs incurred.
  5. The premium that you pay has taken into account the components of these costs and / or commissions given by PT AIA FINANCIAL as a Bank partner insurance company to Citibank in the context of bancassurance cooperation.
  6. Redemption Fee Policy will be charged if in the first 5 Years of Policy the Customer makes redemption or policy to expire because there is no payment of Basic Premium until the end of the Free Period

Get It Now!

You just have to come to our branch to get further details about Future Wealth Assurance.
Product Summary


Period to Study the Policy (Free Look Period)


If you do not agree to the terms and conditions stated in the Policy for any reason, insurance protection can be cancelled within 30 (thirty) calendar days from the Policy Effective Date ("Free Look Period"). For this matter, the Policy automatically becomes null and void from the Effective Date of the Policy and there is no insurance cover whatsoever that is the responsibility of the Insurer to the Insured. The Insurer will return to you the amount that has been paid, no later than within 9 (nine) working days from the Policy Cancellation Request Form received by the Insurer.

Note: In the event that there is a request for payment of the basic Insurance Benefits and/or Additional Insurance Benefits or if you make another transaction regarding this Policy during Free Look Period, hence the Free Look Period will automatically expire.

SUBMISSION PROCEDURE

Terms and Conditions in submitting Insurance Product

  • To submit your insurance product application, you need to complete and provide the following documents:
    • Insurance Company’s application form;
    • Valid ID card;
    • Benefit illustration; and
    • Other supporting documents.
  • Insurance product submission will be considered as a complete submission if all the terms and conditions are fulfilled and AIA as the Insurer has received the first premium payment as one of prerequisite of policy issuance and validity.
ILLUSTRATION EXAMPLE

Leo (male, 40 years old, non smoker) buying Future Wealth Assurance with details as follows:

Basic Premium : Rp 100.000.000 annually
Sum Assured : Rp 500.000.000
Underlying fund : 100% IDR Equity Fund
Asumsi Pengembalian : 10% per tahun (tingkat investasi sedang)

Scenario 1

If there is a risk death from illness at the age of 48, the Insured will receive the following Insurance Benefits.

Policy conditions as follows:

  • Basic premiums that have been paid up to the age of 48 years: Rp. 900,000,000
  • The value of the Basic Premium Account formed: Rp. 1,326,299,000
  • Never withdraw a Basic Premium Account and have never made a Single Top-Up Premium payment.

Insurance Benefits:

  • Death benefit
    In the form of Sum Insured: IDR 500,000,000
  • Investment benefit
    In the form of Basic Premium Account Value: Rp 1,326,299,000

The total benefits to be received by the Insured are:
Death Benefit + Investment Benefits = Rp. 500,000,000 + Rp. 1,326,299,000 = Rp. 1,826,299,000


Note:

The Investment Benefit value above uses the investment type IDR Equity Fund assuming an investment rate of 10% per year (moderate investment level), without leaving premiums, and never withdrawing the previous account value. If the assumption of the level of investment used is 5% (low investment level) and 15% (low investment level), the Investment Benefit is Rp 1,039,310,000 and Rp 1,696,128,000.


Scenario 2

If there is a risk of death due to an accident on public transportation at the age of 52 years, the Insured will receive the following Insurance Benefits:


Conditions of the Policy as follows:

  • Leo pays a premium of 10 years for: Rp 1,000,000,000
  • Entitled to Extra Premium Allocation in the 6th Premium Year 10 to Rp 15,000,000
  • Eligible for the Loyalty Bonus at the end of the Year The 10th premium is: Rp 25,000,000
  • Basic Premium Account Value: Rp 2,104,233,000
  • Never withdraw a Basic Premium Account and have never made a Single Top-Up Premium payment.


Insurance Benefits:

  • Death benefit
    In the form of Sum Insured: Rp 500,000,000
  • Additional Death benefit due to Accident
    In the form of Sum Insured: Rp 500.000.000
  • Additional Death benefit due to Accident caused by Public Transportation
    In the form of Sum Insured: Rp 500.000.000
  • Investment Benefit
    In the form of Basic Premium Account Value: Rp 2.104.233.000


The total benefits to be received by the Designated are:
Death benefit + Additional Death benefit due to Accident + Additional Death benefit due to Accident caused by Public Transportation + Investment benefit = Rp 500.000.000 + Rp 500.000.000 + Rp 500.000.000 + Rp 2.104.233.000 = Rp 3.604.233.000


Note:
The Investment Benefit value above uses the investment type IDR Equity Fund assuming an investment rate of 10% per year (moderate investment level), without leaving premiums, and never withdrawing the previous account value. If the assumption of the level of investment used is 5% (low investment level) and 15% (low investment level), the Investment Benefits are IDR 1,397,722,000 and IDR 3,160,893,000.

RISKS

RISKS

MARKET RISK / RISK REDUCTION IN PRIVATE UNIT PRICES
The risk of decreasing investment securities prices due to market price movements can reduce Net Asset Value per Participation Unit.

LIQUIDITY RISK
The withdrawal value (in part / in whole) depends on the liquidity of the portfolio and the amount of withdrawal. If the withdrawal is carried out simultaneously, by almost all or all of the Unit Holders, this can result in a decrease in Net Asset Value because investments in the portfolio must be immediately sold / liquidated to the market in large quantities simultaneously, which can result in a decrease in the value of the investment in portfolio.

RISK OF CHANGES IN ECONOMIC AND POLITICAL CONDITIONS
Changes in economic conditions and political stability in Indonesia can affect investment performance, both investment in companies listed on the stock exchange and companies that issue money and securities market instruments, changes in interest rates, exchange rate fluctuations, macroeconomic changes, and changes in legislation and government regulations in the fields of finance, capital market, money market, banking and / or taxation can affect investment performance.

CREDIT RISK
Policyholders will be exposed to Credit Risk Insurers as risk sellers of insurance products. Credit risk is related to the ability to pay the Insurer's obligations to its customers. The Insurer has managed to maintain its performance to exceed the minimum capital adequacy determined by the Government.

WITHDRAWAL & REDUCTION RISK
Partial withdrawals are not permitted for a certain period. If a policy redemption occurs before the due date, the customer will receive a return in the form of Redeem Value. Redeem Value is calculated based on the calculation of the number of Units that have been formed with the applicable Unit Price, after deducting the applicable costs.

TAX RISK
Unless otherwise stipulated based on applicable laws and regulations, withdrawal or redemption policies will be subject to tax according to the applicable laws and regulations.

ACCOUNTABILITY RISK OF MANAGEMENT FUNDS
Risks related to negligence of third parties such as securities brokers (brokers), securities sales agents, custodian banks (custodians), investment managers (fund managers) and force majeure situations (including but not limited to natural disasters, fires, riots and others - other).

EXCHANGE RATE RISK
For insurance products that use foreign currencies, the premiums and benefits that will be paid will use the relevant foreign currency. The amount of policy benefits paid in foreign currencies will depend on the exchange rate prevailing at that time and have the possibility of a high exchange rate difference. Life insurance products in foreign currencies will depend on exchange rate fluctuations, which can cause potential and risk.

Disclaimer:

The insurance products offered are products of PT AIA FINANCIAL, a Citibank partner. This product is NOT a savings, NOT a deposit, NOT an obligation and is NOT guaranteed by Citibank N.A ("Citibank"), Citigroup or its affiliates. This insurance product is not included in the coverage of the Deposit Insurance Corporation (LPS) guarantee program. The products offered and the use of the Citibank logo are based on Citibank's agreement and as a form of marketing collaboration with the product reference business model between Citibank and PT AIA FINANCIAL and it cannot be interpreted that this insurance product is a product of Citibank.

The policy holder will be exposed to credit risk from PT AIA FINANCIAL. which means that the insurance policy contains a risk where there is a possibility that PT AIA FINANCIAL is unable to pay a certain amount of money due as stated in the insurance policy, which results in the risk of losing part or all of the sum insured and other values ​​as stated in the insurance policy .

Details of benefits, terms and conditions are contained in the insurance policy issued by PT AIA FINANCIAL. Citibank is not responsible for the contents of insurance policies issued by PT AIA FINANCIAL related to insurance products. Buyers of insurance products must read and comply with the terms and conditions as stated in the insurance policy.

There are several conditions where the benefits of insurance cannot be paid. This is stated in the Exclusion provisions stated on the insurance policy. Customers are advised to read the insurance policy to get more complete information about this exclusion list.
If you are in doubt, you should consult with people who are experts in their fields. But if you are choose not to do it, then you are fully responsible for ensuring that this product is in accordance with your insurance needs and goals.

Insurance products are products that require long-term commitment. Termination of insurance before the time can cause high costs and the redemption value to be received can be smaller than the total premium paid.

Citibank, Citigroup, Inc., its affiliates and Citibank employees are not in the capacity to provide / provide legal or taxation opinions to taxpayers outside of Citibank, Citigroup, Inc. and affiliated affiliates.

Insurance products offered through marketing cooperation between Citibank and the Insurance Company have been reported and / or obtained an affirmation letter and / or approval from the Financial Services Authority and related authorities.

Citibank N.A., Indonesia is a bank that has a business license, is registered and supervised by the Financial Services Authority (OJK). PT AIA FINANCIAL is one of the leading life insurance companies in Indonesia that is registered with and overseen by the Financial Services Authority. This product has been authorized by the Financial Services Authority.

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