This is MSIG’s Sinarmas product that Swita Glorite uses

Jakarta, Armfalcon.com – The fraud case of the insurance marketing agent PT Asuransi Jiwa Sinarmas MSIG Tbk (LIFE) has caught the public’s attention. As is known, the defendant Swita Gloria Supit, who is currently in prison, used a product called Power Save to carry out her actions.

As stated by the Substitute Registrar of the Manado Muldi District Court in the decision sheet received by Armfalcon.com (28/4/2023), Swita promises returns from a premium value that is more than bank interest rates as well as the coverage value for policyholders or insureds who pass away in Power Save product. The interest offered is indeed very tempting, namely 9% per year, far above the interest on deposits.

Not to mention, there are direct prizes and cashback in the form of money or goods such as cars, cellphones and tickets for free domestic and international travel.

Based on Armfalcon.com Research’s investigation, Power Save is an individual insurance product that is still displayed on the official Sinarmas MSIG Life website. The following is a review of the product in question based on the information in the brochure.

Not Unit Link but offer investment

Power Save is a traditional life insurance product that can provide customers with two benefits at the same time. The first is protection and the other is investment.

Unfortunately, there is no information regarding where customer funds will be invested in Power Save products. Considering that Power Save is not a unit link product, the characteristics of this product are more similar to endowment life insurance.

However, life protection in Power Save insurance is more intended for accident risks. That’s why this insurance company calls Power Save as a means of accident risk protection as well as investment.

If the insured dies due to an accident, he will receive compensation (coverage) of IDR 100 million and a cash value.

Power Save also has a cash value withdrawal feature if the customer or the insured is still alive until the insurance period ends.

Return on investment is “certain”

One thing that is quite interesting to note from the Power Save brochure is the advantage, namely “certain return on investment with a high rate of return above deposit rates.” Not to mention there are points that state that there is flexibility in determining the investment guarantee period.

Supposedly, investment returns can never be guaranteed like deposit products in a bank.

Unit link insurance will not guarantee return on investment. The unit link investment value will fluctuate like the net asset value in a mutual fund.

The sum insured can be up to IDR 1 billion

It was also stated in the brochure that the sum insured that customers can receive reaches IDR 1 billion or US$ 100 thousand.

But also know that the higher the sum insured desired, it will have an impact on the high premiums to be paid.

[Gambas:Video CNBC]