State Injection Jiwasraya Rp22 T, This is the Police Transfer Scheme

Jakarta, CNBC Indonesia – The Ministry of State-Owned Enterprises (BUMN) and the management of PT Asuransi Jiwasraya (Persero) have prepared a restructuring scheme for both Traditional Policy and JS Saving Plan customers.

This scheme will begin to be submitted to policyholders in early November and is targeted to be completed by March 2021.

Deputy Minister of BUMN Kartika Wirjaatmadja said treatment which will be given to Traditional Policy holders and the Saving Plan will be different.

But basically, each customer will experience an adjustment in the investment benefits from the previous value.

All customers who carry out this restructuring will entirely be transferred to a new company, IFG Life, which is planned to be formed in December 2020.

“So we got approval from the Panja [Panitia Kerja] Commission 6 and Commission 6. We plan to announce to the public on November 1 the proposed restructuring of Jiwasraya policyholders, “Kartika said after a committee meeting at the parliament building, Thursday (1/10/2020).

He explained that for Traditional Policy customers, benefits will be adjusted in terms of interest rates and will calculate needs top up claim when indeed benefits if will continue to IFG Life.

Furthermore, for JS Saving Plan customers, several options will be proposed, namely payment by installments in stages over several years and the option to reduce the principal value (haircut) if the customer chooses to speed up payment.

“But again, we are optimizing the negotiations one on one. We did not mention the numbers today, at the time we will announce and summon all customers and will negotiate all parts of Indonesia, “he explained.

Meanwhile, for traditional corporate customers, he said, currently there are 216 companies that have approved the restructuring scheme offered.

He explained, until July 2020, the negative equity value in Jiwasraya had reached Rp 37 trillion.

This rescue will later be carried out by transferring the company’s policies to a new insurance entity, namely IFG Life which was formed through PT Bahana Business Development (Persero) or BPUI aka Bahana.

IFG Life will be under Bahana as an Insurance and Guarantee SOE Holding.

Bahana will receive an injection of capital for the establishment of IFG Life worth IDR 22 trillion by the state through state equity participation (PMN) in stages starting next year. In 2021, IDR 12 trillion will be given, and IDR 10 trillion in the following year.

The following is a complete list of restructuring undertaken:

– Traditional Police: in the form of interest rate adjustments and options for police holders to top up premiums or get smaller future benefits.

– JS Saving Plan Policy: in the form of all cash value (100%) in installments in stages without interest in the long term, or in shorter term installments but by applying a haircut to the cash value.

[Gambas:Video CNBC]

(bag bag)

– .