Ultimatelink Bancassurance Product Launched by Citibank Indonesia & Prudential

Jakarta – Citibank and PT Prudential Life Assurance have signed a strategic partnership to market Ultimatelink, a unit-link product that enables Citibank customers to make an investment and also receive insurance protection.

“This is part of our continuing commitment to provide the best services to our customers,” said Citibank Country Business Manager, Global Consumer Group, Mr. Shariq Mukhtar.

“Ultimatelink is designed as an alternative product for the customer who wants to invest and at the same time, enjoy insurance protection. The new offering also fits well with our new ’Save for the Future’ campaign which emphasizes the importance of saving, investment and insurance.”

Citibank and Prudential will offer two types of unit-link products; Ultimatelink assurance account and Ultimatelink investor account. Both products will be offered in two currencies, Rupiah and USD.

Mr. Mukhtar said the cooperation with Prudential was a good example of Citibank’s unique ability to provide one-stop financial services to customers.

Ultimatelink allows customers to tailor their insurance coverage. In addition to basic insurance (life and accident), customers can add insurance coverage from 12 riders.

President Director PT Prudential Life Assurance, Kevin L. Holmgren, said, “Unit-link products make up 38% of the total types of insurance available in Indonesia. Industry trends suggest that there is a significant growth in the demand for unit-link product that provides double benefits.”

“Ultimatelink provides flexibility in deciding insurance protection based on customers’ profile and presents optimal investment outcome through five investment products in line with customers objective and risk profile,” added Mr. Holmgren.

In the partnership, Citibank will serve as the marketing agent or referrer to Prudential for Citibank customers. Prudential will allocate a number of Financial Service Consultants in Citibank branches to provide in-depth explanation about the Ultimatelink assurance account and Ultimatelink investor account.