Question & Answer
What is Commonwealth Life?
Commonwealth Life is an insurance company that is Commonwealth Bank of Australia (CBA) owns the majority share. For more information, please visit "About Us"
Why do we buy life insurance products from Commonwealth Life?
By owning an insurance coverage, we guarantee our future through investment and protection. Commonwealth Life gurantees financial strength and is supported with branch offices in several major cities in Indonesia.
How does investment in a bank differ from investment in a life insurance company?
When you invest your money in a bank, you will gain only initial fund plus its interest at certain percentage. When you pass away, there are no Sum Insured. While investing in a life insurance company, you will be covered with life protection in addition to cash value. In the event of death, the Sum Insured will be fully paid though the new contract is effective a few months only.
How do we apply for a policy?
To become a Policyholder, you will go through the following stages:
- Agent
This is the most important step of the application process as the agent determines whether or not someone is eligible to own an insurance coverage
- Sales Office Administration (SOA)
This office cross checks the incoming applications and passes them to the Policyholders Service.
- New Business (NB)
This department carries the final check of document completeness. If any of the documents is not complete, the application must be postponed pending the required documents.
- Underwriting
Upon completion of the documents, the underwriting department will underwrite and accept with standard (ordinary rate), declined, or postponed for a certain period or accepted with extra premiums (loading).
- Return to New Business (NB)
Upon approval of the application by NB, this department will issue policies. While rejected applications will be followed up with an appropriate explanation to the prospects.
What are the benefits from becoming a Policyholder?
The Policyholder will be covered with life protection and benefits of the product/the policy he has purchased.
What do premiums, cash value and Sum Insured mean?
Premium is an amount of payment as quoted on the policy as agreed by the Policyholder to be paid to the insurance company. Cash Value is an amount of money representing the policy redemption value on a certain point in time guaranteed as the right to the Policyholder. The sum Insured is an amount of money as quoted on the policy representing the right of the Policyholder or benefit recipient.
What determines the premium rate?
The premium rate is determined by the type of the product, amount of Sum Insured, age, sex, smoker/non-smoker.
Can a premium be refunded in case the policy is canceled?
No, it cannot. The Policyholders will not be entitled to any refund when he cancels his contract. However, cash value will belong to them. For Danatra Cendekia, the premiums already accumulated may be refunded in case the heir (child) passes away.
What is the claim process like? Is the procedure complicated?
In principle, the claim process may be simplified into three stages:
- Claim Notify
- Claim Proof
- Claim Payment
Once the Policyholder follows such procedure and complete the documents required, the claim process is not complicated.
Why are there stories about complicated claim process?
In general the complication in processing the claims experienced by the Policyholder is resulted from incomplete documents required apart from discrepancy in interpreting the claim by both parties.
What are the products offered by Commonwealth Life?
Life insurance products are basically classified into two categories, namely the basic products and riders. The basic products of Commonwealth Life are:
- Investra
- Danatra Multiguna
- Danatra Multiguna 3
- Danatra Multiguna 5
- Danatra Sejahtera
- Danatra Pundi
- Danatra Cendekia
- Danatra Siaga
- Danatra Siaga 1
Additional Product :
- Danatra Medika
- Manfaat Penyakit Kritis
- Pembebasan Premi
- Pembebasan Premi bagi Pembayar
- Manfaat Meninggal karena Kecelakaan
- Manfaat Meninggal dan Cacat karena Kecelakaan
- Cacat Total Tetap
Can we purchase the Additional Product without the Basic Product?
You can't, because the Additional Products is more like a supporting role to Basic Products.