Document background
The Life Insurance Agreement serves as the primary contractual document between an insurance provider and a policyholder in Indonesia, operating under the framework of Law No. 40 of 2014 on Insurance and OJK regulations. This document is essential when establishing a life insurance policy, whether for individual or group coverage, and contains detailed provisions for insurance benefits, premium payments, beneficiary designations, and claims procedures. It's designed to protect both the insurer's and policyholder's interests while ensuring compliance with Indonesian insurance regulations, including mandatory disclosures, cooling-off periods, and consumer protection requirements. The agreement typically includes options for additional coverage through riders and may incorporate investment components for certain policy types.
