Guide for Zurich Topas Life

Now you can make an Online Investment Fund Withdrawal Application using a digital signature. In collaboration with PrivyID, you can use the necessary digital signature to make it easier for customers to transact online, and prevent signature forgery. Click the link below to make a Partial Investment Fund Withdrawal Form.

As an established insurance company for years, it is our commitment to give a positive impact on the community. We understand your concerns that having an insurance policy might sometimes be confusing as you will be exposed to some brand new vocabulary. Therefore, we’ve served you with this glossary to help you have a better understanding of the basic terms and principles used in an insurance policy.

To summarize, your insurance policy is a commitment. Your commitment is to pay an agreed amount of money which is known as a premium, in exchange, we provide you with our best insurance cover suitable for your condition.

1. Basic Insurance Product
   A basic insurance coverage of the Policy.
2. Rider Insurance Product
   An insurance coverage added to the Primary Insurance of the Policy with the aim of providing additional benefits in an insurance coverage.
3. Entity
   Legal entity, business entity or partnership as recognized or regulated in the laws and legal provisions in force in Indonesia.
4. Administration Fee
   Costs incurred by the Insurer in connection with the issuance of the Policy.
5. Allocation Charge
   Fees charged in connection with the application for coverage and issuance of the Policy, which include, among others, the costs of medical examinations, costs of procuring policies and printing of documents, field costs, shipping/courier costs. Fees will increase with age and evaluations made by the Insurer.
6. Cost of Insurance
   Fees charged every month in connection with primary insurance coverage and additional insurance (if any), which are determined based on the amount of the Sum Assured, age, gender and other risks related to the Insured.
7. Maintenance Fee
   Fees that are charged every month within a certain period as stipulated in the Policy Special Provisions, if any, in connection with the maintenance of the Policy.
8. Withdrawal Fee
   Fees charged for each withdrawal transaction originating from the Basic Premium Investment Value withdrawn within a certain period. The Withdrawal Fee will reduce the amount of funds received by the Policy Holder as stipulated in the Policy Special Provisions.
9. Policy Redemption Fee
   Fees imposed on Policy redemption transactions for the total Basic Premium Investment Value redeemed within a certain period. The Policy Redemption Fee will reduce the amount of funds received by the Policy Holder as stipulated in the Special Policy Provisions.
10. Switching Cost
    Fees imposed on the transfer of part or all the funds from one type of Investment Fund to another type of Investment Fund. The Transfer Fee will reduce the amount of funds transferred as stipulated in the Special Provisions.
11. Top Up Cost
    Fees imposed on the Regular Top Up Premium (if any) and/or Single Top Up Premium (if any) in connection with the payment of the Regular Top Up Premium and/or Single Top Up Premium.
12. Management Fee
    Fees charged in connection with Investment Fund management, including asset management fees and custodial fees. Management Fee has been counted when determining the Unit Price.
13. Premium Holiday
    A facility that allows the Policy Holder to stop paying the Basic Premium and Regular Top Up Premium (if any), within a certain period while the Policy remains valid as long as the existing Investment Value is sufficient to pay the costs incurred as referred to in the Policy Special Provisions.
14. Investment Fund
    The allocation of funds for this type of investment in accordance with the Policy Holder's choice.
15. Doctor
    A person who is legally recognized as a doctor or surgeon who has a medical practice license from the local government to provide medical or surgical services and can provide a diagnosis according to an internationally accepted code of ethics. Not included in the definition of a doctor here if the individual concerned is the Insured, Policy Holder, Beneficiary, Insurer's sales force, or people who have family relations with the Insured, Policy Holder, Beneficiary, Insurer's marketing staff, and is not a colleague from the Insured/Policy Holder.
16. Endorsement
    Documents issued by the Insurer containing changes and/or additions to the terms and conditions of the Policy, which form an integral part and become an inseparable part of the Policy.
17. Unit Price
    The price of a unit set by Insurer at a certain time.
18. Utmost Good Faith
    Insurance principle that both Insurer and the Insured must have good faith in insurance contract.
19. Accident
    An unforeseen, unplanned, sudden, external, violent, unwanted event or event that causes unintentional bodily harm irrespective of any other cause, apart from the events which are declared as exceptions as regulated in the policy.
20. Claims
    Demand by the Policy Holder to the Insurer to fulfill the Policy Holder's rights in accordance with the provisions in the Policy.
21. Policy Lapse
    Condition where the insurance Policy is inactive due to there is no payment from the Insured.
22. Pre-Existing Condition
    Health condition that already exist before an insurance policy in force.
23. Insurance Benefit
    Insurance benefits that will be provided by the Insurer if the terms and conditions as referred to in the Policy have been fulfilled.
24. Basic Insurance Benefit
    Insurance benefits based on the Primary Insurance coverage agreed as stated in the Policy Special Provisions.
25. Rider Benefit
    Insurance benefits based on the Additional Insurance coverage agreed as stated in the Additional Insurance Special Provisions.
26. Death Benefit
    Benefit of the Sum Insured which agreed as stated in the Policy if the Insured passed away.
27. Insurance Period
    The validity period of the coverage is from the Start Date of the Coverage to the End Date of the Coverage, considering the provisions of the Policy.
28. Grace Period
    The grace period given by the Insurer to the Policy Holder to pay the premium that has fallen due.
29. Free-look period
    Period given to the Policy Holder to comprehend the Policy.
30. Waiting Period
    Certain period of time that must be passed until insurance benefits can be used, or insurance claim claims can be used calculated from the insurance period begins.
31. Modal Factor
    Factors imposed for premiums paid monthly, 3 (three) months, and 6 (six) months.
32. Investment Value
    The value of the Unit balance formed in the Policy based on the multiplication between the Unit Price and the number of Units owned by the Policy Holder at a certain time. The Basic Premium Investment Value is the Investment Value formed from the Basic Premium, while the Regular Top Up Premium Investment Value is the Investment Value formed from the Regular Top Up Premium (if any), and the Single Top Up Premium Investment Value is the Investment Value formed from the Single Top Up Premium (if any).
33. Authority
    Every official, officer, law enforcement officer, government and/or regulatory agency, including but not limited to the Financial Services Authority (OJK) or other authorized parties to ensure compliance with applicable laws and regulations, including but not limited to regulations related to the Prevention and Eradication of the Money Laundering Crime and the Foreign Account Tax Compliance Act.
34. Tax
    Tax imposed on all Premium payments, Insurance Benefits, investment returns to be paid by the Insurer subject to deductions by the Insurer as required by the applicable tax regulations in Indonesia.
35. Automatic Premium Fund
    Basic Premium payment facility imposed by the Insurer in the form of automatic deduction of the Single Top Up Premium Investment Value if the Basic Premium is not paid until the expiration of the Grace Period.
36. Policy Holder
    Individuals or Entities entering into insurance agreements with the Insurer.
37. Insurer
    A company which provides service in mitigating risk by providing money to the Policy Holder, Insured or other parties which entitled in the event the Insured either dies, or alive, or other payment to the Policy Holder, Insured or other party entitled during a period regulated in the Policy, which the amount has been stipulated and/or based on the result of fund management, where in this case is PT Zurich Topas Life.
38. Policy Redemption
    Termination of Policy by withdrawing all Investment Funds.
39. Beneficiary
    Individuals or Entities whose names are listed in the designated Policy and are entitled to receive Insurance Benefits stated in the Policy.
40. Life Insurance Application
    An application, either in written form contained in a form or application letter, or in other forms such as voice recordings, or electronic documents where the truth of the application can be proven is submitted by the Policy Holder for this insurance.
41. Exclusion
    Events of death for which the Death Benefit will not be paid which occurs directly or indirectly if it is related to the event described in the provisions of the Policy.
42. Illness
    Physical condition characterized by a pathological deviation from a normal healthy state.
43. Financial Alteration
    Alteration related Insurance Benefits based on request from Policy Holder as stipulated in the General Provisions.
44. Non-Financial Alteration
    Alteration related data on the Policy based on request from Policyholder as stipulated in the General Provisions.
45. Policy
    Insurance agreement document issued by the Insurer, both in printed and electronic form containing the terms and conditions of coverage between the Insurer and the Policy Holder, consisting of a Policy Summary, General Provisions of Unit Link Insurance Policy, Special Policy Provisions, Additional Insurance Special Provisions, Endorsement, Life Insurance Application and/or other documents which are attached and are an integral part or declared as part of the Policy.
46. Premium
    Amount of money that must be paid by the Policy Holder to the Insurer in connection with the Policy, which consists of Basic Premium, Regular Top Up Premium and/or Single Top Up Premium.
47. Basic Premium
    Part of the Premium which is the same amount and is determined on the Policy on each Premium Due Date that must be paid by the Policy Holder to the Insurer in accordance with the insurance agreement.
48. Regular Top Up Premium
    Part of the Premium which is the same amount and is determined on the Policy on each Premium Due Date which must be paid together with the Basic Premium by the Policy Holder to the Insurer in accordance with the insurance agreement to be invested.
49. Single Top Up Premium
    Part of the Premium which is subject to change and can be paid at any time during the Insurance Period to obtain additional investment benefits.
50. Policy Summary
    Part of the Policy that contains information about the summary of the Insurance Policy.
51. Hospital
    An institution/legal entity that has an official license and is registered as a hospital devoted to the care and treatment of people who suffer from illness or injury as patients who pay the cost of treatment and which have facilities to carry out diagnosis and major surgery, provide care 24 (twenty-four) hours a day by certified nurses, under the supervision of a doctor and not just a clinic, not a place for alcoholics or drug addicts, not a place of rest, not a home for health recovery after experiencing illness, and is not a home for the elderly, and is not an alternative hospital, acupuncture or traditional medicine.
52. Life Insurance Application Letter
    The form containing information and/or statement given by the prospective Policy Holder at the time of insurance application is inseparable part of the Policy.
53. Policy Year
    The period of one calendar year starting from the Policy Date and each subsequent Policy Anniversary.
54. Premium Due Date
    The date on which the Premium must be paid by the Policy Holder to the Insurer.
55. Policy Recovery Date
    The date of approval of the application for Policy recovery by the Insurer as stated in the Policy recovery letter.
56. Policy Issuance Date
    The date on which the Policy was issued as stated in the Policy Summary.
57. Policy Maturity Date
    The date on which the Policy becomes invalid as stated in the Policy Summary.
58. Policy Effective Date
    The start date of the insurance coverage as stated in the Policy Summary.
59. Insured
    The person whose life is insured whose name is listed in the Policy signed by the Insurer where there is a relationship of insurance interest with the Policy Holder.
60. Sum Assured
    The amount stated in the Policy to be paid by the Insurer subject to the terms and conditions stated in the Policy.
61. Policy Anniversary
    One year after the Policy Date and every one Policy Year thereafter.
62. Unit
    Investment unit that reflects the Investment Fund ownership of the Policy Holder.

This glossary terms of insurance serves as a reference guide only. The application of the terms refers to the insurance policy of Zurich Topas Life.