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An Insurance Policy is a legal contract between you and an insurance company that spells out what they'll cover and how much they'll pay if something goes wrong. In Indonesia, these policies are regulated under Law No. 40 of 2014 on Insurance, protecting both the insurer and the policyholder through clear terms and conditions.

The policy outlines your premium payments, coverage limits, and specific situations where you can claim compensation. Common types in Indonesia include health insurance (BPJS), vehicle coverage, property protection, and life insurance. Every policy must follow OJK (Financial Services Authority) guidelines and include standard provisions like the cooling-off period and claim procedures.

Get an Insurance Policy before you need protection against specific risks that could impact your finances. For Indonesian property owners, this means securing coverage before natural disasters, fires, or theft occur. Business owners need liability and property insurance from day one of operations to comply with OJK regulations and protect against unexpected claims.

Take out health insurance through BPJS when starting a job or establishing residence in Indonesia. Vehicle owners must obtain motor vehicle insurance before driving, as required by Law No. 22/2009. Life insurance becomes essential when starting a family or taking on significant financial obligations like mortgages or business loans.

• Health Insurance (BPJS): Mandatory social insurance covering medical expenses, with different classes based on premium levels
• Property Insurance: Protects buildings and contents against fire, natural disasters, and theft
• Motor Vehicle Insurance: Required by law, offering either comprehensive or third-party coverage
• Life Insurance: Provides financial protection for beneficiaries, available as term or whole life policies
• Business Insurance: Covers commercial risks, including liability, property damage, and business interruption

• Insurance Companies: Draft and issue policies under OJK supervision, handle claims, and manage risk portfolios
• Individual Policyholders: Purchase coverage for personal protection, pay premiums, and file claims when needed
• Business Owners: Secure commercial coverage to protect assets, employees, and operations
• Insurance Agents/Brokers: Connect clients with suitable policies, explain terms, and assist with claims
• OJK Regulators: Oversee insurance operations, enforce compliance, and protect consumer interests

• Basic Information: Gather policyholder details, risk assessment data, and coverage requirements
• Asset Documentation: Collect property values, vehicle details, or health records depending on policy type
• Coverage Scope: Define specific risks, coverage limits, and exclusions clearly in Bahasa Indonesia
• Premium Calculation: Determine payment terms, frequency, and grace periods following OJK guidelines
• Legal Requirements: Ensure compliance with Insurance Law No. 40/2014 and include mandatory cooling-off periods
• Document Review: Use our platform to generate a legally-sound policy that includes all required elements

• Policy Details: Complete identification of insurer, policyholder, and beneficiaries as per OJK requirements
• Coverage Terms: Clear description of insured risks, coverage limits, and exclusions in Bahasa Indonesia
• Premium Structure: Payment amounts, schedules, and consequences of non-payment
• Claims Process: Step-by-step procedures for filing claims and required documentation
• Legal Provisions: Cooling-off period, dispute re����ֱ�� mechanisms, and governing law statements
• Signatures: Authorized signatures from both insurer and policyholder with official company stamps
• Disclosure Statement: Clear explanation of rights, obligations, and material facts

An Insurance Policy differs significantly from a Compliance Policy in both scope and purpose. While both documents help organizations manage risk, they serve distinct functions in Indonesia's legal framework.

• Primary Focus: Insurance Policies provide financial compensation for specific risks or losses, while Compliance Policies outline internal rules and procedures for following regulations
• Legal Structure: Insurance Policies are binding contracts between insurer and policyholder, regulated by OJK and Insurance Law No. 40/2014. Compliance Policies are internal governance documents without external contractual obligations
• Enforcement: Insurance Policies are legally enforceable through courts and dispute re����ֱ�� mechanisms. Compliance Policies are enforced through internal disciplinary measures
• Financial Impact: Insurance Policies require premium payments and provide monetary compensation. Compliance Policies focus on preventing regulatory violations and associated penalties