ֱ

Insurance Policy Template for Indonesia

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your document

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Insurance Policy

I need an insurance policy document that provides comprehensive coverage for a small business, including property, liability, and employee health insurance. The policy should have flexible premium payment options and include a clause for natural disaster coverage, given the geographical risks in Indonesia.

What is an Insurance Policy?

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.

When should you use an Insurance Policy?

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.

What are the different types of Insurance Policy?

  • 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

Who should typically use an Insurance Policy?

  • 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

How do you write an Insurance Policy?

  • 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

What should be included in an Insurance Policy?

  • 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 reֱ 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

What's the difference between an Insurance Policy and a Compliance Policy?

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 reֱ 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

Get our Indonesia-compliant Insurance Policy:

Access for Free Now
*No sign-up required
4.6 / 5
4.8 / 5

Find the exact document you need

No items found.

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

ұԾ’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ұԾ’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.