Insurance

Useful pointers when buying an insurance policy or participating in a takaful plan:

☛ Understand the policy or plan including the product features, conditions, benefits limitations and exclusions

☛ Ensure that the premium or contribution payable is affordable

☛ Ensure that the amount of coverage taken is adequate and suits your needs

☛ Ensure that all material facts are fully disclosed

☛ Deal only with registered agents/licensed brokers or directly with an insurance company or takaful operators

☛ Monitor the period of coverage and time for payment of premium or contribution

☛ Investment linked takaful

☛ Motor takaful

☛ Medical and health takaful

☛ Personal accident takaful

☛ Family takaful

☛ House owner takaful

☛ Marine takaful

☛ Fire takaful

☛ Travel takaful

Banca means bank and assurance is for insurance. The selling of life assurance and other insurance products and services by banking institutions is called bancassurance.

Your insurance or takaful contract is a contract of utmost good faith (trust). Thus, you as the policy owner need to disclose all material information required. If any of the relevant material facts are not disclosed, the policy may be invalid and you will not be protected against any loss or damage.

Takaful is a protection plan based on Shariah principles. By contributing a sum of money to a common takaful fund in the form of participative contribution (tabarru), you undertake a contract (aqad) to become one of the participants by agreeing to mutually help each other, should any of the participants suffer a defined loss.

You can buy an insurance policy or participate in a takaful plan:

☛ Directly from insurance companies or takaful operators

☛ Through registered agents or licensed brokers

☛ From banking institutions that have bancassurance arrangements with insurance companies or takaful operators

☛ Via the internet

In this channel we have to recruit professionals agents by providing them training and pass the irdai exam for agency. Then only agent can sell products to consumer as an agent of particular company

☛ Medical and health insurance

☛ Retirement annuity

☛ Travel insurance

☛ House owner insurance

☛ Investment linked insurance

☛ Life insurance

☛ personal accident insurance

A travel insurance can be purchased for you or your family to insure against travel-related accidents, losses or interruptions, such as:

☛ Personal accident

☛ medical-related expenses

☛ loss of travel or accommodation expenses due to cancellation or curtailment of the journey

☛ losing your baggage, belongings and money

☛ losing your passport

☛ personal liability

☛ delayed baggage

☛ travel delays

☛ hijacking

☛ repatriation

The types of coverage normally provided under a PA policy include:

☛ Accidental death

☛ Permanent disablement

☛ Temporary total or partial disablement

☛ Medical expenses

☛ Corrective surgery

☛ Hospitalisation benefits

☛ Funeral expenses

When it comes to buying a policy, always:

☛ Check the market value price of your vehicle. If it is a new vehicle, the insured value will be the purchase price.

☛ Ensure that your vehicle is adequately insured as it will affect the amount you can claim.

☛ Give all material facts about your vehicle, including previous accidents (if any), modification to engines, etc. When in doubt, it is best to ask your insurance company.