In Malaysia, we have the option to choose either Conventional Insurance or Takaful Protection. Both are available in the market.
Basically, insurance is a contract between a customer and an insurance company based on the payment made by the customer as a premium payment where in return the company provides a guarantee of compensation for specified loss, illness, or death.
Premium is referring to the payment made by the customer to the insurance company for the insurance coverage. It is called Contribution for Takaful Protection.
Takaful is an Islamic Insurance concept which operated based on the rules and regulations of Islamic Law. Every insurance company has Board of Shariah which will monitor to ensure that the rules and regulations are in compliance with the Islamic Law.
Both Insurance and Takaful are governed by Bank Negara Malaysia.
Saturday, February 4, 2012
Wednesday, February 1, 2012
Insurance Option
We are lucky as Malaysian because we have the option to choose either Takaful or Conventional Insurance. In Malaysia, we have Insurance Companies which governed by Bank Negara Malaysia which offer the people either to buy Takaful or Conventional Coverage:
1. Etiqa which gives the option for Takaful Protection & Insurance Coverage
2. Takaful Malaysia
3. Takaful Ikhlas
4. Great Eastern
5. Prudential
and few other companies.
So, the choices are in our hand either to choose Takaful Protection or Conventional Coverage.
1. Etiqa which gives the option for Takaful Protection & Insurance Coverage
2. Takaful Malaysia
3. Takaful Ikhlas
4. Great Eastern
5. Prudential
and few other companies.
So, the choices are in our hand either to choose Takaful Protection or Conventional Coverage.
Insurance
What is Insurance?
Basically, we have Life and General Insurance.
Life Insurance is related to the protection given to an individual or group of individuals life. General Insurance is related to Motor Vehicle, Marine etc coverage.
Nowadays, Life Insurance Protection is a basic need for every individual. There is medical insurance coverage, educational insurance coverage, personal accident insurance coverage etc.However, the needs of insurance coverage will be varies from one person to another. For example, if you want to buy an insurance coverage for a child, it will be an education plan.
Have you bought the insurance coverage for you and your family?
Basically, we have Life and General Insurance.
Life Insurance is related to the protection given to an individual or group of individuals life. General Insurance is related to Motor Vehicle, Marine etc coverage.
Nowadays, Life Insurance Protection is a basic need for every individual. There is medical insurance coverage, educational insurance coverage, personal accident insurance coverage etc.However, the needs of insurance coverage will be varies from one person to another. For example, if you want to buy an insurance coverage for a child, it will be an education plan.
Have you bought the insurance coverage for you and your family?
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