We heard all the times about too many types of insurance policies without
really understand what they are and more importantly, what they protect. In
fact, there are only two main types of insurance, namely life insurance and
general insurance which covers different areas in your life.
1. LIFE INSURANCE
Life insurance is an insurance coverage that pays out a certain amount of
money to the insured or their specified beneficiaries upon a certain event such
as death of the individual who is insured. This protection is also offered in a
Family takaful plan, a Shariah-based approach to protecting you and your family.
requires periodic premium payments, either monthly, quarterly or annually.
The risks that are covered by life insurance are:
| * Premature death |
| * Income during retirement |
| * Illness |
The main products of life insurance include:
| * Whole life |
| * Endowment |
| * Term |
| * Investment-linked |
| * Life annuity plan |
| * Medical and health |
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