1.life insurance
We often hear a variety of insurance policies are offered without really understanding the characteristics and scope of such protection. There are two main types of insurance, namely life insurance and general insurance, two different policies and protect the different aspects in your life.
Life insurance is coverage that pays a sum to the policyholder or the nominee if something untoward happens to the policyholder, such as death. Protection is also offered in a family takaful plan, a plan for you and your family based on Shariah principles.
Typically, the life insurance coverage is more than a year. This means that the periodic premium payments, either monthly, quarterly or annually, to be settled.
Life insurance risks covered are:
Death within the policy
Income in retirement
Disease
Disability
The main products include life insurance:
Life policy
Endowment policy
Term Policy
Investment-linked policies
Annuity policy
Medical and health policy
2.General insurance
General insurance is an insurance policy that protects you against any loss or damage incurred, other than life insurance risk covered. For more comprehensive coverage, you should understand the risks covered to ensure you and your family are protected from any unforeseen events.
The coverage period for most general insurance policies and plans is a year that require no premium in one lump sum payment.
Risk insurance covered are:
Loss of property, such as car theft or fire house
Liability arising due to damage to third parties caused by you
Deaths resulting from accidents or injuries
The principal general insurance products including:
Motor policy
Police Fire / home owners / households
Police accident
Medical and health policy
