Types of Insurance

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Types of Insurance
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.

The coverage period for life insurance is usually more than a year. So this 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
 
General Insurance
General insurance is basically an insurance policy that protects you against losses and damages other than those covered by life insurance. For more comprehensive coverage, it is vital for you to know about the risks covered to ensure that you and your family are protected from unforeseen losses.

The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis.

The risks that are covered by general insurance are:
 
Property loss, for example, stolen car or burnt house

Liability arising from damage caused by yourself to a third party
Accidental death or injury
 
The main products of general insurance includes:
 
Motor insurance
Fire/ House owners/ Householders insurance
Personal accident insurance
Medical and health insurance
Travel insurance

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