Insurance.& Takaful..!!!

Insurance...?? Is it relevant or not? What I know insurance is protection and transfer of risk by an individual or organization to the insurance company. Insurance company will pay for any losses or damages.

Mmmhhh, some of my friends are doing insurance ..that we call "agent". They are doing for general or life insurance..

Takaful ?? Mmhhh, 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.

Both insurance and takaful have similar basic principles. For instance, the insured, such as yourself, must have a legitimate financial interest in the risk you are insuring, meaning you must suffer a financial loss when the insured event occurs.

Where we can get insurance product ?

1. Buy from registered agent

2. Buy from banking institution

3. Directly from insurance company

4. Tru internet..via online.

Can I buy more that one policy..?? YES.. You also can buy more that one policy to protect a particular risk but in one claim for the event of loss or damage. The amount payable will then be contributed by the insurance companies involved. As such, you cannot profit from your general insurance policy or takaful plan. If you suffer a loss, you will be compensated accordingly and no more than that. You will be paid or ‘indemnified’ to the position you were in before the loss.

Useful Pointers When Buying an Insurance Policy or Participating in a Takaful Plan.

1. Understand the policy or plan including the products features, conditions, benefits limitation, and exclusions.
2. Ensure that the premium or contribution payable is affordable
3. Ensure that the amount of coverage taken is adequate and suits your needs
4. Ensure that all material facts are fully disclosed
5. Deal ONLY with registered agents/licensed brokers, or directly with an insurance company or takaful operation.
6. Monitor the period of coverage and time for payment of premium or contribution.

Hopefully, people can make good decision before buy the insurance.

Recommended Agents (my friends):

1. Mr Zamie : 0126644530

2. Mr Azri : 0123950044

3. Mr Ezdwan : 0136268060

4. Mr Emran : 0126915019 ..as consultant :p