It is important to think about your family and how your family is protected during this crisis.This week Malaysian takaful company, Hong Leong MSIG Takaful has launched a new family protection plan called HLM Takaful i-Heritage Protector. It is takaful product which is an insurance that follows shariah laws to protect your family.
The HLM Takaful i-Heritage Protector offers high coverage with flexibility to tailor your plan according to your needs. The unique feature of this plan is the Ihsan allowance which provides RM2000 per month for 5 months by just submitting the death certificate of the person covered. Our purpose is to offer some financial relief to the beneficiary while we work quickly and efficiently in paying out the full benefits.
Other key features of the HLM Takaful i-Heritage Protector are:
- Increasing Takaful protection of up to 150% of the Basic Sum Covered;
- An additional 100% of the Current Basic Sum Covered for accidental death; and
- An additional 200% of the Current Basic Sum Covered for death whilst performing Hajj & Umrah
What is HLM Takaful i-Heritage Protector?
HLM Takaful i-Heritage Protector is an ordinary family takaful protection plan which provides increasing coverage for death, additional coverage for accidental death, additional coverage for death during Hajj & Umrah as well as Ihsan Allowance. The Account Value (value of the Participant’s Account (PA)) will be payable at the end of the coverage term if no death claim has been made.
How does the Ihsan Allowance protect your family?
The Ihsan Allowance will be payable on a monthly basis for five (5) months. The first RM2,000 will be payable upon receiving the burial/death certificate of the Person Covered. The next RM2,000 will be payable until we receive the complete claims documentation. The remaining Ihsan Allowance will be payable in one lump sum once the death claim has been approved. This benefit is aimed to reduce the financial burden for performing funeral services as it often takes time to receive a full claim payment.
Find more information on Hong Leong MSIG Takaful webpage or read the brochure here: Brochure – HLM Takaful i-Heritage Protector
The post Protect your family from financial burden appeared first on iBanding Making better decisions.
]]>We review for you the best takaful travel insurance in Malaysia so that you can find the right one for you. For many Malaysians, travel insurance or takaful travel is not something that you would think of when planning your vacation to another country. Flight and hotel will cost already a lot and then to buy travel insurance on top of it, can be a lot. But compared to the benefits you get, travel insurance is a bargain. Travel insurance is a nice cushion when things go wrong during your travel. We have shared the top 5 travel insurance in 2019.
What is the difference between travel insurance vs takaful travel
The main difference between travel insurance and takaful travel is the same as for conventional insurance and takaful. Takaful is Shari’ah compliant because it follows Islamic principles. It is specially built to allow Muslims to buy protection that is compliant to Islamic beliefs. There are three principles that insurance need to follow to be considered takaful of which interest or riba is the most important. Under normal insurance, any profit the insurance company makes goes back to the owners of the company. The owners of the company are, in most cases, the shareholders, who own shares or stock of the company. Under takaful, any profit the takaful company makes goes back to the policyholders who are the people that buy the takaful protection. Because the profit goes back to the people who buy takaful, many takaful companies give cashback or renewal discount. We have seen takaful companies give cashback on car takaful, but we have not seen companies give back cashback on travel takaful. It could be that the companies are very low with their prices so that there is no profit to share.
To provide you with a little bit of price comparison, we look at different trips. Insurance and takaful companies will take information like the country you are travelling to and the duration of the trip. Travel insurance and also Takaful Travel is more expensive when you travel to countries like Europe, or the US are more expensive, because of the higher medical cost. The duration of the trip is also price relevant because the longer the trip, the higher the change that something can go wrong. We have looked at three different trips to give you an idea about prices.
- Single person going on a trip to Tokyo, Japan for 5 days
- Couple (2 people) going on a 10 days trip to Sydney, Australia
- Family (2 adults and 2 children) going on a 10 days trip to Bangkok, Thailand
Best Travel Takaful Insurance Reviews (reverse order)
Takaful Ikhlas General Berhad provides their travel takaful with 25% discount, when you buy online. The protection is called Ikhlas Kembara Plus – Inbound & Outbound. You an read more detailed benefits on their webpage. The key protection they provide are
- Personal Accident Benefit
- Trip cancellation, trip curtailment, baggage & personall effects lost or stolen
- Emergency Medical Evacuation
- Personal Liability
Takaful Ikhlas only offers one product variation.
Price Samples
1. Single person going on a trip to Tokyo, Japan for 5 days
- Medical Expenses RM 30k = RM 36.25
2. Couple (2 people) going on a 10 days trip to Sydney, Australia
- Medical Expenses RM 30k = RM 115.00
3. Family (2 adults and 2 children) going on a 10 days trip to Bangkok, Thailand
- Medical Expenses RM 30k = RM 103.75
Syarikat Takaful Malaysia is among the best takaful companies in Malaysia. The webpage and their product are top. In 2016/2017 and 2017/2018, Takaful Malaysia placed 1st in the Takaful category. The company provides 3 different packages Bronze, Silver and Gold, so that you can choose how much protection you need. The protection is much higher and more extensive than IKHLAS Kembara Plus Takaful – Inbound & Outbound. You can view the detailed protection coverage on this page.
Price Samples
1. Single person going on a trip to Tokyo, Japan for 5 days
- Bronze – Medical Expenses RM 100k = RM 28
- Silver – Medical Expenses RM 200k = RM 33
- Gold – Medical Expenses RM 300k = RM 36
2. Couple (2 people) going on a 10 days trip to Sydney, Australia
- Bronze – Medical Expenses RM 100k = RM 54
- Silver – Medical Expenses RM 200k = RM 70
- Gold – Medical Expenses RM 300k = RM 80
3. Family (2 adults and 2 children) going on a 10 days trip to Bangkok, Thailand
- Bronze – Medical Expenses RM 100k = RM 65
- Silver – Medical Expenses RM 200k = RM 85
- Gold – Medical Expenses RM 300k = RM 98
1. Etiqa Takaful – Review Best Travel Takaful Company
In our review of the best travel takaful / insurance companies, Etiqa Takaful is one of the best travel protections for Malaysians. The Travel Takaful is called TripCare 360 Takaful and offers the following key benefits:
- 25% online discount, when purchasing online
- Cashless Oversears Hospital visit
- No claims discount on annual contracts
It appears that the prices from Etiqa Takaful are higher than Takafu Malaysia, but one needs to carefully compare one by one the benefits to understand the difference. One key difference is that Etiqa Takaful provides higher medical expense protection for you with the Platinum Plan than Takaful Malaysia. Takaful Malaysia’s highest medical expense protection is RM 300k, whereas Etiqa Takaful provides protection up until RM 500k. You can read our Guide to Travel Insurance to learn what we believe are the most important coverage for travellers. Besides offering protection for travel inconveniences like flight delay or baggage loss, Etiqa is one of the few companies that offer cashless medical care abroad. Cashless medical care means that if you have to go to the hospital in another country, you do not need to pay cash upfront. You can call the 24/7 hotline +603-2161-0270 and request a Guarantee Letter for the nearest hospital. The hospital will then treat you without any payment by you. The payment is settled directly between the hospital and Etiqa Takaful.
Etiqa Takaful has also been in the news in providing outstanding service to their customers and sometimes even exceptions. On August 23rd, 2019 Etiqa Insurance and takaful approved that all delays from the KLIA airport disruption should be compensated. Normally, travel insurance only pays for delay by the airline. Etiqa made an exception here and treated the airport delay as a flight delay. Anyone who had purchased an Etiqa Tripcare 360 Takaful will receive extra money for the delay. You can read more about it in the Star Online “Making an exception, Etiqa to pay KLIA flight delays” or the Edge Malaysia “Etiqa to pay flight delay claims for travellers affected by KLIA IT glitch”
Source: The Star Online
Source: The Edge Market
Price Samples
1. Single person going on a trip to Tokyo, Japan for 5 days
- Silver – Medical Expenses RM 100k = RM 26.05
- Gold – Medical Expenses RM 300k = RM 36.17
- Platinum – Medical Expenses RM 500k = RM 44.61
2. Couple (2 people) going on a 10 days trip to Sydney, Australia
- Silver – Medical Expenses RM 100k = RM 83.28
- Gold – Medical Expenses RM 300k = RM 123.20
- Platinum – Medical Expenses RM 500k = RM 156.5
3. Family (2 adults and 2 children) going on a 10 days trip to Bangkok, Thailand
- Silver – Medical Expenses RM 300k = RM 66.47
- Gold – Medical Expenses RM 900k = RM 103.82
- Platinum – Medical Expenses RM 1.500k = RM 134.98
2019 Top Travel Takaful Companies in Malaysia
- Tripcare 360 Takaful – Etiqa General Takaful
- Takaful myClick Travel PA – Syarikat Takaful Malaysia
- Takaful Ikhlas – Ikhlas Kembara Plus – Inbound & Outbound
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]]>Every year iBanding recognizes the Best Insurance and Takaful Agents with the Certificate of Excellence.This year we will announce the Best Agents on May 9th in an Award Ceremony in Kuala Lumpur.
This certificate is the First in Malaysia that is solely based on customer reviews and rating. All insurance companies give out awards like Silver, Gold, Platinum to show how much the agent has sold in insurance. It shows how good the agent can sell, but not how satisfied the customer is and how good of a service the agent provides.
Selling the most insurance does not make a good insurance/takaful agent.
Malaysia has over 120,000 insurance and takaful agents who sell insurance and takaful products. This is a lot and can make it difficult to find the right agent. How do you find the right agent?
Check out iBanding’s Insurance Agent Directory to read rating and reviews from insurance/takaful agents. We show reviews and ratings that actual customers have left their agents.
Looking for the Best? In 2018, only 19 insurance/takaful agents received this unique and prestigious award. Check out last year’s winner by clicking on the link below.
If you want to learn more about the Certificate of Excellence for Malaysian Insurance/Takaful agents click here.
The post Coming soon the Best Malaysian Insurance/Takaful Agents of 2019 ! appeared first on iBanding Making better decisions.
]]>Getting ready to buy your first life Insurance or Family Takaful and don’t know how and where to start? Use this guide as a reference to help you to make a better and informed choice, for life insurance or family takaful protection that fits to your needs.
Buying Life Insurance/Family Takaful is one of the fundamentals to a sound financial and health investment. To help you to make a decision, here is a “Quick Guide to Buying Life Insurance” with 9 useful steps before and during the process of buying your life insurance or family takaful.
Feel free to embed the Infographics onto your webpage.
Summary of steps and questions when buying life insurance
- How and where do I buy life insurance?
- How much cover do I need for how long?
- Shop around
- Why do I need to complete Customer Fact Find Form?
- Read Product Disclosure Sheet and sales illustration
- Complete Proposal Form accurately and completely
- Read your insurance policy carefully
- Take advantage of the 15-days Free Look Period
- Make your nomination – It is the reason why you bought the policy.
1. How and where do I buy life insurance?
- Agents of insurers/takaful operators
- Financial adviser
- Insurer/takaful operator’s online channel
2. How much cover do I need and for how long?
- Depends on your financial goals, insurance needs & what you can afford to pay
- Use online calculator to estimate coverage needed, available at: https://ism.net.my/protection-calculator
3. Shop Around
- Compare as many insurance plans as possible – it is always wise to shop around
- Choose an affordable plan that best suits your financial needs & risk profile
4. Why do I need to complete Customer Fact Find Form?
For the agent to assess your financial goals, protection needs, affordability & recommend a suitable product
- Step 1:
Identify your needs (i.e. protection, retirement, children’s education & savings plans) & risk tolerance - Step 2:
Conduct financial needs analysis i.e. protection needs & financial situation - Step 3:
Recommend a suitable product & reasons for recommendation
5. Read Product Disclosure Sheet and Sales Illustration
Read these documents to understand scope of cover
- Pay close attention to policy benefits (i.e. guaranteed or non-guaranteed), risk exclusions & premium (i.e. fixed or increasing)
- Ask questions if the policy coverage and terms & conditions are unclear to you
- Compare both premium payable & level of coverage provided
6. Complete Proposal Form accurately and completely
- Never sign a blank or an incomplete proposal form
- Make sure all information disclosed in proposal form are accurate & complete
- Double-check to ensure all answers are accurate before signing
7. Read your insurance policy carefully
- Understand the policy coverage, risk exclusions and terms & conditions of the policy
- Ask your agent or insurer/takaful operator about any terms & conditions that are unclear
8. Take advantage of the 15-day free look period
Read and review the policy.
- Make an appointment with your agent to go over the policy
If the policy does not suit your needs…
- You must return the policy to insurer/takaful operator within the 15 days
- Premium will be refunded to you less medical expenses incurred
9. Make your nomination – It is the reason why you bought the policy
- Complete nomination form to expedite payment in the event of death
- Inform your nominees of the policy
Have a question? Leave a comment below !
The post Quick Guide to Buying Life/Takaful Insurance in Malaysia – Infographic appeared first on iBanding Making better decisions.
]]>The post 3 Biggest Misconceptions About Takaful Insurance appeared first on iBanding Making better decisions.
]]>This is inaccurate, however, and continues to be one of the most common misconceptions about Takaful insurance. Read on to find out what are some of the biggest misconceptions Malaysians generally have about Takaful:
3 Biggest Misconceptions About Takaful Insurance
Misconception #1: Takaful insurance is only for Muslims
The truth: To sign up for a Takaful insurance plan, there is no requirement for one to be Muslim.
While Takaful insurance is indeed compliant with Islamic financial laws, it is not limited only to Muslims. Anybody can sign up for a Takaful plan!
Takaful is the shariah-compliant alternative to conventional insurance, and it is characterised by the elimination of several prohibited elements in Islam including:
- riba (interest)
- maysir (speculation)
- gharar (excessive uncertainty)
The core principle of Takaful is that it promotes fairness, and the prohibition of the above elements is to ensure all parties (policyholders and insurance provider) share the risk and benefits equally. Takaful respects all parties involved in the plan. The objective is to avoid such situations where one party suffers losses.
For example:
- A policyholder starts an insurance plan, gets into an accident the month after, and receives a large pay-out after only one month of paying premium (viewed as a loss to the insurance company)
- A policyholder pays for protection against accidents but does not meet a single accident throughout the policy period (viewed as a loss to the policyholder)
Evidently, this ethical concept of risk-sharing does not necessarily apply to only one particular religion, but is relatable to anybody regardless of race and religion. Thus, this is why Takaful insurance is not a Muslims-only benefit and can be enjoyed by everyone.
Takaful insurance is open to policyholders of all races and religions.
Misconception #2: The purpose of Takaful differs from conventional insurance.
The truth: While the way it manages risk may be different, the end goal of Takaful insurance is still the same as conventional insurance – to protect policyholders in the event that something unfortunate occurs.
In conventional insurance, a policyholder purchases a plan and the insurance provider invests the premiums received for profit. This is how the provider is able to provide a pay-out of the sum assured in the event of death, critical illness, accidents and such.
Takaful, on the other hand, functions as a co-operative system, where a group of participants pool a sum of money together. In the event of death, critical illnesses, accidents and such, the pool of money is used to reimburse the affected participant.
Both conventional and Takaful insurance are geared towards protecting policyholders from losses due to unforeseen events.
Misconception #3: One form of insurance is better than the other.
The truth: Both forms of insurance come with their own set of characteristics. It is up to the policyholder to decide whether conventional or Takaful suits them better.
Profit maximization is the main priority for conventional insurance providers. By investing premiums received from policyholders, a conventional insurance plan is able to offer a contractually-guaranteed positive return to policyholders. However, do note that the channels invested in may not be shariah-compliant.
A positive return is not guaranteed for Takaful policyholders, however. Doing so is similar to receiving interest, which is one of the prohibited elements. However, Takaful insurance is rooted in moral values and encourages business conducts to be done with good faith, fairness and transparency.
While conventional insurance aims for profit maximisation,
Takaful strives to sustain operations.
Additionally, Takaful contracts generally specify how and when profits or bonus units will be distributed, if any. As Takaful plans are geared towards sustaining operations rather than maximising profit, the option to give back to society by contributing profits received to charity is made available.
Interested to find out more about Takaful plans available in the market? Find the right agent for you on iBanding’s Agent Directory! Pro Tip: Use the listing’s star ratings to find the most recommended agents.
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The post 3 Biggest Misconceptions About Takaful Insurance appeared first on iBanding Making better decisions.
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