Travel Insurance

Travel insurance coverage is usually limited to the period of your travel. However, some insurance companies may offer various combinations of protection to cater to the specific needs of customers, including long-term annual policies for a frequent traveller.

A travel insurance can be purchased for you and/or your family to insure against travel-related accidents, losses or interruptions, such as:

Personal accident medical-related expenses loss of travel or accommodation expenses due to cancellation or curtailment of the journey losing your baggage, belongings and money losing your passport personal liability delayed baggage travel delays hijacking repatriation

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

Types of Takaful

The general takaful concept is you contribute a sum of money to a takaful fund in the form of participative contribution (tabarru’). You will undertake a contract (aqad) for you to become one of the participants by agreeing to mutually help each other, should any of the participants suffer any form of misfortune, either arising from death, permanent disability, loss, damage or any other such misfortunes as covered under the takaful you personally undertake.

The takaful protection plan is based on Shariah principles and offers many unique features to policy owners. There are two types of takaful businesses: family takaful and general takaful.

You must have a legitimate financial interest in the subject matter to participate in a takaful plan. A takaful contract is based on the principle of utmost good faith (trust), whereby you need to disclose all material information required. You can only recover your financial loss and not gain any profit as a result of a quantifiable loss. In determining the compensation, the takaful operator will identify the actual most important cause that brought about the loss. After you have been compensated for your loss, the takaful operator has the right to claim from any third party responsible for your loss. If a loss is covered by more than one takaful plans or insurance policies, the takaful operator that has made payment to you may call upon other takaful operators or insurance companies to contribute proportionately to the payment.

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/ Houseowners/ Householders insurance Personal accident insurance Medical and health insurance Travel insurance

Motor Insurance

You need motor insurance when you buy a motor vehicle. Motor insurance covers your vehicle, be it a motorcycle, a car or a lorry, in case of accidents or theft.

When it comes to buying a policy, always:

Check the market value price of your vehicle. If it is a new vehicle, the insured value will be the purchase price. Ensure that your vehicle is adequately insured as it will affect the amount you can claim. Give all material facts about your vehicle, including previous accidents (if any), modification to engines, etc. When in doubt, it is best to ask your insurance company.

Make sure that the amount covered in your motor insurance certificate reflects the market value of your vehicle and not any other value to avoid over-insurance or under-insurance.

If you are involved in a motor accident and have a comprehensive cover, you may either make an own damage claim or a third party claim. There are different procedures involved. Inform your insurance company immediately and act according to their instructions. You may need to send your damaged vehicle to an approved workshop. You may check for the list of approved workshops from your insurance company. Make sure you send all relevant documents to support your claim to your insurance company as soon as possible.

	You may cancel your motor insurance policy at any time by notifying your insurance company in writing, inclusive of the date you want to stop the policy.
	It is a good idea to have a new policy in place before cancelling your previous one so there is no gap in between coverage.
	Insurance companies also generally offer a refund premium based on how old your current insurance policy may be, the newer it is when you cancel it, the more refund you will receive.