Have you ever considered getting a life insurance for your family and yourself? Do you know what kind of insurance you are looking for and which kind of insurance are there in the market that offers a very great deal and suitable for you and your family? Have you heard of takaful insurance before?
Table of Content
- What is Takaful Insurance?
- Why is Takaful Insurance important?
- Takaful Insurance as an Alternative for Conventional Insurance
- Takaful Insurance Could Assists in Paying Off Debts
- Takaful Insurance as an Alternative to SOCSO
- Takaful Insurance as an Alternative to EPF
What is Takaful Insurance?
Takaful Insurance is the answer for muslims who are concerned with the issues involving interest (riba’), uncertainties (al-gharar) and gambling (al-maisir) whereby it ensures that all these three factors or any other doubts that goes against Islamic principles are addressed accordingly. In general, the takaful system operates on a pooling system contributed by fellow members. In other words, takaful stresses the importance of cooperation and helping each other in times of needs and against any mishaps.
Why is Takaful Insurance important?
There is a lot of misunderstandings and misconceptions when it comes to insurance. There are even those who may think that buying insurance is a waste of money, not really what it is said to be and at the end of the day it just another burden in terms of other expenses. However, all those statements are nowhere to be true. In fact, you will actually be thanking yourself in the future for purchasing the takaful insurance for your family and yourself. What you need to understand is that we do not know what tomorrow will bring, have you prepared for the worst-case scenario that might happen to your family or yourself? What if someday you fall while you are working at the office and you are diagnosed with a permanent disability for the rest of your life? From having a perfect health to not being able what you used to is very disheartening indeed. Yet, do you know what could cause you more than just a heartbreak upon your existing condition? It is that your saving is very limited and that you have people that are dependent on you while you have no insurance at all to cover your medical expenses. Just by the thought of it sent chills down to one’s spine.
There are 10 importance of having Takaful Insurance for your family and yourself that you need to know.
Takaful Insurance as an Alternative for Conventional Insurance
Takaful protects muslim from things that contravene to sharia law or against Islamic principles such as riba’ which conventional insurance is known for practicing and charging interest meanwhile on the other hand, takaful insurance is based on Tabarru where a portion of the contributions made by participants is treated as a donation. Conventional insurance also includes al-gharar (uncertainty) and maisir where there are elements of gambling in it.
Takaful Insurance Could Assists in Paying Off Debts
Knowing very well that life is not a bed of roses and you are worried that your loved ones (beneficiaries) would be burdened by the debts that you leave behind, Takaful will be the saviour as the lump sum payout will help to elevate them for such anxiety.
Takaful Insurance Saves The Plight of Your Loved Ones
Have you ever thought of how life would be like for those who are dependent on you when you are no longer around? There is no doubt that you would like to ensure the livelihood of your loved ones are not jeopardized and compromised by your sudden demise. Hence, Takaful would be at hand to ensure the future of your loved ones remain intact and protected. Going by the concept of hibah or bequest, the beneficiaries is directly granted the compensation without having to undergo the process of Faraid.
Takaful Insurance Acts as a Saving
Takaful insurance is in fact your savings that works as a two-prong strategy. It is your savings that will help you for a continued sustenance and livelihood as well as supporting you should any mishap befalls you.
Takaful Insurance as an Alternative to SOCSO
Unlike SOCSO, Takaful Insurance spells great convenience in being compensated not just during working hours but instead members are covered against accidents and sickness around the clock no matter you are.
Takaful Insurance as an Alternative to EPF
Takaful is another form of investment which offers a 24-hours protection until your retirement age. Takaful is clearly a wise choice especially for your working years before reaching the age of retirement without having to just looking forward to your EPF savings.
Takaful Insurance Reduces Your Tax
Even better news for takaful policy holder and fellow tax payers, the purchase of takaful will grant you a privilege of a tax reduction.
Takaful Insurance as a Continued Monthly Income
In the event of accidents that may lead to permanent or total disabilities, Takaful would make available a monthly income to the policy holder affected by such circumstances.
Takaful Insurance Anchors Your Children’s Education
A good discipline of monthly savings on your children’s education does not just ensure their future in pursuing their studies but just as important, they are also provided with a 24-hours protection against unexpected events.
Takaful Insurance Puts Your Mind to Peace
Never underestimate the importance of a piece of mind for it is the very essence to a healthy and happy life. Takaful is like a safety net that comes in handy just when you need it.
As laid out above, it goes beyond doubt that having takaful insurance is absolutely crucial especially during this uncertain economic environment where everything seems fragile and only assurance is to invest wisely in takaful. So why wait? Do not procrastinate, time is of essence. Sign up with Etiqa i-Double Secure now! Click here for more information regarding Etiqa i-DoubleSecure, Term Takaful plan and visit www.policystreet.com to read more articles like this! Consider getting your family and yourself insured with us at PolicyStreet today and you could get RM50 rebate upon purchasing the Etiqa i-DoubleSecure Term Takaful Plan.