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Useful pointers when buying an insurance POLICY or participating in a takaful PLAN:

• Understand the policy or plan including the product features, conditions, benefits LIMITATIONS and exclusions
• Ensure that the premium or contribution payable is affordable
• Ensure that the amount of COVERAGE taken is adequate and suits your needs
• Ensure that all material facts are fully disclosed
• Deal only with registered agents/licensed brokers or directly with an insurance company or takaful operators
• Monitor the period of coverage and time for payment of premium or contribution

Useful pointers when buying an insurance policy or participating in a takaful plan:

• Investment LINKED TAKAFUL
• Motor takaful
• Medical and HEALTH takaful
• Personal ACCIDENT takaful
• Family takaful
• House OWNER takaful
• Marine takaful
• Fire takaful
• Travel takaful

There are 2 TYPES of TAKAFUL:

1. FAMILY takaful
2. GENERAL takaful

There are 2 types of takaful:

• The products under FAMILY TAKAFUL are:
• Family takaful
• Investment linked takaful
• Child education takaful
• Medical & health takaful

The PRODUCTS under GENERAL TAKAFUL are:

• Home takaful
• Motor takaful
• PERSONAL accident takaful

The products under general takaful are:

Basic principals of TAKAFUL are as follows:

• 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.

Basic principals of takaful are as follows:

• MEDICAL and health insurance
• RETIREMENT ANNUITY
• Travel insurance
• House OWNER insurance
• Investment linked insurance
• Life insurance
• personal accident insurance

A travel insurance can be PURCHASED for you 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

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

The TYPES of coverage normally PROVIDED under a PA policy include:

• Accidental death.
• Permanent disablement.
• Temporary total or PARTIAL disablement.
• Medical expenses.
• Corrective surgery.
• Hospitalisation benefits.
• Funeral expenses.

The types of coverage normally provided under a PA policy include:

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.

When it comes to buying a policy, always: