What is Life Insurance?

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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, half-yearly or annually.

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The risks that are covered by life insurance are:

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• Death

• Total Permanent Disability

• Critical Illness

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The main products of life insurance include:

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• Whole life

• Endowment

• Term

• Investment-linked

• Universal life

• Annuity plan

• Medical and health (i-Medi + i-Medi ExPlus) (SmartMedic Million + SmartMedic Million Plus)