4+ Types of Insurance Most Preferred by Indonesians
Written on: 2月 28, 2022
Title : 4+ Types of Insurance Most Preferred by Indonesians
link : 4+ Types of Insurance Most Preferred by Indonesians
4+ Types of Insurance Most Preferred by Indonesians
4+ Types of Insurance Most Preferred by Indonesians
When talking about insurance, what do you think about? Guarantee, or just risk transfer? So that you are not misguided in assessing insurance, against these types of insurance. Let's take a look at some of the important information in this article.
Because of course before you decide to register as an insurance participant. Of course you have to know in advance about what is called insurance, to the types and benefits for you as a participant, as well as the insured. Without having to wait any longer, let's get to know the coverage system known as insurance!
Understanding and Types of Insurance
Wikipedia states that what is called insurance is an agreement between 2 parties, which is also known as coverage. Where with this agreement an agreement has been made, that one party has an obligation to pay insurance contributions (premiums), as written on the insurance policy.
Meanwhile, the other party guarantees full or partial protection, if the party paying for the insurance experiences an incident, both concerning himself and the goods covered. In accordance with the agreement made.
Henceforth, insurance contributions are known as the insured. While the party that provides protection/guarantee is called the insurer, which is now better known as the insurance company.
Meanwhile, according to Article 246 of the KUHD, it states that the term insurance is an agreement, where the insurer will bind himself to the insured, by receiving a premium, as a guarantee or replacement to the insured. When there is damage or loss of expected profits, which may be suffered, due to an event that cannot be sanitized.
In other words, insurance can be interpreted as an agreement to transfer a certain amount of risk to another party called the insurer, which is made by the insured, with the payment of a certain premium. So what are the benefits and types of insurance? For more details, you can see the description below.
Types of Insurance Most Preferred by Indonesian Society
Broadly speaking, insurance is divided into several types. Among them are life insurance, health insurance, education insurance, motor vehicle insurance, fire insurance, old age insurance, labor insurance, travel insurance, and others.
However, this time we will only discuss some types of insurance that are most chosen by the people of Indonesia. Among them:
1. Life Insurance Life
insurance is a type of insurance that covers all, or part of the risk caused by death. In a sense, this type of insurance will provide protection by covering financial losses, due to the death of someone, who is an insurance participant (the insured).
The insurance funds provided for this type of insurance will be given after the insurance participant dies. So that insurance participants will not enjoy insurance funds. And will automatically be given to the heirs of the insurance participants.
In other words, insurance participants will not enjoy insurance funds. But more to anticipate by providing guarantees to the heirs left behind. When the insurance participant dies later. Some things you need to know about life insurance include:
A. Types of Life Insurance Life
insurance can be said to have a fairly important role. Be it for insurance participants, or for heirs left behind. Therefore, it is better if everyone has/registered as insurance of this type.
But before you register as a participant in life insurance, it's a good idea to know in advance about the types of life insurance. Among them:
Term Life
is a type of life insurance that is valid for a certain period of time, in accordance with the previous agreement. In a certain sense, term life insurance which is often known as credit life insurance will provide coverage, when the agreement takes place, the insurance participant/insured turns out to have died.
Then the insurance company will provide a number of insurance funds, as well as pay off the remaining loan (credit). But when the insurance policy has lapsed (inactive). Then automatically, the insurance benefits will stop, and the heirs will not get coverage.
Whole Life
Insurance is different from term life insurance which is only valid for a certain period of time. So, whole life insurance (life insurance for life) will provide coverage until participants are around 99 to 100 years old. In other words, a lifetime guarantee.
Even though it is valid for life, the premium will not increase, and will remain the same as at the beginning of the policy. Then what about providing guarantees for this type of life insurance, when the policy turns out to be inactive?
The guarantee will still be given when the insurance participant dies, with a reduction in the cost of closing the policy, as well as other costs. However, it turns out that the police have made a mistake.
Waqf Life Insurance (Dwiguna)
Is a type of life insurance in the form of savings. Where you pay a premium every month/year, just like when you save. Meanwhile, insurance funds will be given for a certain period of time, which has been agreed in advance. Even though the insurance player is still alive. Meanwhile, insurance funds will be given before the end of the period, when the insurance agreement takes place, the participant turns out to have died.
Unit Link Life Insurance
In this type of life insurance, usually the premium paid by the participant will be transferred/turned into an investment fund. Thus, in addition to getting insurance funds that come from the premiums paid. The heirs will also get a number of benefits in the form of results/profits from investments made by insurance companies.
B. How to Claim
After you are registered as a life insurance participant, then you who are a participant in whole life insurance, as well as your family who are the heirs, should already know how to claim this life insurance.
Especially if the term of life insurance is term, or when you as a participant in life insurance suddenly pass away. However, this time we will only discuss how to claim for one type of life insurance with a category other than whole life insurance, as well as for this type of life insurance, but later, the insurance participant turns out to be dead, during the term of the insurance agreement. The method is:
Report the death of a family member to the insurance company, no later than about 30 to 60 days, after the death of the insurance participant.
Fill in and provide a number of documents needed for this life insurance claim.
Some of them are the original policy, claim forms filled out by the heirs, death claim forms for insurance participants signed by the treating doctor, power of attorney for the contents of medical records, quotes from death certificates from the local government, Minutes of Examination (BAP) from the police. , if it turns out that the insurance participant dies due to an accident.
Not only that, the heirs must also include a chronology of the death certificate, account book and account number of the insured (insurance participant), the insured's identity card and also the heirs, and other necessary documents.
After the documents are received by the insurance company. Usually the insurance company will take time to verify the documents, by matching them with those listed on the policy. The time required for this verification process is around 14 days, or according to the policy of each insurance company.
If it turns out that the letters have been verified, and the claim for the heirs has been approved. Thus, the process of disbursing insurance funds will be carried out immediately, and the heirs are just waiting for the insured funds to be given. Especially to the heirs, as beneficiaries of one type of insurance for this life insurance category.
C. Benefits and Benefits of Life Insurance
At a glance, the benefits of life insurance can only be felt by the heirs, in this case the heirs who have been registered as recipients of insurance funds, if it turns out that the insurance participant dies. But actually, this life insurance also provides many advantages and benefits for the insurance participants themselves. Among them:
As a form of anticipation, when it turns out that the head of the family, in this case the insurance participant goes, God calls him first (died).
Providing inner peace, regarding the survival of the heirs, after the death of the head of the family or family members who are insurance participants.
Assisting in financial management and as an investment given to heirs for the future. This is because, with financial allowances every month/year for payment of life insurance premiums. Indirectly, it can be used as an investment for the heirs, which will be reimbursed in the form of insurance funds. Immediately after the insurance participant dies, the
premium can be paid on a monthly or annual basis, which can be adjusted according to the insurance participant's financial capacity.
D. Lack of Life Insurance
Apart from having a number of benefits and advantages, you could say this type of insurance also turns out to have some drawbacks. Where the shortcomings include:
Insurance funds cannot be enjoyed by the insurance participants themselves, but only for the heirs.
Insurance funds can only be received once in a lifetime, namely at the end of the policy closing, after the participant dies.
The amount of premium is generally more expensive, when compared to other types of insurance.
There is usually no financial transparency regarding the premiums transferred for investment, which is usually the case with this type of unit-linked life insurance.
E. Tips for Choosing a Trusted Life Insurance
With so many incidents, there is no transparency regarding the premium transferred to one particular instrument. This of course makes some people less trust this life insurance.
However, not all insurance companies are like that. The proof is that there are still many insurance companies that provide more transparent financial information regarding the allocation of premiums received from a number of insurance participants registered with the insurance company.
For those of you who already have the intention to become a participant in life insurance in the near future. It's a good idea to do some of the following tips. Among them:
Find out about the credibility of the insurance company
This is because, before you become a participant in life insurance at an insurance company, of course you already know which insurance company you will choose.
However, you not only know the name of the company, but you also have to know the credibility of the company. Especially the credibility of the company, related to the insurance services provided and the provision of accurate information about the allocation of premiums for investment purposes.
Choose the best life insurance products and services that suit your needs
Even though you may have chosen life insurance as an insurance option, as is well known, there are various types of life insurance available in almost all insurance companies. Therefore, choose the type of life insurance with the best products and services, and according to your needs.
Understand about the benefits and insurance funds that will be received by the heirs later
Not just finding out about life insurance products and services that suit your needs. But you also have to understand about the benefits and also information related to the amount of insurance funds that will be received by the heirs.
Choose a life insurance product with a premium that suits your ability.
Even though you may have chosen the best product/type of life insurance, and already know about the benefits and the amount of insurance funds that will be provided later. But still you have to choose life insurance which is one type of insurance, with a premium amount that suits your abilities.
2. Health Insurance
In addition to life insurance, of course you also know one type of insurance. Yes, the insurance in question is known as health insurance. You could say, this type of insurance is very popular lately.
For example, according to one source, it was stated that in 2017 alone, around 79.4% of the Indonesian population were health insurance participants. Thus, it can be assumed that out of about 262 million people in Indonesia, around 208 million of them have chosen health insurance, as one of the types of insurance they choose.
So, what is health insurance? Why do many people choose this type of insurance, compared to other types of insurance? Before discussing the benefits and advantages, it's good to know in advance the meaning of this health insurance.
In general, health insurance is one type of insurance that provides protection and guarantees for the health of someone who is an insurance participant. The protection covers medical expenses, medication, hospitalization, surgery/operation costs to the cost of medicines, and all things related to treatment at various clinics and hospitals.
Some insurance companies even add other benefits, such as transportation costs to and from the designated clinic/hospital (reference), to referral fees to hospitals that are partners with insurance companies. With the many facilities and benefits provided by the insurance company, of course, the amount of premium that must be paid will also be slightly different.
Where with slightly more expensive premiums, of course, this will make the insurance benefits you will get more diverse. Likewise if you choose health insurance with a lower premium amount, for example. Of course, the health benefits you will get will also be limited.
That's the article 4+ Types of Insurance Most Preferred by Indonesians
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