Contrary to what many think,increasing Takaful contributions are not just due to increasing medical costs.
In fact, one ‘culprit’ that plays a significant role in pushing up Takaful
contributions is the prevalence of dubious and borderline fraudulent Takaful
claims. Bear in mind, that dubious claims are not just unethical – if found to
be actually fraudulent, they are considered illegal! Additionally, what most
participants do not know is that whether or not a dubious claim goes through,
market premium prices are affected. Read on to find out just how the market,
and your Takaful contributions, are being affected by runaway claims.
Many of us see motor insurance or Takaful as just another form of obligatory financial commitment, much like paying taxes or home loan repayments. Did you know that you can reduce the financial load in the long run by getting savings not just through No-Claim Discounts (NCDs)?
Takaful, despite its long history in Malaysia
and throughout the world, is often perceived in a jaundiced light, largely due
to its religious connotations. As a Malaysian, chances are that you know of it,
but choose to turn away because the unknown terrifies you, and you ultimately
look into conventional insurance because, well, it’s conventional! In this
article, Loanstreet identifies and dispels the top prevailing misconceptions of
Takaful among Malaysians.
In this article, we explain the concept of mutual cooperation, the greater good, and how individuals can get a sense of helping each other as well as supporting charities through Takaful.
A prevailing misperception about Takaful is that it is simply the
Islamic version of traditional insurance, and thus is confined to those of the
religion. The truth is, not only is Takaful open to anyone regardless of
religion or creed, it is a financial management tool that differs in certain
aspects from traditional insurance. Used wisely, Takaful can lead to better
financial security and peace of mind knowing that you would be part of a risk
management system that firmly upholds principles. Here we explore the
differences between Takaful and conventional policies, and what they would mean
When it comes to insurance cover, people grudgingly accept that if no claims were made, money paid to premiums will be "burnt". But somewhere out there is a more equitable, lesser known category of insurance cover that gives out cash backs on unclaimed premiums. The trouble is, most people are completely ignorant for having never been told about it.