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Know the Types of Insurance for Your Needs

Know the Types of Insurance for Your Needs - The word "Insurance" is certainly familiar to many people. Although the term "Insurance" is popular, but the majority of the indonesian population still does not have insurance.
Know the Types of Insurance for Your Needs

Referring to data from the Financial Services Authority (OJK), the Indonesian people's understanding of insurance and its use is still minimal.

This is reflected in the level of penetration or ownership of insurance by the people of Indonesia. Looking at OJK data quoted by Bisnis Indonesia, July 2021, the insurance penetration rate in 2019 reached 2.81%. This figure increased to 2.92% in 2020 and 3.11% in June 2021.

This condition is caused by public incomprehension when buying the policy and the insurance claim process. Other reasons are also triggered by the variety of types of insurance offered by insurance companies. As a result, many people, especially those who are new to Insurance are confused in understanding the benefits of each insurance offered.

Before finding out the benefits of insurance, let's understand together about insurance. Referring to the OJK website, Insurance is an agreement between insurance service providers (as insurers) and the community (as policyholders).

Rights and obligations between insurance services and policyholders are regulated. Where the policyholder is entitled to protection for reimbursement of loss, damage, to death from the insurance service provider. However, the right will be obtained when the policyholder performs a premium payment obligation to the insurance company.

Basically, insurance offers good benefits in minimizing the risk of uncertainty that comes unexpectedly.
At least, there are five benefits of insurance that you can get, namely:
  1. Protect income from risks that come on suddenly.
  2. Protect the money saved to realize future plans.
  3. Protect the future of the family when death comes.
  4. Protect physical and mental health when there is a risk of accident.
  5. Provide future protection from investment.
In order for the benefits of Insurance in accordance with what you expect, then before choosing and paying a policy first recognize the types of Insurance that you expect. 

Continue to Section:

  • Life insurance
  • Health Insurance
  • Education Insurance
  • Investment Insurance
  • Vehicle Insurance
  • Accident Insurance
  • Corporate Insurance
  • Old Age Insurance

Here's What Kind of Insurance You Can Choose

1. Life Insurance

This type of insurance will provide financial benefits when death comes, sudden illness, or suffers from a permanent disability totally or in part due to an accident or illness.

Before choosing life insurance, understand the systems and methods offered. There are insurance providers who enforce payment systems after death. However, there are also those who allow the Policyholder to claim funds before his death.

2. Health Insurance

Health insurance is one of the popular insurance products. Health insurance handles health problems and protects your finances in covering costs ranging from the process of treatment of pain suffered to recovery.  In general, the types of diseases that can be covered by this insurance include disability, illness, and death.

To choose the type of policy to be taken, you can adjust to your financial capabilities. For example, if you want to buy health insurance products, you can choose health insurance products that include hospitalization only or just outpatient.

3. Education Insurance

Preparing education funds early on becomes a way to protect your child's future. Education insurance is one of the options that provides protection benefits for education.

There are two types of education insurance offered, namely dual-use insurance and unit link insurance. Dual-use insurance is a combined product of life protection combined with market instruments such as deposits. This type of insurance will protect the cost of children's education if parents suddenly die or are totally disabled to no longer be able to make a living.

Unit link education insurance, is a combination of life and investment insurance. The benefits of the investment component are divided according to the level of education of the child.

4. Investment Insurance

You can get insurance as well as investment called unit link insurance. As the name implies, unit link insurance provides benefits in the form of protection and cash value derived from the development of investment funds according to available investment options.

As the name implies, unit link insurance offers two benefits, namely protection and cash value derived from the development of investment funds. So, of the total Premium deposited by the policyholder, there is a portion of the funds allocated for protection costs and some are allocated for investment. 

Unit link insurance provides protection in the form of life protection, health, accidents, to critical illness. While the cash value contained in unit link insurance can be used later to pay insurance premiums when the policyholder is retired or does not earn. Thus, the insurance policy remains active. 

5. Vehicle Insurance

Vehicles also need to be protected from unwanted things, such as loss or damage. The benefit of buying vehicle insurance premiums is that it provides protection and a sense of financial calm if we are faced with the risk of vehicle damage.

In addition, having vehicle insurance also makes the selling price position of your car will be more competitive.

6. Accident Insurance

Generally, people do not glance much at accident insurance because they think the company they work for has provided protection for accidents while working.

But try to re-explore your activities and working conditions. If your job falls into the category of accident risk prone, you should buy accident insurance products. Because, the risk can occur anytime and anywhere both on the road and while working.

7. Corporate Insurance

Corporate insurance is a group insurance that provides protection to employees of a corporation. Companies generally provide corporate insurance to maintain employees as valuable assets for the sustainability of their business.

There are various benefits offered by corporate insurance. Some types of popular corporate insurance such as group life insurance and pool health insurance. Because this insurance offers protection to employees of the corporation or company, the participation of the policyholder only takes place when he is still an employee in the corporation.

8. Old Age Insurance

Old age insurance is an insurance product that offers protection and guarantees to policyholders when at retirement age. Retirement age is when you are no longer productive and can no longer make money.

By buying an old age insurance policy early on, it will help you in preparing retirement funds for old age, especially for those of you who do not get retirement money from work.

So, what is the difference between old age savings and old age insurance? Old age insurance provides more benefits than ordinary savings. You can design retirement with old age insurance. For the amount of premiums, you can also choose according to financial capabilities.

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