4 Important Factors that Influence Sharia Health Insurance Contributions

Sharia health insurance is an option for managing health risks. However, before deciding to take this decision, it is important to understand the factors that influence Islamic health insurance contributions. In this article, Prudential Syariah will discuss several factors that influence Sharia health insurance contributions.

Before delving into the factors that influence sharia health insurance contributions, it’s a good idea for you to understand the concept of ” Tabarru Funds ” first. Prudential Syariah has detailed this in the article ” Tabarru’ Funds: Definition, Law and Benefits .” Reading this article can provide a more comprehensive perspective on the concept of mutual assistance in sharia insurance.

Now, let’s continue discussing the factors that influence Islamic health insurance contributions. Learn more below!

Understanding Sharia Health Insurance

Sharia Health Insurance is a form of health protection based on sharia principles, where the concepts of justice, transparency and provisions based on Islamic law are the basis for its operations.

Apart from that, sharia health insurance also avoids elements of usury and speculation, ensuring that every transaction complies with sharia principles. Thus, sharia health insurance is not only a form of financial protection, but can also reflect the spirit of helping and caring for others.

Factors that Influence Sharia Health Insurance Contributions

Several factors that influence sharia health insurance contributions include:

1. Health Cost Inflation

Inflation in health costs is the main factor influencing the increase in sharia health insurance contributions. Data from the 2021-2023 Mercer Marsh Benefits (MMB) survey shows that health cost inflation in Indonesia will increase to 13.6 percent in 2023, exceeding the projected health cost inflation in Asia of 11.5 percent. The main cause of this is the surge in labor costs, medical technology and raw materials in the health sector.

Additionally, the impact of the COVID-19 pandemic triggered an increase in health claims after many people postponed treatment during this period. Prudential Syariah is aware of this, so contribution adjustments need to be made to remain in the mandate of providing maximum protection for its participants amidst rising health costs.

2. Dynamics of the Insurance Industry

The condition of the insurance industry is the second factor influencing the increase in sharia health insurance contributions. In Indonesia, increasing public awareness of the importance of insurance has resulted in increased demand. To meet the needs of participants, sharia insurance companies, including Prudential Syariah, need to increase their operational capacity.

These improvements involve investments in workforce, facilities, and technology. These additional costs tend to be included in sharia health insurance contribution adjustments. Therefore, industry dynamics factors are an important consideration in determining the level of sharia health insurance contributions.

3. Pandemic and Health Crisis

The global health crisis, such as the COVID-19 pandemic, has had a significant impact on the increase in sharia health insurance contributions. The surge in health and death claims during the pandemic prompted sharia insurance companies, including Prudential Syariah, to evaluate risks and make contribution adjustments. The uncertainty caused by the pandemic has also increased our awareness of future health risks and increased awareness of the need for sharia health insurance protection.

Increased demand may create additional pressure on Takaful insurance companies to provide broader services and cover, reflected in contribution adjustments. Prudential Syariah will always be trustworthy to participants, by implementing one of the sharia principles, namely transparency. Prudential Syariah will always explain any contribution adjustments and ensure that optimal protection is guaranteed for its participants in facing this global health challenge.    

4. Health history of insured participants

If the Insured Participant has a history of serious illness such as having had major surgery or a chronic medical condition, the sharia insurance company will adjust the sharia health insurance contribution that must be paid according to the risk they have. Apart from the health history of the Insured Participant, the health history of the participant’s family and their risks will also be taken into consideration in determining contributions.

Benefits of Sharia Health Insurance

Sharia health insurance offers a number of benefits that strengthen sharia values ​​and provide peace of mind to participants. The following are some of the main benefits of sharia health insurance.

1. Sharia Principles Applied

Sharia health insurance is run based on sharia principles. This includes prohibitions against usury (interest), speculative elements, and other types of transactions prohibited in Islam. By implementing principles in accordance with Islamic teachings, sharia health insurance provides participants with a sense of security and justice, in line with the teachings of the Islamic religion.

2. Transparency and Justice

Transparency is a key point in sharia health insurance. All conditions, contributions and benefits are clearly explained to participants. That way, participants have a better understanding of how their contributions are used and how benefits will be provided. Thus, Islamic health insurance creates a fair and trustworthy environment for participants.

3. Tabarru’ Fund Mechanism

Sharia health insurance uses a tabarru’ fund mechanism , which is funds used for mutual assistance between participants. For example, when a participant experiences a disaster or risk, tabarru’ funds can be used to help protect their finances. These funds are used to help fellow participants in need, in accordance with the principle of mutual assistance in Islam. This mechanism strengthens solidarity and social values ​​in sharia health insurance.

In maintaining health and well-being, choosing health insurance that is in accordance with sharia values ​​and principles is a wise step. Prudential Syariah is here to provide a complete solution for protecting your and your family’s health with various Sharia Health Insurance products that are trusted by the public.

Even though there is an adjustment in contributions to sharia health insurance, participants can still help each other. So, this contribution adjustment is due to service adjustments, so that it is better to carry out the mandate of the participants. Remember, the health of you and your family is valuable and priceless too, you know.

With a strong commitment to following sharia principles and providing maximum service, Prudential Syariah offers sharia health insurance for you and your family. Not only that, Prudential Syariah also offers health insurance products for 60 critical conditions. Interested in these products? Contact us today to consult further!

Don’t let health risks lurk without proper protection. Have Sharia Health insurance from Prudential Syariah now. Start taking steps towards comprehensive health protection and in accordance with sharia principles with Prudential Syariah.

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