7 Benefits of Sharia Insurance to Build Your Finances

Did you know that Sharia insurance assets are also projected to continue to increase in 2024 ? Sharia insurance can be an option for those of you who want financial protection that is in accordance with Sharia principles. In this article, Prudential Syariah will discuss in depth the benefits of Sharia insurance for you.

However, to better understand the benefits of Sharia insurance, it would be a good idea for you to read the article ” Find out who plays an important role in a Sharia insurance policy! ” first. This article will give you insight into Sharia insurance policies, which can be an important basis before understanding the benefits that we will discuss in this article.

Now, let’s start discussing the benefits of Sharia insurance. First of all, you need to know what Sharia insurance is first.

What is Sharia Insurance?

Sharia insurance is a form of financial protection based on Sharia principles. The basic concept is mutual assistance between insurance participants to protect themselves from risks, with contracts that follow Sharia principles, including the prohibition against usury (interest), speculation, and gharar (doubt or deception). Apart from that, Sharia insurance also utilizes the concept of tabarru’ funds, namely funds or grants collected from many people or participants who voluntarily pay contributions every month. In the context of insurance, tabarru’ funds are collected from all insurance policy holders for mutual assistance purposes through forms of payment of insurance benefits other than cash value.  

Contributions paid are not only to obtain protection, but also to help fellow participants to face risks that may occur.

Types of Sharia Insurance

In Sharia insurance, there are various types of protection to meet your financial needs in accordance with Sharia principles. The following are several types of Sharia insurance:

1. Sharia Life Insurance

Sharia life insurance can provide financial protection for you and your family if risks occur in the future. Sharia life insurance has various options, which you can adjust to your needs and choice of protection period!

Prudential Syariah has two Sharia life insurance products that you can use to provide protection for yourself and your family. To get more information, click here !

2. Sharia Health Insurance

Sharia health insurance provides protection against the costs of medical care and treatment. You can obtain these benefits by paying contributions in accordance with Sharia Principles. So, you can access health services without involving usury.

Prudential Syariah itself provides several Sharia health insurance products that you can use to provide financial protection for yourself and your family. To get more information, click here !

3. Sharia Critical Illness Insurance

Sharia critical illness insurance is designed to provide financial benefits to insurance participants who are diagnosed with certain critical illnesses. Benefit claims can be submitted to help provide financial protection arising during the treatment or recovery period, in accordance with Sharia principles.

Prudential Syariah has PRUSlution Syariah Critical Conditions which is a Sharia health insurance product that can protect you from 60 critical conditions , such as cancer, stroke, Chronic Liver Disease, and others. To get more information, click here !

4. Sharia Education Insurance

Sharia education insurance is designed to provide education funds for insured participants’ children. By paying contributions regularly, participants can plan their children’s educational future without involving elements of usury or practices that are not in accordance with Islamic teachings.

Prudential Syariah has Sharia education insurance which can help parents prepare, manage and protect children’s education funds through Sharia principles. To get more information, click here !

Advantages of Sharia Insurance

Sharia insurance has a number of advantages that can provide a sense of security because its principles are in accordance with Islamic teachings. Come on, check out some of the main advantages of Sharia insurance below:

1. Principle of Justice

One of the main advantages of Sharia insurance is the application of the principle of justice. By applying the concept of tabarru’ funds, Sharia insurance participants will help each other if a disaster or accident occurs. Thus, Sharia insurance creates a fair bond of mutual assistance between its participants.

2. No Usury

Another important advantage of Sharia insurance is that there is no element of usury in transactions, because the contract in Sharia insurance is based on the concept of mutual assistance. By avoiding usury, Sharia insurance creates transparency and fairness in the contract between the participant and the insurance company.

3. Sharia Compliance

Sharia insurance offers advantages in terms of compliance with Islamic teachings. Every activity and decision in Sharia insurance must be in accordance with Sharia principles, including investment management. This provides participants with confidence that their funds are managed in a manner that complies with Sharia values.

What are the Benefits of Sharia Insurance?

Sharia Insurance provides several benefits for its participants, not just financial protection. The following are some of the benefits of Sharia insurance that you need to know.

1. Health Protection

Sharia Health Insurance brings comprehensive protection benefits against health risks. As a participant, you can benefit from the costs of treatment, examinations and other medical procedures. By following Sharia principles, this insurance not only provides physical protection, but also financial protection without involving the element of usury.

2. Long Term Financial Protection

Sharia insurance provides protection against financial risks that may occur in the future. This includes risks such as fire, natural disasters or other unexpected events that could cause financial loss. By involving Sharia principles, this insurance helps ensure that you safeguard your assets and wealth without involving elements that are contrary to Islamic teachings.

3. Education Protection

The Education Protection benefit in Sharia insurance provides a guarantee that your children’s education plans will be carried out well. By paying contributions regularly, there is certainty of sufficient funds to finance children’s education.

4. Life Protection

Life Protection in Sharia insurance can provide financial protection benefits for your family in unexpected situations. If the policy holder dies, insurance compensation for life insurance and claims for health insurance will be paid in accordance with existing provisions in accordance with Sharia principles.

5. Safe Investment Compliant with Sharia

Sharia insurance not only provides protection, but can also be a safe investment channel. By complying with Sharia principles that do not involve usury and non-Shariah-compliant practices, you can participate in investments that comply with Islamic teachings. This can help you build a financial portfolio that complies with Sharia principles.

6. Protection from Risk

Sharia insurance provides protection from various risks, including accidents, critical illnesses and other unexpected situations. These benefits create financial security that can help you overcome challenges and risks in everyday life. Thus, Sharia insurance also becomes a reliable financial partner in facing various risks that may occur.

How does Sharia Insurance help build your finances?

The following are several ways how Sharia insurance can help you build healthy finances.

1. Comprehensive Protection

Sharia insurance provides comprehensive protection against various risks, including health, accidents and life. This protection covers medical costs or financial compensation, and other aspects such as education insurance and long-term financial protection. With comprehensive protection, you can focus on realizing your financial plans without having to worry.

2. Save funds with clear goals

Sharia Insurance provides the opportunity to save funds with a clear purpose. By paying regular contributions, you can protect yourself from various risks and gradually allocate funds that can be used for clear goals, such as children’s education, travel, or retirement preparation. This can train financial discipline and help you plan your future better.

3. Safe and Sharia Compliant Investment

One of the advantages of Sharia insurance is its ability as a safe investment instrument. By following Sharia investment principles that are free from usury, Sharia insurance provides the opportunity for stable fund growth. This allows participants to participate in investments that are in line with Sharia values, creating a safe and rewarding investment portfolio.

How to Choose the Right Sharia Insurance?

Choosing Sharia insurance that suits your needs requires special attention. The following are steps that can help you choose a Sharia insurance product.

1. Understand Protection Needs

The first step in choosing Sharia insurance is to understand the protection needs of you and your family as a whole. Identify risks and determine the appropriate amount of protection. Understanding these needs will help you choose a Sharia insurance product that can provide appropriate protection.

2. Comparing Sharia Insurance Products

Make sure to always compare the available Sharia insurance products. Consider the contributions, benefits, and terms and conditions applied by the insurance company. Comparing Sharia insurance products will help you choose which product best suits your financial needs and budget.

3. Pay attention to the reputation and trustworthiness of the insurance company

Choose a Sharia insurance company that has a reputation for being trustworthy and can bring blessings to its participants. Check reviews, testimonials, and the company’s track record to ensure that you get good service.

For this reason, you can choose Prudential Syariah. Supported by our main values, namely Trustworthiness for participants, product and service innovation, and digitalization that continues to be developed, Prudential Syariah is committed to strengthening its position to realize its aspirations to become one of the leading contributors to the Sharia economy in Indonesia and help people get the best, achieve blessings in every life into the future.

One of the Sharia insurance products that you can use is PRUCinta Sharia Life Insurance . With a membership period of 20 years, this product can provide protection for death due to various causes, including accidents.

Choosing PRUCinta Sharia Life Insurance is a wise step to involve yourself in financial protection that is in accordance with Sharia principles. By choosing PRUCinta Sharia Life Insurance, it not only provides peace of mind in facing risks, but also becomes a Sharia-compliant investment instrument, you know!

Don’t hesitate to take further steps towards Sharia-compliant financial protection. Contact Prudential Syariah immediately for a free consultation and start your journey towards a safer, more secure and blessed future. With Prudential Syariah, you can build a solid financial foundation based on Sharia principles.

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