8 Types of Insurance Available In Indonesia Exist: Education Insurance, Health Insurance, and Old-age Insurance.

Let's get acquainted! The type of insurance available in Indonesia exists

Queenews.com – This is information about the types of insurance available in Indonesia that you should know.

Insurance is insurance coverage or a contract between two parties in which one party is obligated to pay a premium.

The other party is obligated to fully indemnify the contributor or premium payer in the event of anything happening to him or his property pursuant to the entered-in agreement.

Currently, insurance is no longer a strange thing for Indonesians. But it is clear that many people are still hesitant to buy insurance.

The reason is that many people do not understand insurance and the types of insurance. So what kind of insurance do Indonesians need? Here are the types of insurance that you should know.

1. Life insurance

This type of insurance will provide financial benefits in the event of death, sudden illness, or total or partial permanent disability due to an accident or illness.

Before choosing life insurance, understand the system and the methods offered. There are insurance services that adopt a post-mortem payment system. However, there are also provisions that allow the policyholder to claim the money back before death.

2. Health insurance

Health insurance is a popular insurance product. Health insurance manages your health problems and protects you financially by covering the medical costs of your illness until you recover.

In general, the types of illnesses that may be covered by this insurance include disability, illness, and death.

To choose the type of contract you want to sign, you can adjust it according to your financial ability. For example.

If you want to buy a health insurance product, you can choose one that only covers hospital or outpatient care.

3. Education insurance

Creating an early education fund is one way to protect your child’s future. Education insurance is an option that provides protection for education.

There are two types of learning insurance offered: capitalization insurance and unit-linked insurance.

Equity insurance is a life insurance product combined with market instruments such as deposits. This type of insurance will protect children’s tuition if their parents die suddenly or become completely disabled, leaving them unable to earn a living.

Unit-linked education insurance is a combination of life and investment insurance. The benefits of the investment component are distributed according to the educational level of the children.

4. Vehicle insurance

The vehicle must also be protected from the elements, such as loss or damage. The advantage of buying auto insurance is that it provides protection and a sense of financial peace of mind if we are faced with the risk of car damage.

In addition, having auto insurance also makes your car’s price more competitive.

5. Accident insurance

Generally, people don’t really care about accident insurance because they think the company they work for already provides workers’ compensation insurance.

But try to reconsider your activities and working conditions. If your job is in the accident-prone category.
You should purchase an accident insurance product. Indeed, risks can arise anytime and anywhere, both while moving and working.

6. Investment insurance

You can purchase insurance as well as an investment, also known as unit-linked insurance.
As the name suggests, unit-linked insurance provides benefits in the form of protection and cash value from developing investment funds based on available investment options.

As the name suggests, unit-linked insurance offers two benefits: protection and cash value for growing investment funds. Thus, of the total premium deposited by the policyholder, part of the fund is allocated for the cost of protection and the rest for investment.

Unit-linked insurance provides protection in the form of life, health, accident, and critical illness coverage.

At the same time, the reimbursement value contained in unit-linked insurance can later be used to pay premiums when the policyholder retires or has no income.

Therefore, the insurance contract is still valid. In addition, the cash value of unit-linked insurance can be used for other financial purposes.

7. Business insurance

Business insurance is group insurance that provides protection to the employees of a business.
Companies often offer business insurance to maintain their employees as valuable assets for their business continuity.

Business insurance offers a variety of benefits. Some common types of business insurance include group life insurance and group health insurance.

The service thus provides protection to the employees of the company, so that the policyholder’s membership lasts only as long as he remains an employee of the company.

8. Retirement insurance or Old-age insurance

Old-age insurance is an insurance product that provides protection and assurance to policyholders when they reach retirement age.

Retirement age is when you are no longer productive and can no longer earn money. By purchasing old age insurance at an early stage, you can prepare a retirement fund for old age, especially for those who do not receive a pension at work.

Old-age insurance offers more benefits than regular savings. You can plan for retirement with retirement insurance. As for the amount of the fee, you can also choose according to your financial ability.***

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