Dian Rizky

Larasati
Dini Purwati
Fitri Rachmawati
Yunita
An early form of life insurance dates to Ancient Rome;
"burial clubs" covered the cost of members' funeral
expenses and assisted survivors financially. The first
company to offer life insurance in modern times was
the Amicable Society for a Perpetual Assurance Office,
founded in London in 1706 by William Talbot and Sir
Thomas Allen
Life insurance is an
agreement contract
between you as the
policyholder or the insured life insurance is a type of
with the insurance insurance that aims to bear
company as the insurer in people against unexpected
which the insurance financial losses, caused by
company will pay a the death of the insured.
nominal amount of money
in case of death risk to the
insured policyholder
 The person who guarantees the payment
is called Insurer

The amount given is called Policy

Amount

The person on whose life the payment is

guaranteed is called Insured or Assured
 The particular event on which the
payment is guaranteed to be given may
be Death or Life
The consideration is called the Premium
The person who guarantees the payment
is called Insurer
 2. As Protection of
1. For the Protection 3. One of the ways of
the Risks of Death
of Loss of Income for saving or preparing
Due to the Causes of
Families for retirement
Major Causes of
Death
 3 COLUMNS

1. 2. 3.
No one knows what will happen Based on a survey conducted by the Saving in life insurance is the
tomorrow, including you. To World Health Organization (WHO) in best alternative choice for your
anticipate your chances of 2002, 10 major causes of death in long-term needs due to the
getting caught and leaving your Indonesia are coronary heart disease, nature of regular, obligatory, and
tuberculosis, vascular abnormalities,
family for life forever, you need not-so-convenient premium
respiratory diseases, newborn disease,
to buy a life insurance policy so payments.
lung disease, traffic accidents,
that your family can earn life
diabetes, blood high, and diarrhea.
insurance money after you
These diseases are fairly common, so it
leave. is important for you to have protection
against the risk of contracting those
diseases and dying.
01 Term Life Insurance
Term life insurance is its function to provide protection to the insured within a
certain period of time only

02 Whole Life Insurance

Life insurance lifetime provides lifelong protection, although insurance
companies usually limit the benefits of protection up to only 100 years.

03 Endowment Insurance
This type of dual life insurance is an insurance that has two benefits, namely
as a life insurance futures as well as savings

04 Unit Link Life Insurance

This unit-link life insurance combines insurance benefits with investments,
and is most often offered by insurance agents
 The advantages are:
1. You as a policy holder get
the freedom to determine the
amount of premium in
Term Life accordance with your
ability.
Insurance 2. The sum insured you can earn
as a policyholder can reach
Deficiencies are:
billions of rupiah.
The insured can lose the premium paid or the
burned premium once the contract is completed if it
does not experience health problems or dies until
the contract term is over.
 Advantages are:

Policy holder is enabled to get the

cash value of premium paid.

If you as an insured can not pay premium

installments on a regular basis, you can use
the cash value of the paid premium to pay
Deficiencies are:
the next premium
1. The premium is larger than the term life insurance premium,
The insurance premium you have
even more than double.
paid will not be forfeited if there is no
claim. 2. The cash value of total paid premium is not too large since
interest for this insurance is usually only 4% per annum, and
When the contract expires, the sum this figure has not been tax deducted.
insured will be given entirely
 Advantages are:
1. You can claim this life insurance policy before the contract expires, for example for your child's education fund.
However, the withdrawal of funds can only be done once in a period of several years in accordance with the
agreement that has been made.
2. If for example you as the insured are still alive when the time period expires, you will get the entire sum insured.
Deficiencies are:
Because this type of life insurance has two benefits, which combine the benefits of term life insurance with life
insurance for a lifetime, so the premium is large enough to reach millions of rupiah per month
 Unit
Link
Life
Insuran
ce
Advantages are:
You as a policy holder not only get
protection guarantee but also return on
investment with high interest every year.
Deficiencies are:
1. The returns from investments are less significant when compared to pure investments such as stocks, money markets, or mutual
funds. If you are looking for a big profit from investing, you should not rely on unit link life insurance.
2. The sum assured to be earned is low, especially if the investment fails or only produces a small profit.

Human Life Value Method
In this method, the absolute sum insured
is calculated based on monthly income
multiplied by the amount of funds
available to sustain life, regardless of
interest factor and fund growth if the sum
insured is stored in banking products.
Income Based Value Method
This method calculates the sum insured
by calculating the amount of interest or
return if the sum insured received is
stored in banking products.
Financial Needs Based
Value Method
The amount of sum assured has a
minimum range equal to the amount of
money the current specific needs (present
value) multiplied by 150%. While the
maximum sum insured is for the money in
the future (future value) multiplied by 80%.
A 35-year-old father has a net income of Rp 5 million per month, the wife of
their housewife has 1 child aged 9 years. If the father dies then the sum
insured is as follows. 3. If using the Financial Needs Based Value
1. If using the Human Life 2. If using the Income Based Value
method, then life insurance coverage is:
method, then the life insurance
Value method, then the life
money is: Well this method to protect the cost of
insurance money is:
education later if the father died. Suppose the
(Rp 5.000.000 x 12) / 6% = Rp 1 billion
= Rp 5.000.000 x 12 x 5 cost of education at the university is now Rp
Why is it divided by 6 percent? 200 million, then 9 more years the cost of
= Rp 300,000,000 Because if the sum insured is received, education to about Rp 550 million with an
then the funds are placed on fixed estimated increase of 12% every year.
This means, if taken at Rp 5
income investment instruments such as So, the sum insured to protect the cost of
million each month will last for 5 ORI (Indonesian Retail Bond), fixed education is Rp 550 million.
years (without counting interest income mutual funds, not on deposits.
Or if you want to be cheaper with a sum
or growth of funds).
Historically has a yearly performance in assured of Rp 275 million, but must do with a
the range of 6 percent to 8 percent. So, combination of investment in stock mutual
the money of Rp 1 billion will generate funds as much as Rp 250 thousand per month,
Rp 5 million per month because Rp 1 with a target return of 18% at least per year.
billion x (6% / 12) = Rp 5 million.
Sharia insurance is a system where the participants share the
risks by donating (infaq) part or the entire contribution through
the tabarru’ that will be used to pay the claim, in case an accident
occurs to one or some of the participants.

Akad
Tabarru’
Akad Tabarru’ is used among
participants where participants
provided a grant in the form of
contribution (premium) through tabarru’
that will be used to help other
participants who suffer a misfortune.
The insurance company in this case
only serves to manage the grant.
Akad Tijarah
Akad Tijarah or Akad among
Participants (collectively or
individually) with the insurance
company with commercial goals.
Akad
Wakalah Bil
Ujrah
Akad Wakalah Bil Ujrah is used as the basis
for participants to trust the management of
their funds to the insurance company, it is a
Tijarah Akad that provides power to the
company as the participants’ trustee to
manage the Tabarru’ and/or participants’
investment, in accordance with the power or
authority provided in return for a Ujrah (fee).
Akad
Mudharabah
Akad Mudharabah is used for investment
management, it is a Tijarah Akad that grant
the power to the company as
the mudharib to manage Tabarru’ investment
funds and/or participants’ investment funds,
in accordance with the power or authority
granted in return for a revenue share
(nisbah) with an amount that has been
initially agreed.
PRINCIPLES
Concept
Akad
Ownership of funds
Source of claim payment
Investment & yield of investment
Underwriting surplus*
Sharia Supervisory Board
CONVENTIONAL
Transfers of risk from the insured to the
insurer
Buy and Sell
The premium fund is entirely belong to
the company hence the company has
the liberty to use and invest it.
From the company’s account as the
consequences of the insurer to the
insured
Free to be invested in any instrument.
The yield is entirely belong to the
company
Entirely belong to the company
Not existed
SHARIA
Sharing of risks among participants
Help each other
Part of the participants’ fund will be
returned to the participants and the
other part will be given to the company
as the fiduciary that manages the fund.
From tabarru’ account that belongs to
the participants
Must be invested in sharia-based
instrument. The yield will be divided
between participants and the manager
(company)
Can be shared between tabarru’
reserves, the company, and the
participants in the form of endowment
or waad to allocate surplus*
Exist to supervise and to ensure that
the management, the products, and the
investment is in accordance with the
sharia principles
ANY QUESTIONS?