Comparison between Takaful Malaysia and Kurnia Insurance

From data obtained which are Takaful Malaysia and Kurnia insurance, there are some
differences between them. From both insurance they offered “general insurance product” and
“life insurance (conventional insurance) or family insurance (Islamic insurance).

The first differences are in Takaful Malaysia the products called family insurance and
Kurnia insurance called their products life insurance. Family insurance product (Takaful
Malaysia) offered protection and savings, health care, mortgage takaful plan, investment-
linked, and investment funds.

Under protection and savings there are some products like takaful mySiswa, takaful
mySinar, takaful myImpian, and takaful myGemilang.Takaful mySiswa is offered to protect
your children’s future, this is an alternative savings plan with takaful protection. This product
allows you to decide on your children’s future. Takaful mySinar is offered to protect your
essential needs and wealth from death, total and permanent disability and critical illness.
Takaful myImpian is a plan that provides you an avenue to save towards your goal. In
addition, it protects you against any possible consequences of mishap in the future. Takaful
myGemilang is offered to improve your lifestyle over time, for example from living in a
small house to moving to a bigger one.

Under health care there are some products like takaful myMedicare and takaful
myRawat. Takaful myMedicare is offered to cashless hospital and surgical, provides
comprehensive coverage specially tailored to meet customer and family’s customer medical
needs. Takaful myRawat is offered customer a comprehensive health care plan, and to help
customer with their family in the time of need.

Under mortgage takaful plan Takaful Malaysia offered assurance the outstanding
balance of your housing loan, credit or house or other property/asset financing facility. Under
investment-linked there are some products like takaful myInvest and takaful myGraduan.
Takaful myInvest is takaful + investment, it mean customer can invest and be financially
protected at the same time. Takaful myGraduan is offered to provide both comprehensive
protection and savings for you and your child even in the event of uncertainties. Under
investment fund Takaful Malaysia offers customer a range of investment funds that can help
them to fulfill financial and investment.
Life insurance product (Kurnia insurance) offered medical and personal accident.
Under medical there are some products like mediGuard value, mediGuard premier,
mediGuard junior, mediGuard grads, mediGuard biz, mediGuard family, mediGuard senior,
mediGuard lady, Klinikguard, and group medical insurance. mediGuard value is offered
adequate coverage at an affordable price that best suits customer budget. mediGuard premier
is offered a medical insurance that offers more than the basic hospitalization coverage.
mediGuard junior is offered to lead customers child a life, for example insured daily guardian
benefit. mediGuard grads is specially designed for university or college students and young
graduates. mediGuard biz is provide customers not only with healthcare benefits, but also
extended benefits like personal accident and international travel plan. mediGuard family is
offered to protect customers family from any emergency ill. mediGuard senior is offered to
enjoy golden years with peace of mind. mediGuard lady is offered customers the flexibility to
choose the ideal medical plan that best suits for customers needs. Klinikguard is offered to
facilitate customers with a full range of healthcare insurance that includes Out-Patient
Clinical (OPC) coverage are a necessity. Group medical insurance is a comprehensive
hospitalization and surgical insurance which reimburse the employer or employee on incurred
medical expenses due to illnesses, diseases, accidental injuries, and disabilities.

Under personal accident there are some products like perfect 10 personal accident
insurance, perfect 10 plus personal accident insurance, kurnia star personal accident
insurance, kurnia care travel insurance, traveller’s personal accident insurance, and golfer’s
insurance. Perfect 10 personal accident is offered to provides 24 hours worldwide protection
against accidents resulting in accidental death, disablement or medical expenses. Perfect 10
plus personal accident insurance is offered additional benefits like hospital income, personal
liability, bereavement allowance, and double hospital income per week while in intensive
care unit, financial shield, kidnap cover, additional benefit for accidental death & total
permanent disablement due to robbery and/or snatch theft, death due to "natural disasters",
overseas medical evacuation and repatriation and ambulance fee. Kurnia star personal
accident insurance is offered to provide 24 hours worldwide protection against accident
resulting in accidental death, permanent disablement, temporary total disablement or
temporary partial disablement or medical expenses up to the amount of benefits selected.
Kurnia care travel insurance is offered to provide comprehensive coverage for individuals
and their family whilst on holiday or business trips. Traveller’s personal accident insurance is
designed for person travelling on holiday, excursion trips or business trips and provides cover
for accidental death, permanent disablement and medical expenses which results solely and
directly from an accident. Golfer’s insurance is a comprehensive coverage for amateur
golfers whilst playing or practicing, for example accidental damage to golf equipment or
accidental damage to buggy.

Both of Takaful Malaysia and Kurnia Insurance offered general insurance, some of
them is the same product, such as fire insurance. Takaful Malaysia has offered some product
for general insurance like baitul sa’adah takaful scheme, fire takaful scheme, housowner’s
and householder’s takaful scheme, motor takaful scheme, personal accident takaful scheme,
and rumah desa takaful scheme. Baitul sa’adah takaful scheme is specially designed to cover
for ‘private dwelling’. Privet dwelling is defined as walls constructed of wholly bricks or
partly wood or wholly wood. Fire takaful scheme is covering the lost and damage due to fire,
lightning or domestic gas explosion, one will never have to worry should the worst is to
happen. Housowner’s and householder’s takaful scheme is special plan to protect customers
home, belongings and assets from loss or damage. Motor takaful scheme protect customers
for the loss or damage of their vehicle or its spare parts. Personal accident takaful scheme is
offered customers to prepare anything worst that could have happened in your life. Rumah
desa takaful scheme is specially designed to provide cover for private dwelling located in
rural areas.

Kurnia insurance has offered some products like houseowner and householder
insurance, householder plus insurance, maids insurance, fire insurance, perfect rider
insurance, motorcyclist personal accident insurance, driver and passengers’ personal accident
insurance, and motor insurance. Houseowner and householder insurance is offered to covers
the loss of or damage to the building and/or contents of residential houses, flats and
condominiums (excluding buildings under construction). Householder plus insurance is
specially designed to provide comprehensive coverage for household goods and personal
effects of residential properties constructed of brick or concrete walls and roofed with tiles or
concrete. Maids insurance is offered to provides insurance coverage on personal accident,
repatriation expenses, hospital and surgical expenses, weekly benefits for temporary total
disablement, fidelity guarantee and personal liability. Fire insurance is offered to covers loss
of or damage to residential building, furniture, fixtures and fittings. Perfect rider insurance is
offered to protect passengers whilst driving or riding, boarding or alighting from named
vehicle. Motorcyclist personal accident insurance is offered to provides 24 hour worldwide
cover against accidental death or permanent disablement. Personal accident insurance is
offered to provides cover for driver and their passengers whilst driving or riding as a
passenger. Motor insurance is offered to protect the insured against loss or damage to the
insured vehicle, third party bodily injuries and properties depending on the coverage selected.

Most of products offered by both insurance are the same, but the difference will be
seen when compared in terms of contract. In the Takaful Malaysia, each product will be
described in detail from basic to the purpose of the product, benefits, and also the amount that
will be given to the customer if disaster comes. In Kurnia insurance, not all products
explained certain amount that will be received by customer if disaster comes. This is why
conventional insurance said there is element of uncertainty. So it can be said clearly visible
difference when both products explain the total amount to be received by customer.