General and specific insurance benefits | Public interest in insurance programs is still low. It is suspected that the reason for the low public interest in this non-bank financial institution is the incomplete information about this institution obtained by the public in order to improve the quality of life in the future.
The short definition of insurance is a term that refers to any activity, system, or business that is responsible for the compensation of life, property, and health due to unforeseen events such as damage, loss, or death.
Insurance is widely considered a consumer product for the upper class that has more funds and assets that they feel need more protection. In fact, insurance has other benefits and benefits for all parts of society.
General insurance benefits
Here are the benefits of joining an insurance plan, which you will get in whole or in part.
1. Giving up
We never know what might happen tomorrow. Every day we face the possibility of events that may require unexpected expenses. If you are very prepared for something, the risk of loss caused by an unexpected event can be easily minimized. But what about those of you who realize you’re not that type of person? When something unexpected happens, this insurance service provider can help answer questions and make things easier.
Insurance has the advantage of providing protection against the risk of uncertainty and is believed to increase the self-confidence of the individual holder. The reimbursement from your insurance service provider will cover at least some of your payment obligations for the incident. Insurance is also called alternative loss control or loss control by doing field studies and telling policyholders what they should do to prevent losses.
2. As a means of saving and investing
By registering as an insurance customer with an insurance service provider, you will get a guaranteed return on your investment at the end of the contract. Insurance intended for investments also provides flexibility and flexibility in the selection of the period of protection. Typically, there are three choices for the insurance period of the policyholder, namely 5, 7 and 10 years. In addition, the premium is a one-off premium, which is relatively affordable and may be exempt from administrative fees.
3. Help minimize losses.
According to each type, the function of the insurance owner is to help policyholders minimize losses due to unexpected events that may occur, such as fire, accidents, and hospitalization costs. The following examples show how losses caused by this unexpected event can be kept to a minimum:
You are someone who owns a home worth IDR 3 billion. Additionally, you also have an investment in a building that is used as a student boarding house on the grounds around the campus. You only provide better protection for your home, not the guesthouse you own.
In the event of a fire caused by a gas explosion in your home, you may be able to get coverage from your insurance provider. Meanwhile, if a fire breaks out in your boarding house, you will lose a lot due to the loss of the building and you will have to suffer the loss of students’ belongings because the fire was caused by a gas explosion that accidentally belongs to you. From this comes the importance of having insurance as a guarantee of protection for yourself or for your property and investments.
4. Assist in the management of your finances
Your obligation to pay contributions on a regular basis actually forces you to provide backup resources that are used in the event of unexpected events. Still, when an unexpected event does happen and requires a lot of money to deal with, insurance can help you reduce unexpected expenses, which are usually much higher than your daily or even monthly routine expenses. If you have insurance, you do not need to pay the full cost of the damage as the insurer will provide compensation.
Insurance benefits by type
Then, in addition to the general insurance benefits mentioned above, each type of coverage also provides special coverage that varies by function. Some types of insurance that are widely used in Indonesia include:
1. Health insurance
This type of insurance product offers policyholders a benefit in terms of medical or medical expenses in the event of an accident or illness. Health insurance guarantees that you have the resources needed to finance you and your family’s health needs as policyholders.
An illness or an accident is not a planned event, and absolutely no one wants it to happen. But we can’t predict what will happen or how it will affect us. It is a concern of insurance service providers to help provide health insurance benefits such as hospitalization and operating costs.
2. Life insurance
This insurance is intended for people who suffer unexpected financial losses due to the risk of death or the risk of too long life. Using life insurance will benefit the policyholder community by replacing the government’s Social Safety Network program, as it helps maintain community stability and is a source of funding. This business also provides benefits by opening job openings.
3. Old-age insurance
This type of insurance is designed to provide certainty of income to insured people after retirement, as well as to their families in the event of the death of the insured person. This insurance also helps users to pursue their dreams when they reach old age, as the funds can be used for different purposes in the future.
4. Educational insurance
Known as an alternative to education savings for children who plan to complete a period of education at the primary or higher school level. Educational insurance is divided into two types, namely protection and investment.
5. Property protection insurance
It can be said that this type of insurance is less popular among Indonesian residents. Property insurance is one type of insurance that provides insured people with guarantees for a home or business, which is a sub-type of property insurance.
Important resources such as homes, offices, or buildings are believed to need more protection. When you register for insurance on your valuable assets, you will receive a guarantee from the insurance company against a disaster resulting in the damage or loss of these valuable assets. After you sign up as a policyholder, the insurance will pay for any compensation you get.
6. Travel protection insurance
It is a type of insurance that guarantees protection to policyholders during the trip, e.g. protection of medical expenses, loss of goods in luggage, loss of travel documents, and others.
7. Motor vehicle insurance
Comprehensive insurance is one type of insurance that protects policyholders against vehicle loss or damage.Loss or damage suffered by the motor insurance service provider, including:
- Road accidents such as collisions, collisions and falls
- Bad deeds from others
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