FINANCIAL CHEST – Sharia education insurance is a product that offers life protection as well as education fund savings with financial management in accordance with sharia provisions.

Sharia insurance products use the principle of mutual cooperation so that it is halal and does not contain elements of usury.

With the increase in inflation of education costs in the Indonesian every year to 15 percent, it is important for parents to have this product for the future of their children’s education.

Well, if you’re looking for the best sharia children’s education insurance product, let’s look at the following list of recommendations.

List of the best Islamic education insurance

Finding a good Islamic education insurance product is indeed difficult. Given that there are not many sharia insurance companies that issue this product.

But you can choose the 5 best Islamic child education insurance below. Ensure these products are managed based on sharia-compliant contracts. What are the Products?

1. PRULink Syariah Edu Protection

The first recommendation is PRULink Syariah Edu protection which is one of the education insurance products from Prudential Indonesia. This product is a Life Insurance that provides investment (unit link).

Later the protection fee used by the customer will provide benefits and investment in the form of cash value. By paying a premium starting from IDR 500 per month, you can get the following benefits:

  • Provides life protection benefits until the age of 99 years
  • Benefits in case of total and permanent disability until the age of 70 years
  • Benefits in the form of protection for parents and children
  • Increase the increase in inflation by 15 percent every 3 years
  • Make it easy for policyholders to get a second child application

Provide the best education for yourself and your children in the future with financial management from education insurance. Find references to leading education insurance companies in Indonesia only on Lifepal.

2. Takaful Education Fund

If you want a sharia education insurance product that supports a withdrawal pattern that can be adjusted based on a child’s education level, then Takaful Dana Pendidikan is the right choice.

Takaful Dana Pendidikan is a sharia life insurance that follows a savings program.

Interestingly, this product is specifically designed to help every parent whose withdrawals can be adjusted to the cost needs at every level of education from Kindergarten to College.

As an illustration, here are some of the benefits of the Takaful Education Fund:

  • 100% refund of education benefits in the event of a parent’s death.
  • Santanan died due to an accident in the form of gradual education funds.
  • 50 percent of UP is given if the insured suffers a total permanent disability due to an accident.
  • Funds for education stages are given according to need from kindergarten to university.

3. Syariah Education Elite Plan Mandiri Insurance

Asuransi Mandiri also has educational insurance products that favor the element of usury-free sharia. This education insurance policy provides comprehensive coverage and optimizes life protection, and future investment.

This product helps your future planning to be free from uncertainty (gharar), usury and illicit goods, with the following benefits:

  • Providing additional insurance compensation if the customer dies due to an accident during the Hajj or Umrah pilgrimage.
  • Provide compensation if the customer is diagnosed with one of the 33 critical illnesses covered.
  • additional investment units of 10% of the total first year contribution given to customers after the fifth year and the policy’s effective date.
  • Clients are allowed to choose their investment type without being taxed on investment funds.

4. AXA Smart Amanah Syariah

The Smart Amanah Syariah Insurance product was created by PT AXA Financial Indonesia in preparing the best future to ensure the availability of future funds for children’s education.

Similar to other products, AXA Smart Amanah Syariah optimizes life protection and future investment.

The advantage of this product is the provision of additional insurance compensation if the customer dies due to an accident during the Hajj or Umrah pilgrimage.

In addition, customers will also receive compensation if they are diagnosed with one of the 33 critical illnesses suffered.

Not only that, the additional benefit of an investment unit of 10 percent of the total first year contribution will also be given to customers after the fifth year and after the policy comes into effect.

the client is allowed to choose the type of investment without incurring investment fees.

5. Mitra Iqra Plus Bumiputera Syariah

Lastly, Mitra Iqra Plus which is an education insurance from Bumiputera Syariah. This product is specifically designed to be a learning partner for children so that they can receive education funds according to their education level.

In addition, customers are also entitled to the opportunity to obtain investment returns and the development of contribution funds that are paid through a profit sharing system (mudharabah).

The total investment is tabarru’ funds, with a composition of 70 percent of tabarru’ funds and 30 percent of companies.

The difference between Islamic and conventional education insurance

Actually, Islamic education insurance programs and conventional education insurance are almost similar. What distinguishes the two is the system that is run. Sharia insurance basically uses a grant contract with the concept of helping each other and not expecting anything in return.

While conventional insurance is similar to buying and selling transactions that expect profits.

In addition, here are some differences between the two concepts:

1. Fund management

In terms of managing sharia insurance funds, the funds are owned by all insurance participants while the company is only the manager of the funds, and does not have the right to own.

That is, as much of the funds as possible are processed for the benefit of insurance participants. Management is also more transparent.

This is different from conventional where the premium funds paid belong to the company because the concept is buying and selling, so that the management is free to be used by the original company in accordance with the agreement.

Including in setting premiums and other costs, such as administration, in order to get the maximum profit, all are determined by the company unilaterally.

2. Type of investment (unit link)

Unit-linked insurance funds are included in Islamic education insurance, only to be invested in fields that are not considered haram. Investments in gambling-related companies are strictly prohibited.

While in conventional insurance, funds are free to be insured in any field, as long as it has the potential to bring benefits.

3. Profit sharing system

Profits from managing insurance funds will be shared equally among all participants and insurance companies. Participants are also required to pay zakat which is taken from the company’s profits.

Meanwhile, the profits from conventional insurance activities are fully owned by the company.

4. Fund monitoring

The best Islamic Education Insurance will be supervised by the Sharia Supervisory Board (DPS). His job is to supervise the company to always comply with sharia principles in managing insurance funds. DPS is responsible to the Indonesian Ulema Council (MUI).

Meanwhile, in conventional insurance, the control of funds is carried out internally by the management, no outside parties can enter.

The importance of education insurance for children

Of course, it is no secret that the cost of children’s education almost certainly increases every year. For this reason, preparing funds for children’s education is a top priority for parents. Having a sharia education insurance product is one way to prepare a child’s future well.

In addition, parents who register for this program will also get a number of benefits, such as:

  • Guarantee funds for children’s education. For example, there are things that are not desirable that make parents unable to pay for their children’s needs, so insurance will be ready to cover those dependents, even up to college.
  • Parents can focus more on preparing other important needs.
  • If the policy holder is at risk of death, the heirs do not have to worry about the cost of education because the insurance will pay the sum insured and education costs according to the agreement.
  • Funds from premiums paid every month will be managed as an investment, this fund will also grow and the results can be enjoyed when the insurance period ends.
  • Provide a sense of calm for parents. Thoughts of the worst possibilities about the future of children’s education will disappear.

Sum insured from education insurance

Both sharia and conventional education insurance products will provide Sum Assured (UP) in the form of a sum of money that will be liquidated if there is a risk of death. In education insurance, this money is intended to pay for children’s school fees.

To find out the value of UP is to calculate the Value of Human Life. If you want to know how much it is, use the following calculator to calculate it:

Please note, Islamic education insurance also has a number of risks, especially regarding the risk of investment losses. If the product you choose is in the form of a unit link, then there is a risk of losing investment in it.

This means that there is a possibility that you will need to pay the premium longer than the initial conditions if there is a risk of such loss. If you don’t refill the empty unit link balance, your policy may lapse.

Therefore, make sure before choosing the product you have read the policy in detail. Want a simpler way? Take advantage of the best insurance comparison feature on Lifepal!

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