ANALYSIS OF THE ADEQUACY OF TABARRU FUNDS IN UNIT-LINKED SHARIA INSURANCE FOR PARTICIPANT AGED 33-36

• Main Author: Ananda Putra, Restu
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/65053
• Institution: Institut Teknologi Bandung

The basic concept of sharia insurance is ta’awunu ’ala birr wa al taqwa (help one another in goodness and piety), and al ta’min (sense of security) is considered more suitable to be implemented in an insurance product. The difference between sharia and conventional insurance is that the transaction of sharia insurance is takaful contracts (mutual guarantee) or risk-sharing. In contrast, conventional insurance transactions are tadabuli contracts (mutual exchange) or risk transfers. One of the products of sharia insurance that are in great demand is insurance with investment (unit-linked). Unit-linked sharia insurance is a product that offers two benefits at once, life protection and investment benefits. However, data from the Financial Services Authority of Indonesia (OJK) in 2021 shows many reports related to unitlinked sharia insurance, neither the incompatibility of product services promised at the beginning of the transaction nor the difficulty of making insurance claims. This study aims to analyze the basic concept and operational mechanism of unitlinked sharia insurance and calculate the adequacy of tabarru funds for participants aged 33-66. By calculating participant and company funds for three products of unit-linked sharia insurance, the benefits obtained by participants and company are known. Furthermore, the mathematics model is built for tabarru, participants, and company funds.