The Mecca-Medina Life Insurance Policy – All life insurance policies are specific purpose policies. When we say, “specific purpose policies,” it means they serve a specific purpose such as in case of death of the life assured, the family and dependents will lead a normal life without any economic hardship. Such policies also include daughter’s marriage policy, children’s education policy, joint life policy, and money-back policy etc. These names themselves suggest the purpose for which the life insurance policy is conceived.
The policies which are being suggested here are the ones which are unheard of in the world’s life insurance. In this type of life insurance religion and insurance are harmoniously combined. We have many instances where insurance and politics are combined. Many governments have taken government stability insurance policies in Africa. Religion and life insurance are never combined till date, and it is happening for the first time here.
The policies suggested including, for example, the Mecca-Medina Life Insurance Policy. It is decreed that every Muslim must visit Mecca and Medina at least once during the lifetime. For that, they undertake Haj pilgrimage. Whether poor or rich, but if you can economically afford, you have to visit Mecca at least once in lifetime. People struggle to save money, face many hardships, and many a time, they do not achieve their cherished desire. The dream of visiting Mecca remains unfulfilled, sadly forever.
The Mecca-Medina Life Insurance Policy can be given for a maximum sum insured of up to Rs. 10 lakhs with a 10 / 15 / 20-year term. The minimum age at entry 18, and maximum age 60. The maximum age at maturity of the policy not to exceed 70 years. All other medical examination requirements can be as per the insurer’s underwriting requirements. This is a specific purpose policy, in the sense that, on maturity – for example, after 10 years – the money will be paid by the insurer to the life assured in lump sum which can be utilized to visit Mecca and Medina along with his family.
In case of unfortunate death, the sum insured will be given to the beneficiary, and the beneficiary will make plans to visit Mecca and Medina. In case of total disability, the entire sum insured will be paid, and it can be utilized to visit Mecca and Medina.
India has over 400 million people who follow the Islamic faith. This policy specifically aims at this middle and lower middleclass community. Of course, the insurance company must provide, in writing, assurance that the monies being received in premiums will be invested in ‘halal’ securities only. For example, the insurance company should not invest the money in drugs, liquor weapons and pork companies, by giving the assurance of investment in halal in securities we will be encouraging many to opt for the policy and realize their cherished dream in accordance with their illustrious religion.
Any insurer who happens to read this article can approach us for more details. According to the Regulator this is the era of “Use and file. “Earlier, the systems used to be “File and Use.” The Regulator, thus, made the launch of new insurance products easy. Through the Mecca-Medina Life Insurance Policy, the insurer besides fulfilling the desires of this community, will also enhance its positive reputation in the market.
About the Author
Dr. K. Raja Gopal Reddy is a seasoned internationally qualified Insurance professional. What you are reading here, may not answer all the questions we have, but has the absolute power of asking unsettling questions which increase the interest in the strange world, and show the contradictory wonders lying just below the surface of the commonest things of life. Look at this disturbing but beautiful thought of Friedrich Nietzsche “God is dead. God remains dead. And we have killed him”.
Dr. Reddy can be reached at: raja66gopal@gmail.com
