Optimization of hybrid model on hajj travel

Abstract

Hajj travel insurance is an insurance product offered by the insurance company in preparing funds to perform the pilgrimage. This insurance product helps would-be pilgrims to set aside a fund of saving hajj with regularly, but also provides funds of profit sharing (mudharabah) and insurance protection. Scheme of insurance product fund management is largely using the hybrid model, which is the fund from would-be pilgrims will be divided into three account management, that is personal account, tabarru', and ujrah. Scheme of hybrid model on hajj travel insurance was already discussed at the earlier paper with titled "The Hybrid Model Algorithm on Sharia Insurance", taking the example case of Mitra Mabrur Plus product from Bumiputera company. On these advanced paper, will be made the previous optimization model design, with partition of benefit the tabarru' account. Benefits such as compensation for 40 critical illness which initially only for participants of insurance only, on optimization is intended for participants of the insurance and his heir, also to benefit the hospital bills. Meanwhile, the benefits of death benefit is given if the participant is fixed die.