Affordable 5 Year Term Life Insurance Plans in UAE | Compare & Buy

Whether you're transitioning between long-term policies, planning for a specific short-term financial goal, or working in a high-risk job, a 5 year term life insurance policy gives you just the right coverage without locking you into long-term commitments.

What is a 5 Year Life Insurance Policy?

A 5-year term life insurance policy is a contract that provides life coverage for five years. If the insured person passes away during this period, the nominee receives the sum assured as a death benefit. However, if the policyholder survives the term, there is no maturity benefit, making it a pure protection plan.

This makes it an excellent choice for people looking for short-term coverage, especially those —

• In high-risk jobs
• Transitioning between jobs or countries
• Nearing retirement
• Looking for affordable life cover for a specific financial need

Why Choose a 5 Year Term Life Insurance Policy in the UAE?

Here are some compelling reasons to consider a 5 years term insurance plan in the UAE —

Best 5 Year Term Insurance Plans

1. Term Life Protect – HAYAH Insurance (Previously AXA GCIC)

Plan Type: Level Term Plan Life Cover: AED 1,000,000 Policy Term: 5 years Premium: AED 667 yearly*

✅ What’s Included:

• Full life cover from day one for both accidental and sickness-related death
• Terminal illness cover of AED 500,000 (included)
• Temporary life cover of AED 900,000 from application date to policy issuance
• Free access to HAYAH’s Priority Screening services
• Flexible premiums: monthly, annual, or one-time
• Option to pay in AED or USD

➕ Optional Add-ons:

⚠️ Conditions:

• Pre-existing conditions are covered subject to approval
• Medical checkups might be required based on age, health, or coverage amount.

 

2. International Term Assurance – Zurich Insurance

Plan Type: Level Term Plan (ITA and IDTA options) Life Cover: AED 1,000,000 Policy Term: 5 years Premium: AED 1,254 yearly*

✅ What’s Included:

• Lump sum payout upon death due to accident or illness
• Optional critical illness coverage (e.g. cancer, heart attack)
• Choose beneficiary: family member or lender (like a mortgage)
• Worldwide coverage
• Customisable term (up to 35 years)

➕ Optional Add-ons (Available on request):

⚠️ What’s Not Covered:

• Suicide/self-inflicted injuries in the first year
• Death after the term ends
• Missed premiums or dishonesty during the application

 

3. Life Protect Term Plan 278 – LIC International

Plan Type: Regular Pay, Level Term Life Cover: AED 1,000,000 (Min USD 100,000) Policy Term: 5 years Premium: AED 1,170 yearly*

✅ What’s Included:

• Death cover with critical illness rider option (37 illnesses covered)
• Premiums vary for smokers vs non-smokers
• Entry age starts at 18; coverage up to 65 years
• Worldwide coverage and multiple payment modes

➕ Accelerated Critical Illness Rider Covers:

• Stroke, cancer, heart attack, organ transplant, kidney failure, coma, severe burns, major head trauma, etc.

 

4. Critical Illness Premium – Arabia Insurance

Plan Type: Critical Illness Cover (not a pure term life plan) Life Cover Equivalent (Critical Illness Payout): AED 1,000,000 Policy Term: 5 years (renewable) Premium: AED 1,370 yearly*

✅ What’s Covered (after a 3-month waiting period):

• Major illnesses like cancer, stroke, heart surgery, kidney failure, advanced dementia, MS, Parkinson’s, paralysis, organ transplant, etc.
• Worldwide coverage
• Entry age: 18–59 years
• Critical illness covers up to USD 500,000

⚠️ Important Notes:

• Focuses on illness-related payouts, not life cover
• Not suitable for those looking for pure death cover alone

 

5. Fixed Term Takaful – Takaful Emarat

Plan Type: Level Term Plan Life Cover: AED 1,000,000 Policy Term: 10 years Premium: AED 705 yearly*

✅ What’s Included:

• Constant sum covered for full term (AED 1,000,000)
• Terminal illness cover included
• Optional accelerated critical illness cover
• Takaful model: Shared surplus from the community risk pool
• Suitable for Sharia-compliant protection seekers
• Worldwide coverage

➕ Optional Add-ons:

⚠️ Conditions:

• Pre-existing conditions covered upon approval
• Requires regular contributions (monthly/yearly)

✅ Comparison Snapshot

*For reference only — actual premiums may vary as per your age, health profile, and other factors 

Key Features of 5 Year Term Life Insurance

Here’s a closer look at the core features of a 5 year life insurance plan —

✅ Death Benefit: Paid to your nominee if you pass away during the policy term

💰 Low Premiums: Especially for young, healthy applicants

📈 High Coverage Ratio: Pay less, get more protection

🚫 No Maturity Benefit: Pure protection without return if you survive the term

🧾 Optional Riders:

• Critical illness cover
• Accidental death cover
• Premium waiver in case of disability

📆 Premium Flexibility: Pay monthly, quarterly, yearly, or upfront

🧘 Peace of Mind: Short-term coverage with full financial security for your dependents

Who Should Consider a 5 Year Life Insurance Plan?

A 5 year term plan suits the following individuals —

Eligibility Criteria for 5 Year Term Insurance in the UAE

To buy a 5 year term life insurance policy in the UAE, you generally need to meet the following requirements —

Documents Required

To apply for a 5 year life insurance policy, you’ll typically need the following —

• Emirates ID
• Passport + UAE residency visa (for expats)
• Salary certificate or income proof
• 3–6 months bank statements
• Medical records (if applicable)
• Proof of address (utility bill, tenancy contract)
• Completed insurance application form

Claim Process for 5 Year Term Life Insurance in the UAE

In the unfortunate event of the policyholder’s death, here’s the process for the beneficiary to file a claim —

Step-by-Step Claim Procedure:

1. Notify the insurer immediately about the incident.
2. Submit the claim form along with necessary documents.
3. Verification by the insurer.
   Payout of the death benefit in lump sum or installments.

Documents Required for Claim:

If Death Occurs in UAE:

• Death certificate (original)
• Medical report
• Passport copy with visa page
• Emirates ID
• Insurance certificate
• Police report (in case of accident)

If Death Occurs Outside UAE:

• Death certificate attested by UAE embassy
• Visa cancellation page
• Additional documents as requested by insurer

Final Thoughts: Is 5 Year Term Life Insurance Worth It?

A 5 years term insurance plan is a great way to get short-term protection without the commitment or cost of long-term plans. Whether you're safeguarding your family during job transitions, securing a loan repayment, or planning for an upcoming financial obligation, it delivers peace of mind at an affordable price.

If you're not ready for a 20- or 30-year plan but still want solid coverage, this is an excellent stepping stone.

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