Benefits to buy a critical illness cover life insurance for NRI in UAE
The insurance-buying habits of the expats living in the UAE differ as per nationalities. As an NRI, further in the article are numerous reasons to consider buying life insurance for expats in UAE.
8 Reasons to Buy Life Insurance for Expats in UAE
Below mentioned are the reasons:
Broad Cover and Scope of Critical Illness Cover
Life insurance for expats in UAE covers up to 35 critical illness and often pay a claim on the diagnosis of any such critical illness. The scope, limitation, and definition of the cover for critical illness are well defined. Each company has a list of critical illnesses with well-written details. This helps in eliminating any confusion at the time claims.
Critical Illness Cover up to a Higher Age
There risk of a person developing a critical illness as their age increase is certainly higher than developing the same at a young age. Plans in India provide an insufficient scope of critical illness cover compared to the UAE.
Critical Illness Cover for Higher Amounts
The life insurance for expats in UAE offers a critical illness cover that is higher as compared to the insurance offered in India. It is recommended to have a critical illness cover worth at least 3 to 5 years of your income.
Comprehensive and Transparent Underwriting
Due to the vast experience, life insurance for expats in UAE as a thorough and open underwriting system. Therefore, the can ask the necessary questions and conduct tests before accepting the risk on any insurance plan.
This removes the possibility of a delay while settlement of a claim, which is why the UAE providers have substantial settlement records.
Ease of Claims
The providers of life insurance for expats in UAE due to their wide experience have a robust system of processing and settling the claims filed.
Internally Portable and Tax Effective Plans
The life insurance for expats in UAE are internationally portable. This means the insurance provider will continue to provide cover to the policyholder during their travel.
An attractive feature offered in the UAE is the continuity of protection if the insured decides to change the residency from one country to another. Otherwise, the cost of insurance would increase every time the policyholder decides to buy a new policy.
US-Dollar Denomination Plans
The insurance providers offer life insurance for expats in UAE in US denomination. This is an ideal risk against a falling rupee.
Easy Access to Insurance Proceeds
Since the life insurance for expats in UAE is portable, you and your family can claim the benefits from any part of the world. This makes it easier to pay for requirements outside of India, such as:
- Paying off loans or mortgages in case you have any outside the UAE
- Enable your family to continue to live as expats in UAE or any other country
- Enabling you and your loved ones to continue to live in UAE in case of any critical illness detected without the burden of paying bills
- Paying for the higher education costs outside India for your child
To Further Conclude
When you are looking at life insurance for expats in UAE, as an NRI the above-mentioned 8 points should be considered.