AXA v/s LIC International Life Insurance in the UAE

AXA v/s LIC International Life Insurance in the UAEPolicybazaarAverage Rating / 5 ( reviews)
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AXA life insurance deals in a huge range of insurance products and services throughout the globe. Headquartered in Paris, this insurance company mainly functions in the Western region of Europe, North America, the Indian Pacific area, the Middle East, and the African subcontinent. It has an experience of 2 centuries within the insurance sector and is famous for offering customer-friendly and innovative insurance solutions globally.

On the other hand, LIC International Life Insurance is a subsidiary company of the India-based insurance provider LIC. It provides a wide range of policies, which are suitable for the basic requirements of the policy seekers such as provision for their children’s education or marriage, or for planning the future of their family.

AXA Life Insurance in the UAE

Let us take a look at the different types of insurance plans offered by AXA and its features.

Life Protect Plan

This plan from AXA is a one-stop solution for your insurance requirements because the policy secures your family and loved ones from the uncertainties of life. In the event of an unfortunate event that causes disability or demise of the policyholder, the beneficiaries will get a death benefit as the sum assured. Moreover, if the insured person gets diagnosed with a critical illness, a sum assured is offered to him or her.

Here are some features of this AXA Life Insurance plan.

  • It includes a temporary life insurance cover that comes free. This temporary cover secures the policyholders from the time they fill up the insurance application form and apply for this plan.
  • The plan includes riders above the basic term plan such as total or permanent disability benefit.
  • It offers a stable income flow, which works as a replacement of income for the family members of the deceased.
  • It helps in making repayment of the debts or taking care of the education or wedding cost of the policyholders’ children.
  • The death benefit offered under the plan ensures that the family members of the deceased can maintain their lifestyle and remain secured financially.
  • The flexible premium payment facility allows you to pay your premium according to your convenience, that is, yearly, half-yearly, quarterly, or monthly.
  • The total coverage available under this policy is USD 50,000,000.
  • Only Emiratis are eligible to apply for this plan. They should be aged between 18 and 79 years.

Simple Life Plan

This plan from AXA Life Insurance is developed and designed for offering financial help to your family members for coping up with financial instability effectively arising because of the demise of the breadwinner. It is an economical life plan, which helps you in offering a financial safety net to your family members for the time when you are not around to take care of them.

With the help of this plan, you can prepare yourself and your family to overcome the uncertainties of life. The beneficiaries of the plan receive a death benefit if the insured individual passes away due to accidental or natural causes.

Here are some features of this AXA Life Insurance plan.

  • The flexible premium payment facility allows you to pay your premium according to your convenience, that is, yearly, half-yearly, quarterly, or monthly.
  • The policy seekers can get this loan coverage for themselves or their better half at discounted premium rates.
  • This plan can be bought from AXA through their official website or their mobile app easily.
  • The policyholders have the option to stop making payment of their premium amount when they wish without being charged any penalty or fine.
  • The total coverage available under this policy is up to AED 36,000,000.
  • Both expats and Emiratis are eligible to apply for this plan. They should be aged between 18 and 59 years.

LIC International Life Insurance in the UAE

Let us take a look at the different types of insurance plans offered by LIC International and its features.

1. Renewable Term Assurance Plan

This type of insurance plan is a pure risk policy, which is suitable for the people who wish to protect their family members with a huge amount at an economical premium amount. All the individuals, whether male or female, who earn an income are eligible for this plan.

2. Participating Whole Life Policy

This plan ensures that the policyholders will be covered throughout their life. The insurance premium is less as opposed to many other plans and has to be paid only for a specific period. All the bonuses get added to the sum assured amount every year, even after the premium paying period ends.

3. Pure Term Assurance (PTA) Plan

This term plan is term insurance without profit which includes a high coverage and regular insurance premium payment. It provides financial protection against death throughout the term of the plan.

4. Double Cover Joint Plan

This plan is designed to provide life cover to both husband and wife under one policy. If one of the partners passes away, the sum assured is paid to the surviving partner immediately. There is no need for the surviving partner to make payment for the premiums after that. However, the policy remains intact and will keep earning bonuses, which are declared depending on the valuations. The sum assured along with the bonus is paid to the surviving partner on the date of the maturity of this LIC International Life Insurance. If both the partners survive the plan, the sum assured along with the bonus is paid to them on the date of the maturity.

Basic Features of LIC International Life Insurance Plans

  • Death Benefit: Under this benefit, the sum assured is paid to the beneficiaries of the policy after the death of the insured.
  • Accidental Death or Disability: An additional nominal value is paid to the policyholders in the case of accidental death or disability. However, this benefit is subject to certain conditions, which the policyholders must check on the website or the policy document.
  • Portability: In case the policyholder is a citizen of India, the plan gets transferred to the LIC in India when he or she repatriates to India. The transfer of the plan happens only when the premium is paid for the whole period and on completing one year from the date of acceptance. The total sum assured plus the bonuses will remain as it is in the Indian currency at the rate of exchange prevailing on the date on which the transfer is requested by the insurance provider. It also depends on the RBI (central bank of India) on that day.
  • Loan Facility: You can also take a loan against the plan security after acquiring the paid-up value by premium payment for a minimum of 3 years for full-term policies and 2 years for limited-term policies, from the date of commencement.
  • Flexible-Premium: The flexible premium payment facility allows you to pay your premium according to your convenience, that is, yearly, half-yearly, quarterly, or monthly.

Over to You!

Both AXA and LIC International Life Insurance offer economical and complete protection to you and your family members with their insurance solutions. If you plan on buying a life insurance plan from any one of these, you should compare the plans and select the one that is the most ideal according to your requirements and your budget.

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