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Best Life Insurance Policies and Providers in UAE

By PolicyBazaar
  | Published: 20 March 2020 | Last Updated On: 08 February 2021

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AED 100,000 cover starting at just AED 7/month

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What is a life insurance?

A Life insurance works as a financial security for your loved ones by offering coverage against untimely demise of the insured. In order to maintain the policy the insured pays a pre-defined premium, depending on the cover amount of the policy. The insured can either pay the premium in multiple installments or in a single installment. Multiple factors are responsible for determining the premium for a life insurance namely age of the applicant, medical history, sum assured, and annual income.

Top Life Insurance providers in UAE

  1. Alliance insurance
  2. Union insurance
  3. Oman insurance
  4. Noortakaful
  5. Salama
  6. MetLife

Alliance Life insurance plan

Alliance insurance was established in 1975 and has an overall experience of four decades in the industry. Alliance has stood as a brand well recognized by individual as well as institutional clients with a wide range of dynamic service. The company offers a comprehensive range of life insurance plans and products. For an individual, life insurance products fall into the following four categories:-

  1. Conventional products
  2. Dynamic products
  3. Multilife products
  4. Add on benefits/Supplementary riders

Some of the plans offered by alliance life insurance are anticipated endowment plans, endowment assurance platinum plan, optima gold, suprema etc.

Oman Insurance

Oman insurance company or OIC was established in 1975 with it’s headquarter in Dubai. Oman insurance company has branch offices in every Emirate all across UAE. OIC has emerged as a leading insurance solutions provider in the Middle East. Oman offers  life insurance plans like term insurance, endowment insurance, ULIP along with additional coverage options for critical illness, terminal illness and disability benefits.

SALAMA INSURANCE

Salama- Islamic Arab insurance company was established in 1979 and is the world’s largest and oldest Sharia’h compliant insurance provider in the Middle East. Salama Life insurance mainly offers two whole of life insurance plans which are as follows:

  • Hyat plus offers worldwide coverage till the age of 100 and comes with multiple customization options such as disability benefits, family income, hospital cash benefit etc. The plan has an entry age limit between 18-74 years; the plan matures at the age of 100 and can be owned by an individual entity or an institution.
  • Hyat Superior comes with a no nil allocation period and offers worldwide coverage till the age of 100 and provides a choice of selecting your fund or directly investing in an active salama strategy. The payment frequency be monthly/ quarterly/annually. The entry age is 18 to 74 years of age.

MetLife

MetLife is one of the largest global providers of insurance solutions with presence in over 60 countries. The company was established in 1868 and since then has been a pioneer in the industry. MetLife has been working in the Middle East since past 65 years.

  • Live life is a plan from MetLife which provides coverage in case of untimely death of the insured. The plan offers a cover up to USD 50 million, and provides various customization offers. One can choose their currency in which they would pay the premium. MetLife offers free terminal illness cover along with the basic live life plan. 

Noor Takaful

Noor takaful family and Noor takaful general are sister companies that offer wide range of Sharia’h compliant insurance related products in the Middle East. The Company was established in 2009.

  • Life Care plan is offered by Noor takaful. The plan comes with several flexible add on customization options such as disability, accidental death, critical illness, terminal illness benefit. The primary insurance provides coverage against death of the insured due to any cause.