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Best Term Insurance Plans for NRI in the UAE

By PolicyBazaar
  | Published: 22 July 2021

Buy a term plan and secure your family

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

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Term life insurance offers life cover to you safeguarding the financial future of your family in case of your untimely demise. Irrespective of your citizenship, it is necessary for you to purchase term life insurance in the UAE to ensure that your family is not rendered helpless after a mishap. Many companies in the UAE offer term insurance plans for NRI allowing you to create a financial backup for your family.

 What is the best term insurance in UAE for NRIs?

Some of the best term insurance for NRIs in the UAE are Listed Below:

Best Term Insurance Quotes for NRI in UAE

Term Insurance Plan Life Cover Accident Cover (From Day One) Sickness Cover (From Day One) Price
AXA - Life Protect AED 250,000 AED 250,000 AED 250,000
Takaful Emarat - Fixed term AED 250,000 AED 250,000 AED 250,000
Noor Takaful - Pure Protection AED 250,000 AED 250,000 AED 250,000
National Life AED 350,000 AED 350,000 AED 350,000
Noor TakafulPure Protection Cashback AED 200,000 AED 200,000 AED 200,000

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Things to Know Before Purchasing Term Life Insurance Plan for NRI in the UAE

  • You should not be younger than 18 years or older than  60 years.
  • 10, 15, 20, 25,  30, 35, and 40 years are the policy terms.
  • Absolute protection from death, irrespective of the reason
  • Policy periods range from ten to forty years 
  • It serves both as primary and supplementary coverage.
  • Documentation that is straightforward
  • Worldwide coverage
  • Benefits of Maturity are Guaranteed
  • Built-in coverage for incurable diseases
  • AED 750000 is the maximum amount that can be insured
  • The basic plan consists of two main components: a five-year renewable term plan and a level term plan.
  • The option of converting a plan to bequest insurance is accessible.
  • Maximum term of 40 years is allowed.

Why should a non-resident Indian acquire life insurance in the UAE?

  • Critical Illness Coverage with a Comprehensive and Straightforward Reach -  Critical illness insurance has a well-defined scope, definition, and restrictions for the convenience of the policyholder. In the UAE, the life insurance policies scheme has efficient plans covering up to 35 critical illnesses.  In an unfortunate incident where the policyholder is diagnosed with any critical illness, the insurance company will offer the monetary benefits settling the claims. ... Besides, Insurance firms such as Zurich International Life provide critical illness coverage up to the age of 74. Although a person can acquire a critical disease during any age, the odds of being seriously sick increase with age. . To ensure that a critical illness does not oust your financial independence at any age, the term life insurance allows you to add cover for critical illness and live tension-free. The insured sum for term life insurance for NRIs in the UAE can go up to USD 2 Million.
  • Timely Payments - Every insurance provider has a comprehensive list of severe diseases covered, as well as clearly written beneficiary descriptions, ranges, and limitations that eliminate ambiguity throughout the application process and during claims processing. The clarity in the contract ensures that the company settles your claims in time. Therefore providers throughout the UAE have always had an excellent track record of settling critical sickness and life insurance requests.
  •  Global Plans - In the UAE, a continuation of insurance whilst moving from one country to another is an important and useful aspect of term plans. Alternatively, that amount of compensation would rise each time the insured had to install a separate policy upon relocating to a new nation, even as the policyholder would indeed be aged then it was before, and or the chance of non-insurability will indeed rise as well. Term insurance plans in the UAE are transferable to other countries. Insurers try to keep the insured for just about any benefits received as a citizen of the UAE all through their journey then after a transfer of residence.
  • To allow your relatives to continue to live as immigrants in the UAE or elsewhere -  This permits youngsters to focus on their studies until they reach a specific age. In the United Arab Emirates, term insurance policies are transferable. Making it simpler to meet financial obligations outside of India, such as; Financing on higher education of your children along with the expenditures for courses even outside India. Allowing you and your family to remain in UAE in the case of a serious sickness, without having to worry regarding making payments such as utility bills, college tuition, medical expenditures, so on and so forth.
  • Plans Denominated in US Dollars - The rising necessity for imported commodities promotes the growth of the US dollar as a unit of account for online transfers, causing the Local currency to depreciate much farther. Most insurance companies issue Term Insurance policies in US Dollars that are an excellent hedge against depreciation towards rupees. Over the last four decades, the overall value of the rupee has indeed been steadily declining, with the rate of depreciation increasing in recent years.

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Conclusion:

Consider the following factors while choosing term insurance for NRIs: dependability, claim settlement ratio, riders/additional coverage, policy comparison, and pricing. There are a variety of acceptable term insurance options for NRIs in the United Arab Emirates that provides full satisfaction to the NRIs with   It gives you financial peace of mind, it's a budget-friendly option, benefits from taxes, payouts on time, accessibility, investing in wealth, volatility because everyone's demands are different, a method that works for someone else might not work for you. Evaluate several term insurance policies online and compare their features, benefits, sum assured, and protection to get the best term insurance policy for your needs.

Related Link - 

Life Insurance Plans & Policy for NRIs in UAE - Types, Features, & Benefits
A Comprehensive Guide to Pension Planning for NRIs in UAE
8 Reasons Why NRI Should Buy Life Insurance in UAE?