LIC International Term Insurance in UAE

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Term Insurance in UAE
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Established in 1989 in the Kingdom of Bahrain, LIC international operates through an extensive network in the GCC countries. Within 29 years, the company has witnessed exponential capital growth from 0.245 million USD to over a billion USD.  LIC international is one of the largest and the best term insurance providers in the UAE. The company has garnered popularity trust of many by offering great solutions to various financial insecurities.
LIC term insurance plans are tailor-made to meet the financial requirements of its potential customers and simultaneously ensuring protection in compensation for belief and trust shown by the insured on the company. In addition to this, LIC term insurance plans offer the flexibility of adding riders with the basic LIC e policy for enhanced coverage and protection.

LIC Term Insurance in the UAE

A term insurance plan covers an individual up to a specified tenure and the policyholder needs to pay the premium until the plan remains active. The term plans are the least expensive and offer huge insurance benefits if the policyholder expires within the policy term. Life Insurance Corporation of India comes with numerous term insurance plans in UAE. LIC term insurance plans aims at providing huge sum to the family of insured with some nominal premium payments. In case of accidental deaths, the company offers double death benefits which caps to USD 100,000. The term policy however, do not provide survival benefits on maturity.   

LIC International Term Insurance in the UAE

LIC International offers various term insurance plans in the UAE providing comprehensive protection at affordable premium rates. These policies are non-profitable and do not provide survival benefits at the end of maturity. However, in case of accidental death of the policyholder during the active policy tenure, the family members receive doubled accidental insurance benefits of up to USD 100,000. With term insurances policies, the policyholder needs to pay the premium until the policy tenure.  

Types of LIC International Term Insurance Plans in UAE

Following are the term insurance plans offered by LIC International:

Renewable Term Assurance 

Renewable Term Assurance is a pure risk LIC e term insurance policy that is suitable for individuals who want to ensure higher sums for their loved ones at an affordable premium. Being a pure term insurance plan, this LIC e term plan provides death benefits to family members. The beneficiary(s) or family member will get the sum assured i.e. death benefits which is payable by the insurance provider upon the demise of the insured during the tenure of a LIC plan.

Eligibility Criteria: All men and women with earned income (Category A) are eligible for this LIC e term insurance policy.

Special Features & Benefits of Renewable LIC Term Assurance Plan - 

Renewal Options: This term insurance plan comes with a special feature that enables the insured to renew their LIC insurance policy for a further term of 5-15 years without having to go through the medical tests. However, the policyholder will be required to meet all the eligibility requirements that are applicable as on the renewal date of the LIC e term plan and the insured’s stay at GULF countries is extended. In addition to this, an extension for the renewal request of the term plan can be exercised 6 months before the expiry of the original LIC e term plan along with the proof of extended stay.

Accidental Benefit Rider: The insured can also add accidental benefit rider to the basic LIC e term plan by paying a nominal fee for enhanced protection. It enables the policyholder to avail exclusive benefits as given below subject to specific conditions:

  • The coverage under the LIC life insurance policy is doubled in an event of demise due to accident. The highest double accident benefit payable is USD 100,000.
  • In an event of permanent & total disability due to accident:
    • All the future premium payments are waived off.
    • An additional amount equivalent to the sum assured will be paid in 120 equated monthly installments in over 10 years.
    • However, whenever the death claim rises or the LIC plan matures, the initial sum assured amount with bonus will be paid in addition to due installments of disability benefits if any. 

Pure Term Assurance

Pure Term Assurance is a no-profit term plan with maximum coverage and regular premium payments. This LIC insurance policy offers financial protection against the demise of the policyholder during the policy tenure.

Special Features & Benefits of Pure LIC Term Assurance Plan -

Life Cover: The sum assured i.e. death benefit is payable in a lump sum to the family members upon the demise of the life assured during the tenure of an LIC e term policy.

Paid-Up Value: If two years’ premium has been paid by the policyholder, and subsequent premium within a grace period has not been made then the LIC policy is transformed into a reduced paid-up LIC plan.

Accidental Benefit Rider: The insured can also add accidental benefit rider to the basic LIC e term plan by paying a nominal fee for enhanced protection. It enables the policyholder to avail exclusive benefits as given below subject to specific conditions:

  • The coverage under the LIC life insurance policy is doubled in an event of demise due to an accident. The highest double accident benefit payable is USD 100,000.
  • In an event of permanent & total disability due to accident:
    • All the future premium payments are waived off.
    • An additional amount equivalent to the sum assured will be paid in 120 equated monthly installments in over 10 years.
    • However, whenever the death claim rises or the LIC plan matures, the initial sum assured amount with bonus will be paid in addition to due installments of disability benefits if any.

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Top Term Insurance Plans by LIC International in UAE

LIC International Insurance Plan

Features & Benefits

Participating Endowment Plan

  • The plan is designed to deliver life security and also grow your insurance premium into savings. 
  • With regular premium payments, the policyholder receives the assured benefits and accrued bonus after maturity. 
  • During untimely death, the insurance provides death benefits along with the accrued bonuses.
  • The policy can be transferred to LIC India on the repatriation of the policyholder. 
  • You can avail of loans against your insurance. 
  • You receive accidental death and disablement benefits. 

Double Cover Endowment Plan

  • Double cover insurance is an innovative endowment plan that pays twice the assured benefit amount along with accrued bonuses if the policyholder dies during active insurance tenure. 
  • If the policyholder survives the insurance tenure, the assured benefits are paid along with the accrued bonuses. 
  • The policy can be transferred to LIC India on the repatriation of the policyholder. 
  • You can avail of loans against your insurance. 
  • You receive accidental death and disablement benefits.
  • Flexible to pay the insurance premium in monthly, quarterly, half-yearly and annual installments. 

Participating Whole Life Insurance

  • Participating Whole life insurance secures the policyholder until he dies naturally or up to 100 years. 
  • In case of death, the policyholder’s beneficiaries receive the death benefits along with the accrued bonuses. 
  • The premiums are payable for a limited number of years depending on your insurance amount. 
  • If you pay the premiums until 3 years and stop the payments, you still receive coverage, however, it is proportionately reduced and you won’t be entitled to bonuses. 
  • The policy can be transferred to LIC India on the repatriation of the policyholder. 
  • You can avail of loans against your insurance. 
  • You receive accidental death and disablement benefits.
  • Flexible to pay the insurance premium in monthly, quarterly, half-yearly and annual installments.

Deferred Annuity Plans

  • The deferred annuity plans are designed for the elderly to provide them a regular income after their retirement. 
  • The annuity plan comes in two variants - with life cover and without life cover annuity plan. 
  • The life cover annuity plan provides the assured death benefits along with bonuses if the policyholder dies an untimely death.  
  • The without life covers annuity plan pay only the accrued premium with the bonus if the policyholder dies untimely. 
  • The policy can be transferred to LIC India on the repatriation of the policyholder to India. 
  • You can avail of loans against your insurance. 
  • You receive accidental death and disablement benefits.
  • Flexible to pay the insurance premium in monthly, quarterly, half-yearly and annual installments.

Professional Education Plans

  • The professional education plan is a typical child security plan that offers surviving benefits and funds for higher education. 
  • The policy provides guaranteed payments after your kid attains the age of 18 years and regular annual payment until he/she attains the age of 23 years. 
  • One of the parents can be benefited by paying an additional premium. The insurance in this case would be 20% of the assured sum.  
  • The policy can be transferred to LIC India on the repatriation of the policyholder. 
  • Flexible to pay the insurance premium in monthly, quarterly, half-yearly, and annual installments.

Features & Benefits of LIC International Term Insurance

Following are some of the common features & benefits of term plans offered by the LIC International:

  • Death Benefits: The beneficiary(s) or nominee(s) of the LIC policy will get a payout in case of the sudden death of the life assured due to any reason.
  • High Sum Assured: LIC term insurance plans offer a high amount of sum assured to the family in case of the insured’s death so that their financial requirements can be met in a hassle-free manner in the absence of the policyholder.
  • Affordable Premiums: LIC e term plans offer comprehensive coverage at affordable premiums.
  • Riders: LIC term plans also provide the flexibility to add riders to the existing LIC policy for enhanced coverage and maximum benefits.
  • Flexibility: LIC term insurance plan is distributed into two term insurance policies that offer unique features and flexibility to select policy terms and premium payment terms.

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Why Choose LIC International Term Insurance Plan?

LIC International term insurance plans are custom made to cater to the emergency financial needs of the individual. Additionally, the policy provides comprehensive coverage against untimely death, permanent disability and more. Following are the reasons why you should choose LIC term insurance in the UAE.

  • The term insurance plans from LIC International are affordable and offer a huge insurance sum as death benefits.
  • With a nominal addition to premium, you can purchase additional riders to have accidental and total disability benefits. 
  • An accidental death rider doubles the insurance benefits and the maximum benefits payable to the policyholder’s family is USD 100,000. 
  • In case of policyholder’s permanent or total disability, LIC International waives off all the future premiums, removing the financial burden from his shoulders. 
  • If permanent or total disability occurs due to accidents, LIC International term insurance policyholders would get an additional sum equal to the assured benefit in 120 installments over the coming 10 years.  
  • Additionally, the policyholder would also receive the assured sum, any vested bonuses, including the unpaid installments of disability benefits on maturity, or in case of death.  
  • The offered death benefits are adequate to secure your family’s financial requirements. 
  • The policy also offers enough flexibility to suit your financial requirements. 

Why Apply Online for LIC International Term Insurance?

The online facility was introduced by the LIC to cope up with development in digital media and to provide quick financial services. In addition to this, the company has a dedicated term of customer service that is available to assist its potential customers tirelessly.

Contact Details of LIC International Term Insurance

Dubai, UAE

Tel: (+971) 4 3354858

Email: mail@licinternationaluae.com

Abu Dhabi, UAE

Tel: (+971) 2 6399133

Email: licabudhabi@kingstarinsurance.com

Claim Process for LIC International Term Insurance Plan

LIC International offers a quick and convenient claim procedure. To file a claim, individuals need to follow these three steps -  intimation, document submission, and claim settlement. The detailed process is as follows - 

  • Informing the Insurance Provider - To begin the term insurance claim, the first and foremost step is to inform the insurance provider. In case of death of the policyholder, the nominee or the family members can reach out to the insurer reporting out the cause of death. 
  • Document Submission - To support your term insurance claim, you need to submit various documents as asked by LIC International. The documents required include policy detail, a duly filled claim form, personal identity, nominee details, and more. The insurer may also ask for additional documents if required. To have a hassle-free claim process, you need to gather and submit all the documents as per the insurer's requirements.
  • Review and Claim Settlement - Once you submit the required documents, the insurer will verify all the details, investigate the cause of the death or disability and review your claim application. After successful review, LIC International disburses the death benefit (assured amount) to the nominee or the family members.  

FAQ's on LIC Term Insurance in UAE

How many types of term plans are offered by LIC International?

LIC International offers two types of term insurance plans - Renewable Term Assurance & Pure Term Assurance.

Can other nationalities purchase LIC policy?

Yes, any nationality can purchase the insurance policy as per the UAE law.

Where can I make the premium payment?

You can make the premium payment in any LIC International branch or Kingstar Insurance agencies or any branch of the National bank of Dubai. Also, the premium payment can be made via the LIC International Chief agents in the 5 other Gulf countries or through bank draft or TT from anywhere in the world.

How fast would a claim be paid by the company?

The claim will be paid by the LIC immediately upon the successful completion of documents that are required by the company.

Can I opt for the LIC term plan online?

Yes, you can opt for the LIC plan online easily by going through the official website of the company.