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LIC international is one of the largest and best term insurance providers in the UAE. The company has gained so much popularity & gathered the trust of many people by offering a great solution to their 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 term policy for enhanced coverage and protection.
Types of LIC International Term Insurance Plans in UAE
Renewable Term Assurance is a pure risk LIC e term insurance policy that is suitable for individuals who want to offer 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 this LIC 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 to medical tests. However, the policyholder will be required to meet all the eligibility requirements which 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 the 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 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.
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 this LIC plan:
Life Cover: The sum assured i.e. death benefits is payable in a lump sum to the family members upon the demise of the life assured during the tenure of a LIC e term policy.
Paid-Up Value: If two complete years premium have 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.
Key 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.
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
FAQs on LIC International Term Insurance
Q1: How many types of term plans are offered by LIC International?
Ans: LIC International offers two types of term insurance plans i.e. Renewable Term Assurance & Pure Term Assurance.
Q2: Can other nationalities purchase LIC policy?
Ans: Yes, any nationality can purchase the insurance policy as per the UAE law.
Q3: Where can I make the premium payment?
Ans: 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.
Q4: How fast would a claim be paid by the company?
Ans: The claim will be paid by the LIC immediately upon the successful completion of documents that are required by the company.
Q5: Can I opt for the LIC term plan online?
Ans: Yes, you can opt for the LIC plan online easily by going through the official website of the company.
