LIC Life Insurance UAE & Dubai

Company at a Glance – LIC International

Today, LIC International has been around for over 34 years and has helped thousands of NRIs in the Gulf protect their families and grow their savings. The company operates in:

• Bahrain
• UAE (Dubai and Abu Dhabi)
• Kuwait
• Qatar

Initially, LIC International started with a very small base of USD 0.245 million in assets. Today, it has grown into a billion-dollar company and has been a market leader in Bahrain for many years.

The company is part of LIC of India, one of the most trusted and largest life insurance companies in the world. LIC of India is owned by the Indian government and is known for protecting millions of families with its strong financial background.

What is the LIC International Life Insurance Plan?

LIC International's life insurance plans in the UAE are available across a range of policies. These plans ensure that in case of the policyholder's death, a lump sum amount is paid to beneficiaries. This sum helps them meet financial needs such as daily expenses, education costs, or debt repayment. 

You get options like whole life insurance, term insurance, and savings plans, each tailored to different financial goals. With flexible premiums and coverage options, these plans are quite helpful for expatriates in the UAE in terms of their long-term financial planning.

Why Should You Buy an LIC International Life Insurance Plan?

Here are the reasons to buy an LIC life insurance plan –

• More than 10 plans available
• Flexibility to customise insurance plans
• Quick claim settlement process
• Option to get non-smoker premium rate
• Optional accelerated critical illness rider
• Round-the-clock customer care assistance
• Grace period of 
  • 30 days if paying a half-yearly or annual premium 
  • 15 days if you’re paying a monthly premium

Best LIC Life Insurance Plans in UAE

LIC International offers different types of life insurance products in the UAE to suit the needs of NRIs and other residents. Some plans are pure protection (term insurance), while others combine savings, investments, and protection. 

Let’s look at three key plans —

Plan 279 – Life Protect Term Plan

This is a pure term life insurance plan. Here, you pay a small premium for a certain number of years. If something happens to you, your family gets the money (sum assured).

Key Highlights:

• Provides a large life cover at a very low premium
• Has an optional Accelerated Critical Illness Rider that covers 37 serious illnesses like cancer, stroke, heart attack, kidney failure, and more
• Premium rates depend on whether you are a smoker or non-smoker (non-smokers pay less)
• Minimum sum assured: USD 100,000
• Maximum: No upper limit (subject to underwriting approval)

Rider Benefits – Accelerated Critical Illness Rider

• Pays a lump sum amount if you are diagnosed with a covered illness
• Covers 37 illnesses including cancer, heart surgery, kidney failure, paralysis, and blindness

Other Features:

• Entry age: 18–65 years
• Policy term: 5–35 years (coverage stops at age 80)
• Rebate: 10% discount if sum assured is above USD 500,001
• No loan or surrender value available under this plan

👉 Best suited for people who want affordable life insurance with optional health protection.

Plan 268 – Single Premium Wealth Creator

This is a unit-linked, single premium, whole life policy. This means you pay once, and your money is invested in market-linked funds that can grow over time. It also provides life cover for your entire lifetime.

Key Highlights:

• Single Premium: Minimum USD 15,000 (no maximum limit)
• Invests your money into funds through the “All-Funds” platform
• Death Benefit: 101% of the fund value is paid to nominees
• Partial Withdrawal: Available anytime (minimum USD 1,500)
• Switching: You can move money between different funds without extra charges

Other Features:

• Entry Age: 5–70 years
• Policy Term: Whole life
• Surrender Value: Available after 1 year
• No loans allowed

👉 Best suited for those looking for a long-term wealth creation plan with life insurance protection.

Plan 255 – New Future Bright Plan

This is a savings plus protection plan. You pay a one-time premium at the start and get back money at regular intervals, along with life cover throughout the term.

Key Highlights:

• Single premium plan with a fixed term of 9 years
• Provides cashback: 10% of sum assured after year 3 and year 6
• At maturity (9th year), you get 102% of your premium back plus loyalty additions (if declared)
• Life cover equal to the sum assured throughout the term
• Loan facility available (up to 80% of surrender value)

Other Features:

• Entry age: 15–60 years
• Sum Assured: Minimum USD 20,000
• Surrender Value: Available after 1 year (minimum 95% of premium paid)

👉 Best suited for people who want liquidity, guaranteed returns, and life cover in USD

What are the Features and Benefits of LIC Life Insurance?

Here are the features and benefits offered with most LIC Life plans —

• Death benefit 
• Survival benefit
• Maturity benefit
• Flexible insurance term
• 30-day free-look period

Listed below are the riders available with most LIC International life insurance plans –

• Accelerated Critical Illness (ACI) Rider – Cover 37 critical illnesses
• Partial Withdrawal
• Fund Switching Option

Mentioned below are the key exclusions of the majority of LIC International life insurance plans —

Death due to: 

• Suicide
• An act committed by a foreign enemy
• War or warlike operations
• Invasion, riot, civil commotion, usurping of government power, hostilities, mutiny, rebellion, civil war, or insurrection
• A military activity or conspiracy
• Terrorism or conspiracy to plan a terrorist attack 

Eligibility Criteria to Buy LIC Life Insurance UAE

To buy LIC life insurance Dubai, you must be UAE resident and meet the following eligibility criteria –

How to File an LIC Life Insurance Claim?

Follow this process to file an LIC International life insurance settlement claim

• Go to the official website, complete LIC life insurance login, and use the necessary contact details to inform them about the claim.
• Accurately fill out the claim form and provide all necessary information. Be thorough with details to avoid delays in processing.
• Send the completed claim form and any required documents through the designated channels.
• If the insurance company requests more details, provide them promptly to ensure smooth claim processing. Stay cooperative during communication.
• The insurance company will review your claim based on the submitted information, documents, and policy terms. An investigation may be undertaken if needed.
• Once approved, the insurer will provide the settlement as per policy terms through methods like bank transfer or cheque.
• If you face any issues or have questions, contact the insurer's customer service or claims department for help.

Note – The steps and requirements may differ based on the insurance company and policy terms. Always review your policy and follow the insurer's instructions carefully.
Provide the following documents to initiate LIC life insurance claim settlement.

Provide the following documents to file LIC life insurance claim —

• Filled up claim form
• Original policy document
• Medical records (if applicable)
• Death certificate
• Identification documents (Emirates ID or address proof)
• Other supporting documents requested by the insurer

Why Should You Buy an LIC International Life Insurance at Policybazaar.ae?

When you apply for an LIC International life insurance plan from Policybazaar.ae, you get the following benefits —

• Compare and select the plan best suited for you
• Customise your life insurance plan as per your requirements
• 24/7 customer care service
• Expert assistance in case you get confused
• Free access to your AECB credit score
• Access to other insurance, banking, and finance products

The portal is easy to use and makes it straightforward to get an insurance plan in just a few clicks.