LIC International Life Insurance UAE

Compare LIC Life Insurance Plans in the UAE

One of the biggest advantages of LIC International is that it doesn’t offer a one-size-fits-all policy. Instead, you can choose from plans designed for different financial goals.

Here’s a quick overview of some of the most popular LIC life insurance plans available in the UAE.

1. New Future Bright (Plan 255)

If you’re looking for a plan that combines life protection with guaranteed payouts, New Future Bright is worth considering.

This single-premium life insurance plan provides life cover for 9 years. It also offers cash payouts during the policy term. You make a one-time premium payment at the beginning.

In return, you get 10% of the Sum Assured after the 3rd and 6th policy years, and get 102% of the single premium paid (excluding applicable taxes and extra premium), along with any declared Loyalty Addition, on maturity if you survive the policy term.

Key Features

2. Smart Elite Savings Plan (Plan 262)

If you’re planning for long-term financial security and want guaranteed life cover with the potential to earn bonuses, the Smart Elite Savings Plan can be a suitable choice.

This plan protects your family’s financial future and also helps you grow your savings through bonuses declared by LIC International from time to time. Premiums can be paid throughout the policy term or for a limited period of 5 or 7 years, depending on the option selected.

Key Features

3. Single Premium Wealth Creator (Plan 268)

If you have a lump sum to invest and want your money to grow while maintaining life insurance protection, this plan offers both.

Single Premium Wealth Creator is a unit-linked whole life insurance plan, where your investment is allocated to professionally managed funds. Since returns depend on market performance, the policyholder has to bear the investment risk. The plan also provides life cover by paying 101% of the fund value to the nominee upon the life assured’s death.

Key Features

4. Systematic Wealth Creation Plan (Plan 271)

Unlike the previous plan, this option is for people who prefer investing regularly instead of making one large investment.

The Systematic Wealth Creation Plan is a unit-linked whole life plan. It lets you build wealth through periodic contributions while getting life cover. Like other market-linked products, your investment value depends on the performance of the selected funds.

Which LIC International Life Insurance Plan Should You Choose?

Compare LIC Life Insurance options and choose the right plan depending on what you want your policy to achieve.

Key LIC International Life Insurance Advantages for GCC Residents & NRIs

• USD Denominated Policies: Safeguard your investments against domestic currency fluctuations with premiums and claim payouts denominated in US Dollars.
• Service Across the GCC: LIC International serves customers through its branches in Bahrain, Dubai, Abu Dhabi, and Kuwait. This makes it easier to buy policies and submit claims locally.
• Coverage Even if You Relocate: If you move back to India or relocate to another country, you can usually continue your policy, subject to its terms and conditions.
• Suitable for NRIs: These policies are issued through LIC International’s GCC operations and may support the financial planning needs of NRIs. However, it’s still advisable to consult a tax advisor to understand the tax implications for your country of residence.
• No Mortality Charges on Selected ULIPs: Some investment-linked plans do not deduct regular mortality charges from your fund value.

LIC International Life Insurance Charges and Fees

Like most life policies, LIC life insurance plans may include certain charges depending on the type of policy you choose. Traditional savings plans generally have premium-related charges, while unit-linked plans (ULIPs) include investment and fund management charges.

Here’s a quick overview of the charges applicable to the two investment-linked plans offered by LIC International.

Things to Know Before Investing

• Investment-linked plans include fund-related charges that are reflected in the Net Asset Value (NAV)
• Partial withdrawals and surrender may be subject to policy terms and applicable charges
• All charges are disclosed in the policy document before purchase

Surrender Charges for Systematic Wealth Creation Plan (Plan 271)

Surrender charges may apply if you surrender your policy during the initial years. These charges reduce over time and become nil after a specified period, as per your chosen LIC International Life Insurance premium charges term.

Tip: If you’re investing for the long term, it’s generally better to avoid surrendering your policy during the early years. This is because early exits can reduce your overall returns.

How to File a Claim with LIC International UAE?

LIC Life Insurance Dubai has a simple claim process, helping beneficiaries receive their policy benefits as smoothly as possible.

Step 1: Inform LIC International

Notify the LIC International UAE branch that issued the policy as soon as possible after the insured event. Death claims should be reported to the respective servicing branch.

Step 2: Complete the Claim Form

Download the claim form from LIC International’s official website or collect it from your nearest branch. Different forms are available for death, maturity, survival, surrender, and loan claims.

Step 3: Submit the Required Documents

Depending on the type of claim, you may be required to submit:

• Original policy document
• Completed claim form
• Original or certified death certificate (for death claims)
• Claimant’s identity proof
• Beneficiary details
• Medical records or police reports (if applicable)
• Bank account details for claim payment
• Any additional documents requested by LIC International based on the claim circumstances

Step 4: Claim Assessment

LIC International will review your documents and may ask for additional information if needed. Once the claim is approved, the policy benefits are paid in accordance with the policy terms.

Documents Required to Buy LIC International Life Insurance

The exact documentation may vary depending on the plan and underwriting requirements. However, you’ll generally need the following:

• Valid passport
• Emirates ID or GCC residency proof
• Valid residence visa
• Income proof (salary certificate, bank statements, or financial documents, where applicable)
• Completed proposal form
• FATCA/CRS self-declaration (if applicable)
• Beneficiary details and identification
• Medical reports, if requested during underwriting

Depending on your age, health condition, and the sum assured selected, LIC Life Insurance may also require a medical examination before issuing the policy.

Important Exclusions

LIC life insurance plans include certain exclusions. These may vary by product, but commonly include:

• Suicide within the first 12 months of the commencement of risk (applicable to certain plans)
• Death resulting from active participation in war, civil unrest, rebellion, or terrorism, where specified in the policy terms
• Fraudulent or illegal acts, where applicable under the policy conditions

Always refer to your policy wording for the complete list of exclusions, as these can differ across plans.