Life Insurance Plans & Policy for NRIs in UAE - Types, Features, & Benefits

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Living in any other country than your home country can be both an exciting and daunting experience. You will come face to face with plenty of new and exciting things but you will also have to take on new and unknown challenges and face uncertainties as well. About 28% of the UAE population is covered by Indian ex-pats in UAE. If you are an NRIs who has moved to UAE for independent or professional reasons, you need to figure out your options for life insurance plans in UAE. Since you spend more than half a year in UAE and your employment is also UAE based. It is nothing but a wise decision to have life and term insurance for NRIs in UAE when you are an ex-pat living and working in the United Arab Emirates. 

Features & Benefits of Life Insurance policy for NRI in UAE

Given following are some of the top features and benefits of life and term insurance plans for NRIs in the UAE:

Solid Underwritten Comprehensive Covers

Life and term insurance for NRIs in UAE is one of the most comprehensive plans with coverage that proves to be sturdy support in case of distress. The investigations and underwriting process of UAE insurance companies are not only thorough but also very well crafted. They assess the risks and ask the questions that are needed to be asked in the situation so that a situation of insurance denial never arises. This means that not only the insurance company has a fair idea of the risk, but you have a fair cover as well. 

Long Critical Illness and Terminal Illness Covers

Life insurance policies in the UAE generally offer critical illness cover as add-on services for the pans. Terminal insurance benefit is generally included as a basic benefit of the life and term insurance for NRIs. Most insurance companies offer this cover up to the age of 74 years. This means better and longer coverage for you even in old age when the risk of developing critical illnesses is higher.

Internally Portable Life Insurance Plans

The best thing about life insurance policy for NRIs in UAE is that you can have them internally ported to give you a cover in another country. So, if you happen to travel to another country for a long duration or move your residence completely, you will still have the protection of your life insurance plan. 

Freedom of Choosing Currency 

Almost every life insurance policy for NRIs in UAE can be bought in USD currency along with AED. Some insurance providers offer other currency options as well. This means that you will have the freedom to choose the currency that suits you the best, as per current circumstances. 

Extended Benefits in form of Insurance Proceeds

The portability of a life insurance policy for NRIs in the UAE also allows you to handle expenses and other responsibilities without restrictions. You can pay off mortgages outside of UAE in India, have your family stay in the UAE as ex-pats, have your children complete education, support your family back in India etc. The benefits of having life and term insurance for NRIs in the UAE extend beyond the insurance itself.  

Easy Claim Procedures

Initiating a life or term insurance claim in the event of your death is exceptionally easy in UAE. The process is very straightforward and does not include a lot of waiting around. Since insurance companies in UAE are very thorough on the investigative stage of the life insurance plans, the claim settlement ratio is also exceptional. 

Option for Joint Life Insurance Policies

You can choose to have your life insurance plan as an individual or you can have it as a joint plan for both you and your spouse or any other earning member of your family. While a joint life insurance policy can only b claimed once, they certainly help in lowering the premium amount for you. 

Types of Life Insurance Plans for NRIs in UAE

There are four basic types of life insurance plans for NRIs in UAE, explained as follows:

1- Term Life Insurance Plans

Terms insurance life insurance plans offer protection for a selected period only. You are free to choose a term of your liking at the time of choosing and buying the plan. Term insurance plans offer coverage from a minimum of 5 years to a maximum of 35 years. You have to pay the premium for this set period only. The good thing about term insurance for NRIs is that they are cost-effective and do require you to pay premiums your whole life. They are the ideal choice to go with if you want to ensure that your family will have a financial backup after your death until they are ready to support themselves financially. 

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2- Whole Life Insurance Plans 

As the name suggests, a whole life insurance policy for NRIs is the one that offers life-long protection until your death and for as long as you keep paying the premium. With whole life insurance plans for NRIs, you not only get death benefits but also a cash accumulation service. Here you can claim cash support in case of an emergency. Whole life insurance policy for NRIs also offer cover for a longer period, some even go up to the age of 99 years. 

3- Endowment Plans

Endowment plans can be seen as both investment and term insurance for NRIs. Where a term insurance plan will only pay in case of death during the selected tenure, an endowment plan will pay in the event of death as well as survival. If there happen to be an untimely demise, your family will receive the compensation and if you are safe and sound at maturity, you can redeem the cash benefits. Endowment plans are a little pricier as compared to term insurance considering the added benefits.

4- Universal Life Plans

Just like endowment plans, universal life plans can be seen as a customisable whole life insurance policy for NRIs. You are free to include ride and add-ons in the plans as per your choice along with a few investments and mutual funds options. The premium of these plans is a little higher as compared to the whole life insurance policy for NRIs. 

Why Should an NRI have a Life or Term Insurance Plan in UAE?

No matter how exciting and fulfilling it is to live and work in UAE, you are bound to worry and plan for the future. Having a life insurance policy for NRIs in UAE can help arrange that secure future for you. Following a few of the top reasons you should consider having a life insurance plan in UAE as an NRI:

Undeniable Protection and Support for Your Family

If you are the sole or one of the two earners in your family, you will a lot of responsibilities on your shoulders. Your family must be dependent on you and it is natural to want to secure their future. Life insurance for yourself can be that helping hand that will take care of your family in case you are not around to support them. 

Helping Hand in Achieving Financial Goals

The great thing about life insurance plans in UAE is that they are not only a wonderful backup for your family but also a low-risk investment opportunity. With the right coverage and right plan, you can easily build up your finances. Plans like endowment plans and universal life plans offer exciting opportunities to not only look out for your family but also build up capital. 

Brings Peace of Mind

There is no greater peace of mind than knowing that no matter what. Your loved ones will be taken care of at all times.  A life insurance policy for NRIs can bring peace and happiness to you and hence, betters the quality of life as well. 

Highly Extended Cover 

The best life insurance plan for NRIs in UAE comes with a rather extended cover. This means that you have increased freedom of choosing a term cover period. Along with that, you get the protection of life insurance for a longer time and an increased maximum age limit to apply for life insurance plans as well. 

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No matter where you choose to live and work, your family and loved ones are always going to be your first order of business and priority. So, it is only natural that you will choose nothing but the best available option for their support. UAE offers the best life insurance plan for NRIs and that is plenty enough reason for you to invest in one. A life insurance policy for NRIs is one of the best ways to secure the future of your family in the UAE as well as India.


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