Oman Life Insurance: Compare Plans, Premiums and Benefits

One of the most reliable names in the UAE insurance industry is the Oman Insurance Company (OIC). The company is owned by Mashreq bank and was established in 1975 in Dubai. Oman insurance company offers a comprehensive range of insurance products and solutions for both corporate and individual clients.

Oman Insurance company has a paid-up capital of AED 3.2 billion, that makes it one of the most financially strengthened insurance providers in the UAE. The company operates in all of the Emirates along with operations in Oman as well. The company deals in a wide and innovative variety of insurance solutions to meet the needs of their customers. OIC is typically known for offering insurance plans with high coverage. The policyholders can also enjoy Oman insurance benefits as well as affordable Oman insurance premium.

Life Insurance Plans by Oman Insurance Company

Oman Insurance company offers different types of life insurance plans, here’s a quick rundown-

Life Protect (Whole of Life)
Unit Linked
Diabetic Care
Life Easy
Term Insurance

Life Protect

Life Protect from Oman Insurance company is designed and developed keeping all your needs in the center. The plan is a comprehensive life insurance policy that utilizes a portion of your premium to be invested into a fund, based on your choice. This Oman life insurance policy allows buyers to get insurance protection along with the auxiliary benefit of maximizing and reinforcing savings.

Life protect is a whole of life plan and an ideal tool to safeguard your loved ones against strokes of uncertainties on the trail of life. One of the features of the OIC life protect plan that makes it different from other insurance products is its flexibility. Insurance seekers can modify the plan at different stages of life based on their needs or switch between different investment funds. Moreover, this policy by Oman Insurance Dubai is highly suitable for the expatriate population residing in the UAE as it can be continued from all destinations across the globe.

The table below illustrates the different key features of this Oman life insurance plan.

Feature	Availability
Extended coverage	Available, till the age of 95
Additional offers/ Loyalty benefits/ Discounts	Available
Feature of changing premium during the policy period	Available
Switching between Investment Funds	Available
Worldwide Coverage	Available
Global Investment	Available
Permanent Disability	Available, till the age of 65
Critical Illness Coverage	Available, till the age of 95

Unit-Linked Investment Plans (ULIPs)

Oman Life Insurance company offers three unit-linked investment plans that integrate the benefits of the insurance plan and an investment plan into one. This approach not only saves money but also enhances the effectiveness and efficiency of the plan.

Three types of ULIPs offered by OIC are as follows-

Smart Invest

The smart invest ULIP from Oman Insurance Dubai is an amalgamation of investment, savings, and insurance plans combined into one. The plan allows insurance seekers to invest in a variety of investment funds that come with adequate flexibility. Insurance seekers can choose the period and amount of investment based on their needs and budget. Furthermore, the plan offers financial cushioning which ensures that your loved ones are secure when you are not around to look after them.

The table below encompasses various features of the smart invest ULIP by the Oman Insurance company-

Feature	Availability
The flexible payment period of the plan	Available
Attractive rates of premiums	Available
Policy period up to 61 years	Available
Payment of medical expenditure	Available
High threshold for medical examinations	Available
Additional benefits/Loyalty programs	Available

Elite Life

The Elite life ULIP from Oman Insurance Dubai is another affordable and reliable tool to plan your life in a structured way. The plan offers easy to access ways by which one can accomplish their major goals in life with an accelerated pace. Be it accumulating funds for your child’s marriage, or education the elite life ULIP from OIC turns out to be useful in all scenarios.

The best part about the elite life plan is that it allows insurance seekers, cum investors, to choose from a wide variety of investment funds that are available globally. One can choose the right form of an investment fund based on their needs and the tolerance for risk. This Oman life insurance policy comes with guaranteed coverage to safeguard and secure the future of your loved ones in case of any unfortunate event.

The below covers all the major benefits of the elite life ULIP from Oman Life Insurance company-

Feature	Availability
Flexible options for premium payment	Available
Variety of investment funds to choose from	Available
Guaranteed Insurance coverage	Available
Migrating the plan to a different jurisdiction apart from the UAE	Available
Top-up investment option	Available
Free holiday on completion of 3 years of the policy period	Available

Oman Advantage

The Oman advantage ULIP is another plan from OIC that provides a unique integration of investment and insurance, serving the purpose of two different plans into one. The Oman advantage plan offers multiple options for investment funds when it comes to choosing the investment element of the plan. Furthermore, investors cum insurance seekers have the freedom to switch between different investment funds depending upon their return and preferences.

This Oman Life Insurance plan ensures a life cover to secure the future of your loved ones. Buyers can choose the investment period and amount as per their needs and budget.

The table covers all the key features of the Oman advantage plan-

Feature	Availability
Wide range of investment funds (global)	Available
Portfolio management	Available
Premium payment term (5-20 years)	Available
Switching between investment funds	Available

Diabetic Care Life Insurance

Diabetes is one of the biggest silent killers as it kills more than 2 million people every year worldwide. However, being diagnosed with diabetes is not the end of the world and the next most important thing after being diagnosed is to get prepared.

Oman Life Insurance company keeping the needs of diabetic patients as the centerline has come up with a tailored plan i.e. diabetic care that is exclusively designed and developed for patients with Diabetes type 2. The plan is structured in such a way that it takes care of all the financial needs of diabetic patients that includes all the major medical expenditure.

The Oman insurance policy provides a death benefit to the nominee of the policyholder if the demise occurs due to cardio-vascular issues, organ failure, stroke, paralysis, etc. Insurance seekers can choose to enhance the coverage of the basic plan by adding auxiliary riders.

Here’s a rundown on the features of Diabetic care plans

Feature	Availability
Insurance Coverage	Available
Financial assistance in case of medical complications arising due to diabetes	Available
Flexible payment options	Available
Options to enhance coverage and add cancer protection	Available

Term Insurance plans from Oman Insurance Company

Term insurance plans are the most popular, most affordable, and most flexible form of insurance products. These Oman Insurance plans act as a one-stop solution to all your needs within a balanced budget that is not harsh on your pockets.

OIC offers two types of term insurance plans in the UAE-

A lifeguard is a term insurance plan from OIC that takes care of all the financial needs of your loved ones and family when you are not around to provide for them. The span of life is short and uncertain and therefore the best way to counter this issue is to get prepared with a backup plan.

When you think of a stable back-up that can help your family financially during phases of monetary instability this is when the lifeguard plan from Oman Insurance company steps in. This plan not only ensures the safety of the family financially but can also be used to settle outstanding financial obligations.

Here’s a rundown on the features of the lifeguard plan-

Feature	Availability
Plans up to the age of 80	Available
Two lives covered under the name of one policy	Available
Flexible premium payment options	Available
Discounts for non-smokers	Available

Term Protect: is a term life insurance plan from OIC, that is affordable yet quite effective when it comes to securing the future of your family and loved ones financially. With this plan, you can not only provide a blanket of protection to your loved ones but also ensure that you have the greatest gift of life i.e. peace of mind.

The key features of this Oman Life Insurance plan are as follows-

Feature	Availability
Customization option	Available
Flexible payment of premium	Available
Critical Illness coverage	Available
Auxiliary riders	Available
Worldwide coverage	Available
Joint coverage	Available

FAQs on Oman Life Insurance

Q1. Are these life insurance plans available for expats as well as UAE nationals both?

Ans. Yes, these plans are available for both expatriates as well as UAE nationals.

Q2. How much time does it take to get the policy approved?

Ans. Typically, the period depends upon the type of Oman life insurance plan chosen, however, in most cases, the policy is approved and processed within 5-7 working days.

Q3. What are the Oman insurance customer care details?

Ans. You can contact the head office at 042337777 and the toll free number is 8004746. The complaints and general enquiries regarding Oman life insurance can be sent at complaints@omaninsurance.ae and service@omaninsurance.ae respectively.

Q4. What is the address of Oman insurance UAE?

Ans. The head office address of Oman Insurance is Al Maktoum Street, Al Maktoum Building No. 24, Deira, Dubai, UAE. Other than Oman Insurance Dubai, the company has branches in other Emirates also, which can be located via the official website.

Term Insurers