Oman Life Insurance

Oman Life Insurance

One of the most reliable names in the 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 at affordable premiums.

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 life insurance policy from OIC allows buyers to get insurance protection along with the auxiliary benefit of maximizing and reinforcing savings.

Life protect is 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 protects 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, the policy 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 life protection from OIC.

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 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 company 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 company 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. The ULIP 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 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.

The 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 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 plan 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 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 the lifeguard 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 plan chosen, however, in most cases, the policy is approved and processed within 5-7 working days.

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