Oman Term Insurance

Oman Term Insurance

Life is an unpredictable trail that goes through several ups and downs. While walking this trail of uncertainty it is extremely crucial to be financially well-prepared to effectively counter the strokes of uncertain events. In order to safeguard loved ones and family from phases of financial hardships, it is vital to choose a suitable term insurance plan that will cover all expenses in case the breadwinner is no longer around to provide for the family. 

Getting the right term insurance coverage helps mitigate the risk of financial loss that may arise due to the sudden demise of the policyholder. Therefore, term insurance is an important tenet in personal financial planning and management. 

Oman Insurance Company (OIC), established in 1975, is a leading insurance provider in the UAE and is owned by Mashreq Bank, one of UAE’s leading banks. Oman Insurance Company offers a comprehensive range of insurance solutions for both individual and corporate clients. The company deals in all types of insurance products such as life, health, motor and general insurance. OIC even provides global reinsurance services across different lines of business. The company is currently active in the UAE, Oman and Qatar. It also has an operating subsidiary in Turkey.

Types of OIC Term Insurance Plans in the UAE

Whilst OIC offers different variants of term insurance plans, the most popular one, the DigiTerm Plan is designed keeping in mind the modern digital consumer.

DigiTerm plan

DigiTerm plan is a term insurance plan from Oman Insurance Company that helps mitigate the risk of financial loss due to any unfortunate event that might lead to the demise of the policyholder. The plan pays a lump sum as a death benefit to the beneficiary at a nominal cost. The plan covers the policyholder from 18 years to 60 years of age.

DigiCl Plan

The DigiCl plan enhances the utility of the basic term insurance plan by covering the policyholder against various critical illnesses. The plan covers critical illnesses such as cancer, stroke, CAD (coronary artery disease), organ transplant, renal failure and other heart issues. The eligibility criteria is age dependent and is available to applicants between the ages of 18 years and 55 years. 

Key Features and Benefits of DigiTerm and DigiCI Plans 

No Medical Tests

DigiTerm and DigiCl have no mandatory requirement for medical tests, since these plans are pre-underwritten. 

High Sum Assured

DigiTerm and DigiCI offer coverage up to AED 1 million. 

Flexible Plans

Both plans are flexible in nature and allow buyers to decide the policy period and coverage as per their requirements. 

Easy to Purchase

It is very easy and user-friendly to purchase term insurance from Oman Insurance Company via their website. Buyers can simply visit the website, select a suitable plan and pay online. 

Quick Issuance of the Policy

Oman Insurance Company is fast and efficient when it comes to processing and issuing policies. Once the payment is made, customers receive their policy copies via email within 1-2 business days. 

Simple and Easy Documentation Process

The overall application process is simple and requires minimal documentation.

Oman Term Insurance Policies

Here’s a brief overview of both the products offered by Oman Insurance Company. 

Plan Type Description

DigiTerm

  • Death benefit
  • No medical tests required
  • Coverage up to AED 1 million
  • Global coverage
  • Grace period of 30 days
  • Free look period of 30 days
  • No maturity benefit

DigiCl

  • Death benefit
  • No medical tests required
  • Coverage up to AED 1 million
  • Global coverage
  • Free look period of 30 days
  • No maturity benefit
  • Critical illnesses covered such as cancer, stroke, heart attack, renal failure, organ transplant, etc.

Oman Term Plan Eligibility

The table below covers the eligibility criteria for both DigiTerm and DigiCl plans. 

Plan Type Eligibility

DigiTerm

  • Minimum Entry Age: 18 years
  • Maximum Entry Age: 60 years

DigiCl

  • Minimum Entry Age: 18 years
  • Maximum Entry Age: 55 years

Why Apply Online for Oman Insurance Company Term Plans?

Oman Insurance Company offers low-cost term insurance plans that are an absolute must in order to financially safeguard the family of the insured. Although these plans are pure risk protections plans and offer no maturity benefit, it is vital to ensure a smooth life for dependents of the insured in case of any uncertain event.

Claim Process for Oman Insurance Company Term Plans

Submitting and getting the claim processes is a very easy process. The nominee of the plan can write an email to the insurance company or call on the toll-free number. The company will provide a claim form to the beneficiary that is to be filled along with enclosing the required documents for processing the claim. 

Once the nominee is done with filling the claim form along with all required documents, they are supposed to submit the form to the insurance company. The company identifies the policy and investigates the claim and notifies the beneficiary.

FAQ’s On Oman Term Plans

Q1: Are there any consequences of missing the due date of payment?

Ans: Both the term plans from Oman Insurance Company come with a grace period of 30 days. However, in order to avoid any hassle, the contribution of the premium should be made within the grace period. 

Q2: What are the ailments that are covered in the DigiCl plan by Oman Insurance Company?

Ans: The DigiCl plan covers cancer, strokes, renal failure, heart attack, organ transplant and coronary artery bypass surgery. 

Q3: How can I make payments for the term plan?

Ans: Policyholders can choose the payment period based on their convenience. The company offers monthly, quarterly, half-yearly and annual options. Customers can pay via credit card, debit card or cheque (valid only for annual payments).

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