Step by Step Guide to Buy Life Insurance Plans Online

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  | Published: 29 April 2020 | Last Updated On: 08 February 2021

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Every bought a life insurance policy? If your answer is yes we can completely understand the struggle and effort you’d had to put in to get the right life insurance plan in the UAE. However, if you haven't got an insurance plan to safeguard yourself and yourself from the strokes of uncertainties don’t worry.

Very often people avoid purchasing life insurance plans because it appears to be a tedious and cumbersome task. Moreover, almost everybody has a set of doubts and concerns when it comes to purchasing a life insurance plan.

If you want to protect your family from the impacts of unforeseen events on the trail of life, a suitable life insurance plan is an absolute must. In order to ensure that you have the right knowledge to make the correct decision while getting a life insurance plan, we’ve come up with a step by step guide on how to buy life insurance plans online in the UAE.

But before we dive deep into the guide, let us take a quick look at what are life insurance plans and do we really need them?

What are Life Insurance Plans?

Life Insurance plans are basically an agreement between two parties i.e. insurance provider and the insured. The insurance seeker makes a periodic payment known as premium in order to avail services from the insurance provider. The insurance provider in return to premium provides protection by offering a death benefit in the form of sum assured in case of any event leading to disability or demise of the policyholder.

Life insurance is an integral component of a well-versed risk management portfolio. It provides your loved ones a necessary blanket of financial protection to counter phases of financial instability that may arise due to loss of the primary breadwinner’s life. It not only ensures that the future of your family is secured financially but also offers the most required element to lead a stress-free life i.e. peace of mind.

Steps to Buy the Right Insurance Plan Online in the UAE

The process of buying life insurance is quite simple. However, it goes through a series of steps that eventually lead to the right decision of choosing the most suitable plan for your loved ones and family.

You can purchase life insurance online as well as offline based on your convenience. However, in the era of digitization, it is recommended that one should purchase life insurance online as it is much more convenient and user friendly. It not only saves a lot of time but also allows the buyers to explore a plethora of options available in the market without putting in the extra effort. 

Choose the Right Plan and Provider

The first step in the process of buying life insurance plans online in the UAE is to identify and choose the right life insurance plan and provider. One can start by researching online in order to shortlist plans that suit your budget and fulfills your requirements. Once you are done with shortlisting you can compare the eligible plans online on web aggregators. While comparing life insurance plans online one should lay emphasis on factors like the affordability, accessibility, eligibility and the claim settlement ratio of the insurance provider.

Formalities

Once you’re done with research and comparison of life insurance plans and decided which plan and provider are suitable for you. The next step is to go through the various formalities in order to get the insurance plan. You can apply for the insurance plan online by visiting the website of the provider. After you’ve applied for the life insurance plan the website will redirect you to the online application form. You can fill in the form and upload the soft copies of the required documents. Typically one needs to submit proof of identity, nationality, income certificates, medical certificates, and bank statements.

An important point to be kept into consideration here is that it is crucial to fill in the correct information in the form to ensure a smooth payout at the time claim. In case the information provided the applicant is incorrect it is very likely that the provider will reject the claim based on the fact. To make sure your family gets the necessary financial when needed the most it is vital to provide correct.

Choosing the Nominee

After filling in the application form and attaching the relevant information the next step is to choose the nominee of the policy. A nominee is an individual who is entitled to receive the sum assured at the claim. The policyholder has the choice of choosing the nominee and can choose their kids or spouse or any other relative.

Cross-check the Documents and Application Form

After completing all the formalities the next step is to re-check the documents and the application form to make sure that all the information mentioned in the form is correct. Furthermore, the documents attached to the application form are complete and correct.

When the company finally issues your policy, they are supposed to send a copy of the application form. One should ensure thoroughly check the application form to ensure that the form is the same as it was when filled initially.

Undergo Medical Tests if Required

Some of the life insurance plans require the buyer to go through a series of medical tests and examinations to ensure that the policyholder. The insurance provider carries out these medical examinations to diagnose any underlying medical condition that might affect the life expectancy of the applicant. Some of the life insurance plans are available without medical examinations however, it is recommended that one should go for plans with medical examinations.

In a Nutshell

Life insurance is an absolute must when it comes to protecting your loved ones from uncertainties. It not only provides financial cushioning but also allows you to make use of your maximum potential during the economically productive years of your lives.