Takaful Emarat Life Insurance UAE: Plans, Benefits, Eligibility & How to Buy

How Does a Takaful Life Insurance Policy in UAE Work?

The exact structure can differ between products, but the basic Takaful model works around shared contributions and mutual protection.

1. Participants make contributions

Part of the contribution may be allocated to the Takaful fund according to the applicable product structure.

2. The fund provides eligible benefits

The pooled fund can be used to pay eligible claims when covered events occur, subject to the policy conditions, exclusions, and available benefits.

3. The Takaful operator manages the arrangement

The Takaful operator administers the policy and manages the fund in accordance with applicable regulatory and Shariah requirements.

4. Surplus depends on the Takaful model

Don’t assume that every Takaful life insurance policy offers a surplus payment.

What are The Types of Takaful Emarat Life Insurance Plans?

When it comes to the category of life takaful, the company mainly offers three types of plans in the UAE:

Detailed Overview of Types of Takaful Emarat Insurance Policy UAE

Fixed Term Plan

The fixed-term plan from Takaful Emarat is a term insurance plan that helps you to secure the future of your family and loved ones. Term insurance plans are quite popular worldwide majorly due to their affordability and flexibility. The fixed-term is a risk management plan that ensures financial security for your loved ones in the case of any unfortunate event that leads to permanent disability or demise of the policyholder.

Insurance seekers can choose the term of the policy based on their needs and budget, and the premium is quite affordable which makes one of the popular products offered by Takaful Emarat.

The main features of the plans are mentioned as follows-

1. Insurance seekers can pay for the plan in either AED or USD as per their convenience.
2. In case of the demise of the policyholder within the term of the plan, there is a guaranteed payout to the nominees in the form of sum assured.
3. There is no maturity benefit associated with the fixed term plan.
4. To enhance the protection quotient of the plan, fixed-term comes with add-on riders like critical illness, terminal illness, personal accidental death benefit, waiver of premium, etc.
5. The surplus sharing option is also available with the fixed term plan.

Decreasing Term Plan

The decreasing term plan is another popular, yet affordable term insurance plan from Takaful Emarat that helps insurance seekers to provide a blanket of protection for their families. This plan is ideal for people looking forward to securing their outstanding financial obligations like mortgage, car loan, etc.

In case of decreasing, term insurance plans the coverage i.e. the sum assured of the plan keeps on reducing gradually with the policy period. Since the sum assured is reduced there is a reduction in the payable premium of the plan-making them suitable to cover and insure mortgages and other forms of reducing credits.

The features of the decreasing term plan are as follows-

1. The payable premium remains the same throughout the term of the plan, regardless of the applicant's age.
2. In case of the demise of the policyholder, the death benefit is paid to the nominee/s of the decreasing term plan.
3. An option of surplus sharing amid the insurance pool, after the demise of the policyholder or expiration of the policy.
4. There is no cash value associated with the plan, there is no return after the policy expires.
5. The decreasing term plan comes with additional benefits in the form of add-on riders like permanent disability benefit, critical illness coverage, waiver of premium benefit.

Group Life Insurance

Group life coverage is designed for businesses and employers rather than individual buyers. Takaful Emarat describes its Group Life Insurance as a Shariah-compliant employee protection solution for financial support to employees’ families in the event of unforeseen circumstances.

It can form part of an employee benefits package alongside medical insurance and other workplace benefits.

Key Benefits of Group Life Insurance

1. Financial protection for employees’ families
2. Support for employee wellbeing
3. Flexible corporate coverage structures
4. Shariah-compliant protection
5. Suitable for SMEs and larger organisations

Businesses can request a corporate quote based on their workforce and required coverage.

Fixed Term vs Decreasing Term Life Insurance

The easiest way to choose between these plans is to look at what you want to protect.

Simple rule: If you want to protect your family’s financial needs, Fixed Term may be more suitable. If your main concern is an outstanding mortgage or loan, Decreasing Term is a better fit.

What Does Takaful Emarat Life Insurance Cover?

Life insurance primarily provides a financial benefit when the insured person dies during the applicable policy period, subject to the policy terms and exclusions.

Depending on the selected product, the sum assured of a life policy can help with:

• Family living expenses
• Children’s education
• Mortgage repayments
• Personal or business loans
• Other outstanding liabilities
• Financial support for beneficiaries

Takaful Emarat Dubai life insurance is positioned for income earners, homeowners, business owners, and corporates across the UAE.

The exact benefit payable depends on the policy, sum covered, applicable conditions, and the circumstances of the claim.

Optional Benefits and Riders

Some life insurance plans offer additional protection beyond the basic death benefit. Depending on the product, underwriting, and policy terms, these may include benefits such as:

• Critical illness cover
• Terminal illness benefit
• Accidental death benefit
• Disability-related protection
• Waiver of contribution or premium

Don’t assume that every rider is automatically included. We suggest you check the policy schedule and terms to understand which benefits are included and which require an additional contribution.

What is Not Covered in Takaful Life Insurance UAE?

Takaful life insurance policies have exclusions and conditions that can affect whether a claim is payable. These vary by product and policy wording.

Depending on the plan, exclusions can relate to matters such as:

• Self-inflicted injury or suicide
• Illegal or criminal activities
• War-related events
• Certain hazardous activities
• Non-disclosure or inaccurate information
• Other exclusions stated in the policy

Always read the policy wording and schedule before purchasing. If you have a high-risk occupation, medical condition, or lifestyle activity, disclose it accurately during the application process.

How Much Does Takaful Emarat Life Insurance Cost?

There is no single premium for Takaful Emarat life insurance. Your contribution depends on factors such as your age, health, smoking status, coverage amount, policy term, and underwriting outcome.

For an accurate quote, compare the premium against:

• Sum covered
• Policy duration
• Included benefits
• Optional riders
• Exclusions
• Underwriting requirements
• Payment frequency

A lower premium is not necessarily the better option if it means less protection or excludes benefits you need.

How to Buy Takaful Emarat Life Insurance Online?

To buy Takaful Emarat life insurance online, here’s the process that you usually have to follow:

Step 1: Decide what you want to protect

Determine whether your priority is family income, children’s education, a mortgage, a loan, or employee protection.

Step 2: Choose the right plan

Choose Fixed Term if you need a fixed level of family protection. Consider Decreasing Term if your main liability is a mortgage or loan that reduces over time.

Step 3: Select your coverage

Estimate how much your family or beneficiaries would need to manage financial responsibilities if you were no longer there to provide an income.

Step 4: Complete the application

Provide the required personal, financial, health, and lifestyle information. Additional documents or medical tests may be requested depending on underwriting.

Step 5: Review the policy

Before paying the contribution, check the sum covered, term, benefits, exclusions, contribution, and beneficiary details.

Step 6: Complete the purchase

Once the application is approved and the required formalities are completed, the insurer issues your policy.

Takaful Emarat Dubai vs Other Life Insurance Options in the UAE

Takaful Emarat is one of several life and Takaful providers available in the UAE. The CBUAE’s current list includes Takaful providers such as Salama, Sukoon Takaful, Abu Dhabi National Takaful, YAS Takaful, Orient Takaful, Aman and Watania Takaful, alongside Takaful Emarat.

When comparing Takaful Emarat Dubai with other providers, don’t focus only on the brand or starting premium. Compare:

The best choice is not necessarily the cheapest policy. It is the policy that provides the right level of protection for your financial responsibilities at a contribution you can maintain.

Why Consider Takaful Emarat Life Insurance?

Takaful Emarat may be worth considering if you want:

• Shariah-compliant life protection
• Fixed or decreasing term coverage
• Mortgage and loan protection
• Individual or corporate life insurance
• A UAE-based Takaful provider
• Access to additional insurance and savings solutions

The company has operated in the UAE since 2008. It currently offers life, medical and savings solutions for individuals, families, and businesses.

FAQs on Takaful Emarat Life Insurance