Takaful Emarat Life Insurance

Takaful Emarat Life Insurance

Takaful Emarat Insurance is a leading life insurance provider in the UAE that offers a variety of individual and corporate insurance policies. The company was established in the year 2008 as a Shariah-compliant insurance provider based in Dubai. The company is known to provide modern insurance solutions that are based on shariah rules to meet the changing needs of their clients and customers.

Takaful Emarat Insurance offers a plethora of life and health takaful plans along with savings and investment plans by a variety of distribution channels all across the UAE. In the year 2017, the company acquired one of the major market players in the takaful industry i.e. ‘Al Hilal Takaful’ to become the largest Takaful provider in the entire UAE.

Types of Takaful Emarat Insurance Plans in the UAE

When it comes to the category of life takaful, the company mainly offers three types of plans in the UAE, they are as follows-

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. The term plan can vary from a period of 5 years to 25 years
  2. The minimum and maximum age to be eligible for the fixed term are 18 years to 65 years respectively.
  3. Insurance seekers can pay for the plan in either AED or USD as per their convenience.
  4. 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.
  5. There is no maturity benefit associated with the fixed term plan.
  6. 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.
  7. 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. The term of the plan typically varies from a period of 5 years to 25 years based on the choice and convenience of the applicant.
  5. The minimum and maximum age to qualify for the plan is 18 and 65 years respectively.
  6. There is no cash value associated with the plan, there is no return after the policy expires.
  7. 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.

Personal Accident Insurance

The personal accident insurance plan from the Takaful Emarat is a term insurance plan that specializes in protection against accidents. We all are aware of the fact that the trail of life is uncertain and full of ups and downs. Therefore, the best way out is to prepare for the worst-case scenario and this is where the personal accident insurance comes into the picture.

This plan is designed and developed in a way that in case the policyholder meets an unfortunate accident that leads to disability or demise, then there is financial security in the form of sum assured that will help them to sustain. People who are involved in risky lines of business such as construction, transportation, driving should get themselves insured to mitigate the risk factor.

Here is a rundown on the features of the personal accident insurance-

  1. The plan is available only for UAE nationals and not to the expatriates residing in the UAE.
  2. The plan is further bifurcated into two categories i.e. for students and dependents and hence is quite flexible from the consumer’s perspective.
  3. The personal accident insurance is available online, and insurance seekers can protect the future of their loved ones with just a few clicks.
  4. The plan offers coverage for the age of 18 years to 64 years that includes both male and female applicants.
  5. The policy can be approved and issued with minimal documentation and information.
  6. Unlike, various other plans you don’t need a medical check-up to purchase the policy.
  7. The overall application and claiming process is quite simple and carried out both online as well as offline.

Comparing Fixed term, Elite term, and Personal Accidental Insurance

All three products offered by Takaful Emarat insurance from the category of life insurance have some points in common. However, each plan comes with some pros and cons. In order to gain a clearer understanding of these features and benefits, we will be comparing all three products.

Feature

Fixed Term

Decreasing Term

Personal Accidental Insurance

Sum Assured remains constant throughout the plan

Yes

No

Yes

Add on riders to enhance the protection quotient

Yes

Yes

Yes

Regular Contributions

Yes

No

No

Sharing from takaful pool

Yes

No

Yes

The flexibility of premium Payments

Yes

Yes

Yes

FAQs on Takaful Emarat Life Insurance

Q.1. How do I apply for Takaful Emarat Life insurance plans?

Ans.1. The Takaful Emarat life insurance plans can be applied online as well as offline depending upon the choice of the applicant. The online process of application is simple and easy and can be completed very easily within a few minutes.

Q.2. Can expats residing and working in the UAE apply for the personal accidental plan?

Ans.2. The personal accidental plan from Takaful Emarat is only applicable for UAE nationals and not for expatriates.

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