Find the right Term Insurance plan
Starting at AED 12/month!Find the right Term Insurance plan
Starting at AED 12/month!Buy a term plan and secure your family
Term insurance is the most basic form of life insurance, which comes at an affordable rate of premium. This low-cost policy offers life coverage to the insured, where the family gets a financial shield in case of the untimely death of the insured. The benefits offered by term insurance plans can be availed for specific years in exchange for a regular premium.
Apart from the death benefit, the policy also comes in handy in covering those unavoidable financial burdens on the family, in case of accidental disability of sole earner of the family leading to loss of income.
Here’s a quick rundown on some of the best term insurance plans in the UAE based on customer reviews, features, and services.
Union insurance is one of the most reliable and popular insurance in the UAE. The company was established in the year 1998 with a paid-up capital of approximately AED 330 million. The company is known for its budget-friendly and innovative lineup of insurance solutions for people from all classes of society. One of such popular yet affordable insurance plans from Union insurance is the smart term plan.
This plan is a simple, straightforward, and user-friendly term insurance that is designed and developed to mitigate the degree of risk associated with one’s life. The smart term plan offers worldwide coverage considering the number of migrants residing in the UAE. The term plan can be chosen by the policyholder based on their needs and budget. One of the major factors that make smart term popular amongst buyers in the UAE is the choice of making payments at variable intervals such as monthly, quarterly, half-yearly, annually.
Furthermore, unlike various other term plans the enrollment process for the smart term plan is quite simple. One does not need to undergo a medical examination to purchase the policy. The eligibility criteria for this plan requires the applicants to fall in the age group of 18 to 55 with a valid Emirati visa. The provider offers a free lookup period of 30 days from the day of enrollment under which the buyer can simply cancel the policy without paying anything.
Alliance Insurance is a leading insurance provider that operates in the UAE. The company offers comprehensive insurance solutions to wide a range of customers right from corporations to individuals to government bodies and undertakings. Alliance insurance various term insurance plans from basic and inexpensive to complex and expensive plans.
One of the most selling plans of all time is the level term plan by alliance insurance. The plan offers coverage of AED 1 million with the premium based on numerous factors such as age, health condition, medical history, and the term of the plan. In the case of the level term plan, the premium is constant and remains the same during the course of the validity of the plan. In case the policyholder passes away within the policy period then the nominee of the plan receives the sum assured as the death benefit of the policy. The premium of the level term plan is quite low in comparison to other plans available. The minimum term of the plan is 5 years and the maximum term is 30 years.
Salama is one of the most well-known names when it comes to shariah-compliant takaful providers in the UAE. The company was incorporated in the year 1979 with a paid-up capital of AED 1.2 billion. The company offers different types of financial tools and insurance products that are designed and developed to provide solutions to its customers.
Under the category of term insurance Salama offers two types of products i.e., Hemaya and Hemayati Plus. Both the plans are term plans from the same company but offer different services and benefits. Hemaya is the basic version of a term plan from Salama and comes with options where the buyer can choose the term and cover offered by the plan.
On the other Hemayati plus is the advanced version of term insurance from Salama. It offers high levels of financial protection to you and your loved ones in case of any event that leads to the demise or disability of the policyholder. One of the best features of this plan is that it does not require the buyer to undergo any sort of medical examination. Secondly, the plan requires minimal paperwork and comes with a guaranteed maturity benefit that makes it the right choice if one is looking for optimum returns at maturity. The minimum term of the plan is 5 years and the maximum term is 15 years.
Under the category of Shariah-compliant Takaful services, the first name that strikes one’s mind especially in the case of the UAE is Noor Takaful. The company was established in the year 2009 to provide a broad range of Islamic insurance products also known as takaful. Within the entire middle east Noor takaful has built a massive market share making it one of the largest service providers in the region.
Under the category of term insurance or takaful, the company has an innovative product known as pure protection. The plan is term insurance that is developed in a way that it takes care of the financial needs of the policyholder’s family in case of any unfortunate event that leads to the demise or disability of the policyholder. The plan is available in variable choices of terms starting from a minimum of five years to a maximum of fifteen years.
One of the features of a pure protection plan that makes it distinct from other plans within the same category is the provision of maturity benefit. Policyholders are entitled to receive guaranteed cashback at the maturity of the plan depending upon the term and premium of the policy. The minimum and maximum eligibility age of the plan is 18 and 60 years respectively.
Zurich Insurance group also is known as Zurich is a Swiss company located in Zurich, Switzerland that renders insurance services all across the globe. The company deals in different kinds of insurance services and products such as general insurance, farming insurance, and global life.
The company offers a term insurance plan known as international term insurance that is available in the UAE as well. The plan is designed and developed considering both the needs of expatriates as well as Emiratis. The ITA comes with critical illness coverage at extremely low premiums making it the right choice for applicants searching for plans with low premiums. The plan tenure and coverage are free to be chosen by the applicant based on their needs and requirements. If one is looking forward to enhancing the coverage of the basic plan, they can go for purchasing add-on riders such as accidental cover, waiver of premium, etc.
Life insurance corporation commonly known as LIC is one of the largest insurance providers that operates in India, Sri Lanka, Nepal, and the UAE. The Healthee plan provides coverage against 37 life-threatening ailments and covers the disability and demise of the policyholder due to any unforeseen event.
The premium of this plan is variable and depends on a plethora of factors such as age, health, occupation, term, coverage, etc. A major factor that influences the prices of the premium is smoking habits. People who tend to smoke end up paying more premium in comparison to non-smokers as the chances of claim submission are reduced substantially. The minimum and maximum eligibility age for the plan is 18 and 65 years respectively. The policyholder can enhance the protection quotient of the basic plan by simply opting for add-on riders. The plan offers numerous riders and the policyholder can choose the ones based on their needs and budget. The minimum and maximum terms of the plan are 5 years and 35 years respectively.
The plan comes with a grace period of 30 days that allows policyholders to assess the policy and return it if found unsatisfactory without paying anything.
Planning for the future of one’s family is one of the most important decisions. Buying term insurance, the insured can secure the financial safety of their loved ones, especially in countries like Dubai or other Emirates where the cost of living is higher. The importance of the term Takaful in UAE has been realized of late. However, the main reasons for buying a term life insurance plan include:
For an individual that is an NRI i.e., a non-resident Indian, there is a wide array of options to choose from that are specifically designed for those who reside outside India. One should opt for a plan that deems fit in order to secure the future of his or her family members, and protects them in their absence. Most of the plans falling under the best term insurance for NRI are available online and do not require the individual to undergo any medical tests or examinations.
Term plans are pure protection policies and most of them can be purchase by non-resident Indians. Some providers have also streamlined their entire procedure in order to issue term insurance plans to the NRIs.
The important factors that NRIs need to consider before opting for the best term insurance for NRI are:
The list of coverage under a term life insurance policy usually includes:
The key features and benefits of term insurance UAE are:
There are various types of term insurance policies available in the UAE. Depending on the provider, these policies may come with different benefits and features.
Apart from the above, executive insurance, limited payment insurance, etc., are also different types of term plans. Again, it depends on the provider whether it offers all sorts of term plans or just a few of them.
While a term cover protects the insured against the risk of death, there are certain conditions where the term insurance Dubai remains null and void. These include:
*For the extensive list of exclusion, kindly consider the policy fine print
The eligibility criteria for buying term insurance may vary from insurer to insurer, however, the minimum age limit to opt for a term insurance UAE is:
The most common documents required for buying term policy are:
*The documents may vary or the insurance provider may ask for additional documents as per the discretion of the company
Premium is the most important aspect while buying a term policy. Based on the insurance coverage, the premium is calculated. However, by using the term insurance premium calculator, the insurance seekers in the UAE can easily calculate insurance premiums. One can also approach insurance aggregator websites such as Policybazaar.ae to calculate the premium and compare the term plans.
Not every plan is the right fit for everyone. For instance, some plans come with basic term coverage, while some others may come with additional features such as a term plan with a critical illness. Hence, to find out the best among the rest for an individual, online comparison of term insurance policies in UAE is essential. Online comparison helps in getting the right term insurance Dubai as per the insurance needs of an individual. Moreover, one can also find options such as joint term insurance for partners that are looking for a joint insurance account.
In order to claim the term cover smoothly, one should follow the right claim steps, which include:
Consider the below table for best term life insurance plans in UAE:
Plan Name | Provider | Sum Assured | Entry Age | Unique Benefits |
---|---|---|---|---|
Hemayati Plus | Salama Insurance | AED 500,000 | 18-59 years |
|
Sure Term | Union Insurance |
AED250,000 AED500,000 AED750,000 AED1,000,000 |
18-55 years |
|
Term Insurance | Alliance Insurance | - | - |
|
Pure Protection Plus | Noor Takaful | AED: 100,000 to AED 750,000 | 18-60 years |
|
Smart term |
Union Insurance |
AED 1 Million |
18-65 years |
|
Hemaya plus |
Salama |
- |
18-74 years |
|
International Term Assurance (ITA) |
Zurich |
- |
18-65 years |
|
Healthee | LIC | USD 300,000- no limit (based on underwriting) | 18-65 years |
|
insurance coverage should be based on your and family’s needs. You should make sure whatever coverage you have opted for, it matches the needs of your family.
With multiple options available in the market, it can be difficult to select the right policy. Here comes insurance comparison into the picture. You can compare various plans at Policynbazaar.ae and get the most affordable plan as per your requirement.
In the UAE, there are several insurance providers who offer term cover. You can either buy online or visit the insurers’ offices to buy one. When it comes to buying term cover, you’ll require:
The cover begins from day 1.
The policy is valid through the plan tenure.