Term Insurance in Dubai, UAE
Term insurance is a special kind of life insurance policy that provides coverage for a specific number of years, known as the 'term of the policy'. If the insured individual passes away while the term insurance policy is active, a death benefit is given to their beneficiaries.
The basic feature of the term insurance policy is that it does not have a maturity value, which indicates that if the insured person outlives the policy term, the said policy won't return any value except for certain plans.
By obtaining a suitable term insurance policy, the policyholder can ensure that their dependents or beneficiaries will receive a certain amount of money in case of their ultimate death. This financial support due to the sum assured amount can help them maintain their current lifestyle and pay off their debts without any hassles.
Term Insurance Insights
|Term Insurance Cost
||Starting at AED 40
|Plan Coverage Amount
||AED 1 million
|Minimum Entry Age
|Maximum Entry Age
||65-79 years depending on the insurer
|Term Insurance Plans Tenures
Starting 5 years to 35 years
||200+ Countries covered
- Accident From Day One
- Sickness From Day One
- COVID-19 Coverage
- Worldwide Coverage
|Who Should Buy a Term Insurance
- Young Professional
- Newly Married Couple
- Self Employed Individuals
- Working Women and Single Parents
|Features & Benefits
- Flexible Tenure ( starting 5 years to 35 years )
- Flexible-Premium Payment Options
- Easy to Buy
- High Insured Sum
- Flexible Payout Options
||Can Claim both online and offline
|Claim Settlement Ratio
What is Term Insurance ?
A term insurance plan is a type of life insurance that covers the policyholder for a pre-specified tenure with pre-defined premiums. Since there is no cash value in a term insurance plan, the contract protects the policyholder for as long as he/she pays the insurance premium. In case of an untimely death, the policyholder’s beneficiaries are entitled to the due death benefits. However, there’s no life protection offered if the policyholder outlives the insurance tenure. You have the flexibility to choose the insurance tenure between 5 to 35 years.
In a term plan, once your premium is decided it remains the same throughout the insurance tenure. You may need to undertake a medical test while opting for a policy. However, there are several insurance providers offering term insurance plans without medical tests.
Why Must One Buy Term Insurance?
Imagine you are the architect of your family’s financial future, sketching out a blueprint that carefully balances the needs and dreams of your loved ones. As you draw each line and calculate every angle, you will realise that a solid foundation is paramount for this intricate design to stand tall.
That’s where term insurance plays a role and swoops in like the keystone of a majestic arch, providing essential support to your family to weather life's unpredictability.
A right term insurance plan will protect your family from the heavy burden of debts, ensuring their lifestyle remains intact even in your absence. Apart from offering a lifeline in the face of unforeseen events, term insurance will also help fulfil the dreams and aspirations of the dependents, knowing that the policy's death benefits can be a financial springboard to their financial endeavours.
Some of the prominent advantages of term insurance are listed below –
- It is available at lower premiums compared to other life insurance policies which makes them pocket-friendly.
- It provides substantial coverage and provides significant financial protection.
- You can choose the term of the policy as per your needs and preferences.
- It replaces the insured’s income in their absence.
- Death benefits can be used to pay off outstanding debts, making your family financially stable and debt-free.
- You can easily customise your policy with various riders, such as critical illness or disability riders, providing additional layers of protection.
How does Term Life Insurance Work?
As mentioned above, a term insurance plan is a limited period life cover that protects the policyholder and his/her beneficiaries against unforeseen events. If the insured individual dies during the policy tenure, the insurer provides death benefits to the dependent family members to meet their expenses and maintain their lifestyle. If the policyholder outlives the insurance tenure, insurance company is liable to pay any benefits.
In order to receive the insurance benefits, the beneficiaries need to file an insurance claim by submitting supporting documents such as death and medical certificate along with the insurance contract.