Buy Term Insurance in UAE

Term insurance UAE offers financial protection to your family. It provides a lump sum payment — the death benefit — to the beneficiary if the insured individual dies in the policy term. This coverage is important for those who have dependents relying on them financially.

Term Insurance in UAE
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AED 1 million life cover starting @50/month
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Best Term Insurance Plans in UAE

Some of the best Term Insurance quotes in UAE & Dubai are:

98.1% Claim Settlement Ratio
Term Life Protect
Term Life Protect
  • COVID-19 Coverage
  • Pre Existing Disease Coverage
  • Medical Checkup Not Required
  • Worldwide Coverage
97.5% Claim Settlement Ratio
DigiTerm
DigiTerm
  • COVID-19 Coverage
  • Pre Existing Disease Coverage
  • Medical Checkup Not Required
  • Worldwide Coverage
97.9% Claim Settlement Ratio
International Term Assurance
International Term Assurance
  • COVID-19 Coverage
  • Pre Existing Disease Coverage: Subject to Approval*
  • Medical Checkup Not Required
  • Worldwide Coverage
97.5% Claim Settlement Ratio
DigiCI (Critical Illness)
DigiCI (Critical Illness)
  • COVID-19 Coverage
  • Medical Checkup Not Required
  • Worldwide Coverage
97.4% Claim Settlement Ratio
International Term Plan
International Term Plan
  • Pre Existing Disease Coverage
  • Medical Checkup Not Required
  • Worldwide Coverage

What is Term Insurance in UAE?

 

Term insurance is a type of life insurance. It offers financial protection for a set period — usually between 5-35 years. In case of the death of the insured individual in the policy tenure, the insurance company pays a death benefit to the insured’s beneficiaries.

 

With its life coverage, a term policy ensures the financial stability of the insured’s family in unfortunate circumstances. Furthermore, term life plan costs are pretty nominal when we compare their potential benefits. This makes them an excellent option to financially secure your family. 

 

Term Insurance Insights

Particulars Specification
Term Plan Cost Starting at AED 40
Plan Coverage Amount AED 1 million
Minimum Entry Age 18 years
Maximum Entry Age 65-79 years depending on the insurer
Term Cover Tenures

Starting 5 years to 35 years

Countries Covered 200+ Countries covered
Coverage
  • Accident From Day One
  • Sickness From Day One
  • COVID-19 Coverage
  • Worldwide Coverage
Who Should Buy a Term Cover
  • Young Professional
  • Parents
  • 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
Claim procedure Can Claim both online and offline
Claim Settlement Ratio 94-98%

 

Which Insurance Company is Best for Term Plans?

 

Here is the list of the best term insurance companies in UAE along with their term plans —

 

Insurance Company and Plan

Claim Settlement Ratio

Premium Starting at*

HAYAH Term Life Protect

98.1%

AED 57 per month

MetLife Live Life Now 

97.3%

AED 88 per month

Zurich International Term Assurance

97.9%

AED 106 per month

Sukoon DigiTerm

97.5%

AED 115 per month

Al Buhaira Life Protect

NA

AED 873 per year

 

 

How to Find the Right Term Insurance Plan in UAE?

 

Here’s how you can find the best term life insurance policy for yourself —

 

  • Compare plans from multiple insurance providers .
  • Check the Claim Settlement Ratio (CSR) of insurers — this figure gives the idea of the number of claims settled against the total claims received
  • Understand your requirements — when getting term insurance Dubai, consider your current income and liabilities as well as your family’s needs, future plans, and more
  • See how easy the claim settlement process is — go with a company that has a straightforward process so that you don’t have to rush in time of emergency
  • Look for a plan that offers riders or add-ons — you can use them to increase the coverage of your term insurance UAE at nominal additional prices

 

What are the 4 Types of Term Life Insurance? 

 

There are various term plans in UAE that you can choose as per your security needs and family obligations. 

 

 

  • Level Term Insurance - It is the most common type of term insurance UAE. In a level term plan, the premium is pre-decided and remains unchanged throughout the tenure. Among all the term insurance plans, a level term cover is the cheapest in UAE. 
  • Increasing Term Plan - An increasing term plan is a term policy that increases your assured sum every year at a specific rate. The rate of increment is pre-defined and disclosed to the policyholder at the time of purchasing the plan. 
    The increasing term cover is best suited for individuals with changing life situations since the assured sum increases tackling inflation. Here, the premium for term life insurance UAE may or may not change over the period as per your insurer. 
  • Decreasing Term Plan - Unlike increasing term cover, decreasing term plans reduce the assured sum with every passing year. Again, the declining rate of the assured sum is pre-specified as per your age and health during the plan purchase. Decreasing term policy is suited for individuals with active loans or mortgages.
    Such term plans work on the notion that your liability decreases with your age, which shows in the reducing sum assured too. 
  • Convertible Term Insurance - With convertible term insurance UAE, you get the option of converting your policy into whole life insurance, endowment, or money back plan. Individuals with changing financial situations can opt for convertible term insurance. To convert your plan, the insurer may require additional documents or medical check-ups as per the policy requirements.    

 

 

Buy Term Insurance in Dubai

Types of Term Insurance
Term Plan for Senior Citizens Term Plan for Spouse
Term Plan for Family Term Plan for NRI's

Why Term Insurance?

 

 Check out the top reasons to buy term insurance in the UAE —

  • Secure your family’s future with coverage of up to AED 1 million, starting at just AED 50/month*
  • Available at lower premiums compared to life insurance and other categories 
  • Help your family maintain their lifestyle even in your absence
  • Even in unfortunate circumstances, your family can have funds for children’s studies, marriage, life milestones, and more
  • Term policies replace the insured’s income in their absence 
  • Death benefits can be used to pay off outstanding debts and meet future obligations. This makes your family financially stable and debt-free.
  • Easily customise your policy with various riders related to 
    • Critical illness 
    • Disability 
    • Premium waiver and more 
  • *T&Cs apply 

 

What is the difference between term insurance and life insurance?

 

A term policy is a type of policy that financially secures the beneficiary in case the policyholder, unfortunately, passes away during the policy tenure. A whole life insurance plan is a policy that remains active throughout the policyholder’s life. 

Term Insurance

Life Insurance

Affordable premium

Higher premium rates

No surrender value

There is a surrender value

The policy tenure can go up to 30 years. 

The tenure is usually the policyholder’s entire life or specific ages like 95 or 100 years. 

If you are a young earner, it is usually advised to opt for a term policy. It is affordable. The policyholder is usually covered in case of natural or accidental death.

 

Read More: Difference Between Term and Life Insurance

 

Who Should Buy Term Insurance in Dubai, UAE?

 

Term Cover  is crucial for working individuals, young parents, and people with dependent family members. To secure their loved ones during unforeseen circumstances, they need to buy a suitable plan. Following individuals must choose a term protection plan. 

 

  • Young Professional

  • Parents

  • Newly Married Couple

  • Self Employed Individuals

  • Working Women and Single Parents

Young professionals who started working recently have lesser liabilities. It is the best time for them to choose a term insurance plan since they can avail of high insurance benefits with low premiums.

Being the sole earners of the family, parents need term insurance to protect their dependents against unfortunate events and secure them financially. 

A term insurance plan safeguards your spouse, assisting them in managing financial matters even in the event of your passing. 

Being a self-employed individual, you have dual obligations. One towards your loved ones and the other towards your business. The term plan benefits can help secure your venture and your dependent family members. 

Working women and single parents should consider a term cover plan to secure their loved ones from unforeseen situations.

Key Features of Term Insurance in Dubai, UAE

 

You get unique options to enhance your life protection with a term plan. Following are the key features of term plan in UAE. 

  • Flexible Tenure - Depending on your age, you can opt for term cover plans with flexible tenures starting from 5 years to 35 years. Note that the term policy starting age is 18 years for most plans.
  • Flexible-Premium Payment Options - You can pay your premiums in monthly, half-yearly or annual installments. You also have the option to make a one-time payment for the entire duration of your premiums.
  • Easy to Buy -  The application process is quick and easy with a lenient enrollment criteria. Additionally, several term cover don’t require prior medical check-ups.
  • High Insured Sum - In comparison to the premiums you pay, term policy provide high death benefits if the policyholder dies within the insurance tenure. In UAE, you can opt for a term plan under AED 200 with a high coverage amount of up to AED 5 million. 
  • Flexible Payout Options - As a policyholder, you can opt for lump-sum payments or staggered payment options, depending on your requirements.
  • Premium Waiver - In case of permanent disability causing a loss of employment, the insurer offers a premium waiver. 
  • Rebates and Offers - Individuals with a healthy lifestyle (non-smokers/no pre-existing conditions, etc.) can avail of numerous offers and discounts when purchasing term cover plans..

 

Term Insurance Inclusions and Exclusions In UAE

 

  • Inclusions

  • Exclusions

  1. Death due to natural causes or medical conditions 
  2. Death due to accidents
  3. On diagnosis of a terminal illness with less than 12 months of survival period
  4. Diagnosis of critical illnesses 
  5. Permanent and total disability during the insurance tenure
  6. Premium waiver in case of total disability due to sickness or accident
  1. Death after the maturity of term policy 
  2. Death due to an undisclosed or pre-existing health condition
  3. Claims against lapsed insurance
  4. Death due to foreign invasions, wars, or warlike situations
  5. Death due to suicides
  6. Death as a result of criminal activity under UAE laws
  7. Death caused due to sexually transmitted diseases like HIV-AIDS
  8. Death due to alcohol or drug abuse
  9. Death due to pregnancy-related complications

Buy Term Insurance Online in UAE

 

How to Compare Term Insurance Plans in UAE

 

Insurance Plan

Features

Age Limit

Sum Assured

AXA Term Life Protect

  • Terminal Illness cover
  • Total Permanent disability cover
  • Premium waiver in case of disability
  • Flexible tenure ranging from 1 to 35 years. 
  • Select from half-yearly, annually, monthly, or in a lump sum premium payment

75 years at maturity

USD 50 Million

Takaful Emarat Fixed Term Plan

  • Critical illness cover
  • Accidental death cover
  • Permanent total disability cover
  • Partial disability cover

18-65 years

NA

Alliance Term Cover

  • Flexible term insurance from 5 to 30 years. 
  • Choose from a range of term plans
  • Secure your partner within the same plan

18-65 years

USD 250,000

Zurich Term Assurance Plan

  • Flexible tenure of up to 35 years
  • Choose your dependents to receive the benefits or the bank to repay your loan or mortgage.
  • Critical illnesses cover for cancer, heart attack, strokes or more.

65 years

N/A

 

See More

How does Term and Life Insurance Work?

 

A term plan provides limited-period life cover to the policyholder and their beneficiaries against unforeseen events. If the insured individual dies during the policy tenure, the insurer provides death benefits to the dependent family members. The funds under the benefits can be used to meet their expenses and maintain their lifestyle. 

 

In order to receive the term cover benefits, the beneficiaries need to file a claim by submitting supporting documents such as death and medical certificate along with the insurance contract.  

 

How to Buy a Term Insurance in UAE?

With Policybazaar.ae, getting the best term policy is just a matter of a few clicks. Here’s how you can go about it in 5 simple steps:

 

  1. Go to Policybazaar.ae and select term insurance from the topmost bar.
  2. Fill in your basic details like name, age, phone number, etc. in the form on the right.
  3. Once you click on ‘view quotes’ you will see a list of reliable providers and the most relevant term policy quotes. 
  4. Compare and select the one that suits you the best.
  5. Click on apply and follow the on-screen instructions.

Policybazaar.ae’s application process comes with an additional advantage of 24x7 expert assistance to help you wherever you get stuck. Alternatively, you can visit your selected provider’s nearby office and submit your application in person.

 

Term Insurance in UAE & Dubai Payout Options

 

To help the beneficiaries manage the assured amount effectively, the insurance companies offer various payout options as mentioned below. 

 

  • One-time Lumpsum Payout - With a one-time lump-sum payment, the beneficiaries can avail of 100% of death benefits at once. In case of loan or mortgage repayment, you can opt for a lumpsum payment.  
  • Lumpsum Payment with Fixed Regular Payout - With a combination of fixed and regular payout options, a beneficiary receives 100% of assured death benefit along with a fixed regular payout (monthly or yearly) for up to 10 years following the claim. A policyholder needs to decide this payout option while purchasing the term cover plan. 
  • Fixed Regular Payout - As the name suggests, in a fixed regular payout option, the insurer pays a fraction of the assured sum on a monthly or yearly basis for up to 10 years or as decided by the policyholder following the settlement.

 

Additional Add-ons for Term Insurance in UAE

To enhance and customise your term insurance plans, the insurance providers in UAE offer additional protection in the form of add-on riders. With a nominal increase in your premium, you can purchase these riders in addition to your base protection plan. Following are the add-on riders for term policy plans in UAE. 

 

  • Critical Illness cover - With a critical illness cover, the company secures you against life-threatening illnesses such as cancer, heart and lung diseases etc. On diagnosis of a critical illness, the company bears the expenses of treatment, medications, and hospitalisation. If the policyholder dies during the treatment, the company pays the assured sum. 
  • Accidental Death Cover - If you opt for an accidental death cover, the insurance company provides an extra amount in addition to the death benefits in case you die due to an accident. The accidental death benefit is calculated based on the base plan and it may have an upper payable limit, depending on the insurance company.
  • Terminal Illness Cover - With a terminal illness cover, your beneficiaries would receive a fraction of the assured sum in case, you have been diagnosed with a terminal illness. The amount helps the policyholder’s family members to cope with situations and meet urgent medical expenses. Again, the coverage amount in the terminal illness cover depends on your term insurance assured sum.  
  • Permanent Disability Cover - When you purchase a permanent disability cover, the insurer compensates your income for up to 10 years for the loss of employment. The amount is paid as a percentage of your assured sum. With a permanent disability cover, you can ensure that your family maintains the prior lifestyle even during unforeseen situations. 
  • Premium Waiver Cover - In case of accidents or sicknesses resulting in permanent disability, you might not be able to work or generate income. With a premium waiver rider, the insurer revokes your subsequent premiums while the policy remains active until the pre-decided tenure.  
  • Income Benefit Add-on - With an income benefit add-on, your beneficiaries get regular income every year for up to 10 years in addition to the assured sum following your death.
read more

Term Insurance Plan Eligibility Criteria

Here are the various eligibility criteria to buy a term cover plan in UAE.

 

Particulars

Eligibility

Minimum Entry Age

18 years

Maximum Entry Age

65-79 years depending on the insurer

Policy Tenure

1 to 35 years

Who can buy a term cover?

Working Individuals

Newly Married Couples

Parents

Senior Citizens

Payout option

Lump sum 

Monthly or yearly payout

Lump sum with fixed regular payout

Additional Riders

Critical illnesses cover

Accidental death cover

Family income cover

Permanent total disability cover

Premium waiver cover

Medical Test

Depending on the insurer, you may require medical test

 

Documents Required to Purchase a Term Life Insurance

 

Along with satisfying the eligibility criteria, you need to submit relevant documents as proof of your identity, age and address. Following are the list of documents you need to submit while purchasing a term policy in UAE. 

  • Emirates ID for UAE nationals and residents,
  • Valid Passport for expats with a valid Emirates ID
  • Utility bills for address proofs.

 

Compare and Buy Term Insurance in Dubai

 

Term Insurance FAQs

 

How to choose the right term insurance plan?

To choose the right term insurance plan, you must first consider your family’s needs & lifestyle while also taking account of your income. You can then easily compare different plans from the top providers from Policybazaar.ae for a better idea of what may serve your interests the best .

Is term insurance a good idea?

Investing in term life insurance is a sensible plan for anyone who has a family to take care of. With this type of insurance, you can enjoy peace of mind by knowing that your loved ones will be covered even amidst unfortunate circumstances.

Is term insurance refundable?

Your premium is refunded only if you cancel your policy during the free-look period or if you opt for the return of the premium rider. Term policy premium is non-refundable otherwise. 

How to calculate term insurance?

Term cover can be easily calculated by using an online term insurance calculator. Here, you need to input a few details like the desired coverage amount, desired policy term, age, gender, health, lifestyle habits, and more. 

What is a term insurance plan?

Best term insurance in Dubai is a type of life insurance that provides coverage for a specific period, typically ranging from 5 to 35 years. It offers financial protection to the insured's beneficiaries in case of death during the policy term.

How to buy best term life insurance in UAE?

To buy term life insurance online, you can visit the online insurance marketplace of Policybazaar.ae. Here, you can compare policies from different providers side by side. Simply fill out a basic application form, provide necessary documents, and make the premium payment online to easily buy term insurance in Dubai or any other Emirate.

 

How to sell term life insurance?

Selling your term life insurance may not reap you a big amount. It is rather beneficial to convert it into a life insurance policy, if your resources & the policy allows. However, if you still wish to sell your policy, you can do so by finding a reputed broker who will charge a fee for selling it.

 

Can I withdraw money from my term life insurance in Dubai?

Withdrawal of money from term life insurance is generally not allowed as it is designed to provide a death benefit to beneficiaries upon the insured's death. However, some policies may offer options like policy loans or partial surrenders under certain conditions.

 

Reviews & Ratings

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