Find the right Term Insurance plan
Find the right Term Insurance plan
Buy a term plan and secure your family from the uncertainties of life
The unpredictable nature of life makes life insurance cover a must-have. When it comes to life coverage, term insurance is the easiest and the most effective - a low-cost plan that provides comprehensive financial security.
In your absence, your loved ones suffer, not only from grief, but also financial strain caused by the loss of your income. Term plans help take care of your family’s living expenses, as well as future financials goals, in case you are not around to provide them.
As the name suggests, an individual can purchase this plan for a set number of years, also known as the policy term. Other than a death benefit, a term plan also helps cover the unavoidable financial burden on dependents, in case the sole breadwinner of the family suffers from any disability or critical illness.
Term insurance helps policy owners ensure the financial safety of their loved ones, especially in the UAE, where the cost of living is considerably high.
Listed below are some features of term plans.
Yes, provided you maintain your contributions, the plan is fully portable and can move around with you. No matter where you are, if something happens to you, your family will receive a payout.
Regular life insurance plans provide a maturity benefit. This makes them expensive as compared to term insurance plans. In order to save on cost, you end up taking lesser coverage. And, a lesser cover is often not enough to provide adequate security for your family, especially taking into account rising costs (inflation).
Firstly, even though your stay here may be temporary, but your expenses are not. Given the flexibility of term plans, you can even opt for a shorter tenure plan of 10 years to secure your UAE expenses.
Secondly, the Dirham is a strong currency. If you happen to have a home country term insurance say from India, whose currency is significantly weaker, it is advisable that you offset the currency risk with a Dirham denomination product.
The eligibility requirements for purchasing term policies can differ from one insurer to another. Here is a general age criterion for availing term insurance UAE.
As per the policy term
Can be 75 to 100 years
The documents required may also vary from one insurer to another, but here is a list of the commonly asked documents.
|Name of the Plan||Insurance Provider||Key Features|
Pure Protection Plus
Total Cover Protection
Takaful Emarat Fixed Term
Flexible term and Takaful product
Here is a list of inclusions under term insurance.
Term plans offer protection against the risk of death. However, there are some conditions wherein the plan will remain null.
People in the UAE have the option to choose from different kinds of term policies. Based on the providers, these plans may have different features and benefits.
One size does not fit all. Similarly, one plan may not be suitable for everyone. There are plans that come with basic coverage, while on the other hand there are plans that offer additional features like critical illness cover. Therefore, in order to find the best one, term insurance comparison is important. This comparison can be done online.
With so many options available in the UAE market, selecting an appropriate policy can be difficult. This is where term insurance comparison becomes important. You have the option to compare different plans with various features online and get the most economical one that suits your needs.
Your insurance cover will begin immediately after your policy is issued. Some insurers issue policies instantly while others may take a couple of days.
Your insurance cover or sum assured is dependent on the needs of your family. However, you need to ensure that the of cover amount helps your family maintain the current lifestyle, tackle inflation and achieve future goals.
Your term plan is valid for the entire duration of the policy term selected by you. The policy term can be 5, 10, 20, or 30 years.