Top 4 Term Insurance Providers & Plans in the UAE

Being the purest form of life insurance, term insurance provides the utmost insurance protection to the insured’s family in case of an eventuality. As the name suggests, the policy offers insurance coverage to a specific tenure, within which policy benefits is offered to the family in case of the sudden demise of the insured. Referred to as death benefit, a specific insurance amount is paid by the insurance provider to the deceased’s family. Unlike a life insurance policy, term insurance only offers death benefit, wherein no survival or maturity benefit is offered. Hence, the policy can be availed at an economical rate than the other types of life insurance.

The insurance market in the UAE has been growing at a rapid pace, with many insurance providers introducing products with attractive features. With this, finding the right term insurance plan can be difficult for insurance seekers like you. Having said that we have compiled a list of 4 insurance providers in the UAE offering insurance products, keeping the needs of people from every walk of life. Here you go!

Alliance Insurance

Alliance Insurance is one of the leading insurance providers in the UAE that offers various insurance plans. The company was established in 1975 and has an overall experience of about 4 decades in the industry. Alliance offers multiple term insurance plans with options of flexible premiums and zero cash values. Different types of term insurance plans offered by alliance insurance are as follows: -

• Level Term: Are term life insurance plans in which the premium amount as well the sum assured remains same i.e. (on the same level), during the entire duration of the policy’s tenure.
• Executive Term: Are plans which provide the policy holder higher sum assured against lower premiums with a minimum policy tenure of 5 to 30 years.
• Limited Payment Term: Are plans designed where the policy holder can pay premium for a limited period of time depending on their convenience (two, three or five years) and can enjoy coverage for an extended period (10,15,20 years).
• Convertible Term: Is a flexible plan offered by alliance where the policy holder can convert his/her plan into a life insurance plan before the expiration date of the initial policy.

Salama Insurance

Salama- Islamic Arab insurance company is the largest and oldest Shariah compliant Takaful solutions provider globally. The company was established in 1979 and since then has been leading and pioneering in the takaful industry, the company has a paid up capital of USD (330 million)/AED (1.21 billion) and is listed in Dubai Financial market as well. Salama offers three term insurance plans that are as follows: -

• Hemaya Plus: Is a very affordable and straight forward term plan from Salama. In case of any unfortunate event the policy holder’s family would receive the sum assured that would provide financial stability and security to the deceased’s family. The plan comes with an in-built terminal illness cover. The plan offers various flexible customization options where one can add options like critical illness cover, accidental death benefit, total or permanent disability benefit etc. Another flexible option provided by the provider is choice of single or joint life.

Union Insurance

Union Insurance was established in 1998, licensed by UAE Insurance authority the company is registered on Abu Dhabi Securities Exchange with its corporate office registered and located in Dubai. The company has an overall paid up capital of over AED 330 million and offers a comprehensive range of individual, group, retail and commercial insurance products to clients in Middle East and entire UAE. Union Insurance provides a sure term plan that is as follows:

• Sure term International life insurance program: It is a term insurance plan offered by union insurance. The plan comes with some unique features that are quite exclusive, for example the plan covers the insured against death irrespective of the cause of death. Another attractive feature provided by the insurance provider is portable and global coverage i.e. one can claim the policy anywhere across the globe. Similar to the other term plans, this plan also comes with a flexible tenure starting from 1 year to 10 years. The sure term international life insurance program acts as both a primary as well as a supplementary life insurance for the insured and the family.

Watania Takaful

Established in the year 2009, Watania Takaful Family & Watania Takaful General are sister companies. The company provides an extensive range of Islamic insurance (takaful) along with general and customized insurance products and services to its customers. Watania Takaful offers travel takaful, motor takaful, medical takaful, personal and commercial takaful on a common e-takaful platform facilitating instant quotes and online payment services. Among the life insurance products, term insurance policy known as Pure Protection Plus is the most basic insurance product offered by Watania Takaful.

• Pure Protection Plus: It is a pure term policy, which comes with insurance benefits such as life cover, disability cover, critical illness benefit, wavier of takaful premium etc. The plan comes with a tenure of 5 to 30 years, where the policyholder can apply for a sum assured as higher as AED 100,000.

The table below shows a statistical comparison between all the above-mentioned plans and providers.

In a Nutshell!

Here you have the list of top term insurance providers along with their plans. The next step is to analyse your insurance needs, compare the plans and buy accordingly.