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Top 5 Term Insurance Companies in the UAE Compare & Buy the Best Term Plan

By PolicyBazaar
  | Published: 27 November 2019 | Last Updated On: 20 July 2021

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One of the best ways to protect your loved one’s future financially even when you are not around is to opt for a term insurance plan. It is a type of life insurance policy that offers sum assured to the beneficiary upon the untimely demise of the policyholder.

There are several life insurance companies in the UAE that offer term plans. And each of the life insurance company offers number of variants of term life insurance plans. In such a case, opting for the right term plan for oneself could be a very confusing task.

But fret not. There is one technique that has transformed such a confusing task into a cakewalk. All you need to compare term life insurance companies based on their sum assured, claim settlement ratio, coverage, and other key features. This will certainly you to find the best term life insurance plan at an affordable premium.

Let’s compare term plans from the top 5 life insurance companies in the UAE:

Hemaya Plus Term Plan from Salama

The Hemaya Plus term life insurance policy by Salama is one of the best term insurance policies that you can opt for without giving a second thought. It ensures the financial protection to your loved ones in case of unfortunate event of your untimely death. Following are some of the key features and benefits of this term plan:

  • A family takaful policy that includes an inbuilt benefit of a terminal illness.
  • This term plan can be customized for both individuals & corporate.
  • It is one of the most economical term insurance covers.
  • This term life insurance plan can be modified with various riders/optional coverage such as-
    • Waiver of contribution
    • Accidental death benefit
    • Critical illness
    • Permanent & total disability benefit
    • Family income benefit
    • Accidental partial or total permanent disability
  • This term plan can either be on joint or single life
  • It offers a grace period of 90 days.
  • The option of selecting the cover level as well as the payment term.
  • Entry age is 18 years minimum and 74 years maximum
  • Maximum age during the expiry must be 100 years
  • Comes with multiple currency options between US dollars and UAE dirhams

Live Life Term Plan from MetLife

Life live is a smart yet simple solution that ensures that your dependents can easily cope up with the financial liabilities even if you are no longer in the world or falls critically ill. You can also customize your term insurance policy to meet your financial goals and the family’s lifestyle. Listed below are the key features and benefits of this term life insurance plan:

  • Live coverage a maximum of USD 50 million.
  • It comes with multiple currency options such as Euro (EUR), US dollars, UAE dirhams, & Pound Sterling (GBP).
  • Entry age is 20 years (minimum) and 65 years (maximum)
  • Comes with the ‘MetLife medical discount card’ benefit
  • Flexible premium payment, either monthly, half-yearly, quarterly or annually
  • This term plan can be customized with multiple additional riders like-
    • Accidental total or partial permanent disability
    • Accidental death benefit
    • Waiver of premium
    • Coverage for Loss of Life
    • Second medical opinion
    • Accelerated critical disease coverage

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International Term Assurance from Zurich International Life

This is a level term insurance plan which comes with a protection policy. It offers the sum assured to the beneficiary if the insured passes away during the policy tenure. Given below are the main features & benefits of this term plan:

  • Entry age is 18 years (minimum) of 74 years (maximum)
  • The maximum maturity age is 79 years.
  • Policy tenure offered is 5 years (minimum) & 35 years (maximum).
  • The premium amount will remain the same for the entire policy tenure.
  • Flexible premium payment option either annually or monthly.
  • This term plan can be customized with multiple additional riders like-
    • Accidental partial or total permanent disability
    • Accidental death benefit
    • Waiver of premium

Healthee Term Insurance Policy from LIC International

This is a non-profit pure term insurance cover that decides the cost of the premium based on the policyholder’s health & their habits such as smoking. If the insured doesn’t smoke then the premium cost charged is lesser than the premium amount charged for a smoker. Following are some of the key features & benefits of this term plan:

  • High sum assured amount (minimum of 300,000 USD)
  • Entry age is 18 years (minimum) and 65 years (maximum)
  • Maturity age is 23 years (minimum) and 70 years (maximum)
  • Policy tenure offered is 5 years (minimum) & 35 years (maximum).
  • This term plan can be customized with multiple additional riders like-
    • Accidental partial or total permanent disability
    • Hospital cash benefits cover
    • Accidental death benefit
    • Accelerated critical disease coverage

Life Guard from Oman Insurance Company

Life is uncertain so it is difficult to predict the future but it is ideal to plan for your future. To ensure that your family members are financially protected and have the same standard of living if you pass away, you should opt for an adequate term life insurance plan like Life Guard term plan. With longer policy tenure, low premium costs, and lump sum cash payout, it is one of the best term plans available in the UAE that ensure you complete peace of mind. Given below are the main features & benefits of this term plan:

  • Flexible premium payment term
  • Medical fees paid by the Oman Insurance Company
  • Long policy tenure of a maximum of 61 years
  • Comparatively affordable premium especially for non-smokers
  • This term plan can be customized with riders at a very affordable cost.

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The Bottom Line

So, there you have the list of top 5 life insurance companies that offer term plans in the UAE. You can compare online term plan based on the premium, additional riders, claim settlement ratio, and other key features to find an apt term plan for securing the future of your loved ones financially.