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Top Term Insurance Plans in the UAE

By PolicyBazaar

Buy a term plan and secure your family

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Published: 20 November 2019Last Updated On: 08 February 2021

AED 100,000 cover starting at just AED 7/month

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A term insurance plan is a form of life cover that provides coverage for a pre-specified period of time, and if the insured person passes away during the term of the policy then the death benefit is payable to the nominee. These plans are designed to protect your loved ones in case of death or any uncertainty. It provides a specific amount of coverage for a fixed tenure.

Why Should You Opt for Term Insurance Plan in the UAE?

Till a few years back, most of the people were keen on purchasing endowment plans. These plans paid back premiums along with a bonus on maturity.

Lately, due to digital influence because of social media and financial forums, term insurance plan has become popular in the UAE. 

Before we dig deeper into the top term plan providers in the UAE it is important to know why we should even buy a Term Insurance Plan.

The following reasons are why people residing in the UAE are more keen on opting for a term plan:

  • It provides international cover.
  • It offers a lower premium as compared to the endowment plans or the whole life insurance plans. Therefore, it is easily affordable by all sections of society. You can even buy more of the term plan to cover all your protection needs.
  • The term plan is easy to understand. It does not involve any complications or ambiguities. It provides a guaranteed cover during the term of the plan.
  • It is ideal for protecting specific financial needs such as liability or mortgage cover, a cover for a child’s higher education, to support the dependents, etc.
  • It also provides a wide choice of additional riders such as critical illness benefit, accidental death benefit, family income benefit, and permanent total disability cover.

The Top Term Insurance Plan Providers in UAE

The best term insurance plans in the UAE are detailed below:

Salama Term Plan

Salama, an Islamic Arab Insurance Company, is the world’s oldest and largest Shairah-compliant Takaful solutions provider. Salama believes that a term plan is a critical part of financial planning and therefore, offers the HemayaPlus Term Plan.

This is a convenient plan that helps in eliminating the risk of financial loss that your family may face in case of any unforeseen situation. It comes with built-in Terminal Illness and provides the option of customizing your plan with additional benefits such as accidental death benefit, family income benefit, and much more. It also gives the option of a single or joint life. The entry age for this plan is between 18 and 74 years, and the maximum age at expiry being 100 years. This plan also offers a grace period for up to 90 days.

Noor Takaful Pure Protection

The Pure Protection protects your family in case of any unforeseen event. This plan is cost-effective and is well suited for short-term financial goals such as coverage to pay off a loan so that your family members' dreams are not in stake in case any unfortunate situation that might happen to you. It can also be used to provide extra protection to your child.

It provides the basic takaful cover and additional covers such as permanent total disability, accidental death, critical illness, takaful contribution waiver. The term of this ranges between 5-30 years and you should be above the age of 20 years and below the age of 64 years at the time of applying.

Alliance Term Insurance Plan

The Alliance term insurance plan provides you life coverage for a specified period of time, which can be a pre-specified duration of 10, 20 or 30 years or until a specified age of 65 or 70 years. It offers a number of term insurance products, with low premiums and zero cash values.

The premium can be paid for a period of either 3 or 5 years and the protection is provided for either 10, 15, 20 or 25 years. This term plan can also be converted into any life insurance plan offered by Alliance, before the expiry date of the policy.

Union Sure Term Plan

Union insurance helps in providing financial security to your family members in case of unforeseen events. The Sure Term International Life Insurance Program is designed to offer you financial protection for your dependents. It provides global coverage, it has a flexible tenure ranging between 1 to 10 years, and it supports easy credit card payments.

To Further Conclude

Term insurance is a convenient and affordable means of financial security for your family in case of any unfortunate situation. It can be accessed at a variety of top providers in the UAE.