Union Life Insurance vs. Zurich Life Insurance

Union Life Insurance vs. Zurich Life InsurancePolicybazaarAverage Rating / 5 ( reviews)
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Life insurance is a policy contract between the policyholder and the insurance provider, where the insurance provider promises to pay a sum assured to the beneficiaries of the policyholder in exchange for premiums after a fixed tenure or after the demise of the insured individual.

Life insurance is a great pure life protection tool that can help in setting up a financial security net for one’s loved ones – from covering the daily expenses for one’s family to the payment of their outstanding debts, all can be taken care with a life cover policy if the policyholder is to be no longer around.

In today’s age, with the rising competition, there is a wide array of available options for life insurance policies offered by the various insurance providers in the market. Two of such popular insurance providers are the Union Insurance and Zurich Insurance.

One common dilemma that one faces is what the right choice for them is when seeing Union life insurance as opposed to Zurich life insurance. This guide will help you in further understanding the types and various features and benefits of both these policies, so read along!

Comparison between Union Life Insurance and Zurich Life Insurance

Summarized Comparison between Union Life Insurance and Zurich Life Insurance

 

Union Life Insurance

Zurich Life Insurance

Types of Plans

  • Group Life Insurance
  • Flexi Life
  • Sure Term
  • Super Secure
  • YourLife
  • ITA – International Term Assurance
  • Futura
  • IDTA – International Decreasing Term Assurance

Basic Benefits

  • Death benefit
  • Optional additional benefits 
  • Death Benefit
  • Optional additional benefits

Minimum Entry Age

18 years

18 years

Union Life Insurance

Below is a brief guide on the types of Union life insurance and their various features and benefits.

Types of Union Life Insurance Plans

The following are the types of life plans offered by Union:

1. Group Life Insurance

The UIC i.e., the Union Insurance Company’s Group Life insurance policy offers the employees of a company with the required financial security along with covering their family members against unfortunate situations like an untimely demise.

2. Flexi Life

The Flexi life solution helps in supporting the financial needs of the policyholder with the changing lifestyle. This plan ensures in catering to the financial requirements of the insured and their family members.

3. Sure Term

Sure Term International Life Coverage offers financial coverage to the family members in case of unfortunate scenarios.

4. Super Secure

The super secure Union life insurance is a savings-oriented insurance policy that is unit-linked. It offers multiple avenues for investment so that the policyholder can accumulate funds to meet their financial goals while also protecting your loved ones if you are no longer around.

Key Features and Benefits of Union Life Insurance

1. Financial Protection

Union life insurance ensures that the beneficiaries of the policyholder are taken care financially in case of his or her absence.

2. Comprehensive Coverage

Comprehensive coverage is offered by Union to ensure that the basic insurance requirements of the policy seeker are fulfilled.

3. Global Coverage

The policyholder can enjoy global coverage.

4. Ease of Mind

Knowing that your family is taken care of in case of any unforeseen circumstances, Union life insurance provides you the much-needed peace of mind.

5. Easy Payment Methods

Union insurance company accepts the premium payments in the following ways:

  • Credit card
  • Direct debit
  • Bank transfer
  • Post-dated cheques

Zurich Life Insurance

Below is a brief guide on the types of Zurich life insurance and their various features and benefits.

Types of Zurich Life Insurance Plans

The following are the types of life plans offered by Zurich:

1. YourLife

This is an instant and affordable life policy that protects the beneficiaries of the policyholder. There are no medical tests needed and coverage is offered for a fixed tenure simply online in just 3 steps. It is offered to all UAE residents and starts at less than AED 2/day.

2. International Term Assurance or ITA

This helps in covering one’s life if he or she has not built enough wealth to back their loved ones in case of unforeseen scenarios. This is the choice for the policyholder if:

  1. He or she is looking for coverage for a fixed tenure.
  2. He or she wants protection to cover for a loan or mortgage.
  3. He or she wants a simple easy to manage the plan, without any cash value.

3. Futura

A life-time Zurich life insurance policy offering a variety of covers such as life, terminal illness, and aeroplane cover. There are also various add-on benefits that can be opted for by paying extra premiums such as accidental death benefit, critical illness, etc.

New customers can also get a second opinion from the best doctors. As per their needs, the policy seeker can make a choice between whole life and term cover.

4. International Decreasing Term Assurance or IDTA

The IDTA Zurich life insurance plan is the right choice to protect the policyholder’s mortgage payments and any other liabilities if something were to happen to them. This is the choice for the policyholder if:

  1. He or she is looking for coverage for a fixed tenure.
  2. He or she wants protection to cover for a loan or mortgage.
  3. He or she wants a simple easy to manage the plan, without any cash value.

Key Features and Benefits of Zurich Life Insurance

1. No Financial Stress

There is no stress financially since the policyholder knows that his or her loved ones will be backed financially in case of an unfortunate occurrence.

2. Existing Debt

A life insurance policy helps in covering for any outstanding debts that one may be holding so that the burden does not fall on the family if something unfortunate were to happen.

3. Home Protection

Life insurance can also be a good tool to protect your existing mortgage. If there is an unexpected demise of the insured, the family members can manage to pay the existing mortgage.

4. Funding Your Child’s Education

The lump-sum obtained from a life insurance policy can help the insured’s child to complete his or her further education without a huge financial burden.

5. Replacement of Lost Income

A life insurance policy helps in coping with the loss of the income if the breadwinner of the family faces a sudden unexpected demise. This way the family members can sustain their present lifestyle.

6. Additional Benefits

To increase the scope of coverage of the basic Zurich life insurance policy, the policyholder can add on various optional benefits at an additional premium. The various available add on benefits are:

  1. Waiver of Premium Benefit
  2. Total or Permanent Disability Benefit
  3. Replacement of Loss Income Cover
  4. Dismemberment Benefit
  5. Hospitalization Benefit

Over to You

Now that you know in detail, the types and the various feature and benefits of both the Union life insurance and Zurich life insurance policies, you can compare and choose the one that caters to your insurance needs in the best manner!

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