What is the Best and Safest Term Insurance Plan in the UAE?

What is the Best and Safest Term Insurance Plan in the UAE?PolicybazaarAverage Rating / 5 ( reviews)
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A term insurance plan is a type of life insurance plan where the sum assured of the policy is payable to the beneficiary upon the untimely death of the policyholder. The main aim of purchasing a term insurance plan is to protect the financial future of your loved ones when you are not around. This policy is availed for a fixed term (number of years). The main feature of term insurance in UAE is that this policy is less expensive as it doesn’t have any cash value. This insurance plan comes beneficial only if the insured dies within the timeframe during which is policy is active.

There are several term insurance plans available in the market. You simply need to find the best and safest term insurance plan in UAE that would secure the future of your loved ones in an apt manner. But the main concern is which one to choose? To help you to find the right one, we have put together 3 best term insurance plans in the UAE based on their features and benefits that are offered on the insurance plan.

Union Insurance Sure Term

Sure Term is amongst the best term insurance plan in UAE that provides worldwide coverage and offers the plan at an affordable premium.

If the insured does not survive during the tenure of the policy, then the sum assured is payable to the insured’s family members. And if the policyholder survives during the policy tenure, then no maturity benefit or sum is offered to the policyholder and his/her family members.

Features & Benefits of this plan:

  • The insurer provides coverage against death no matter what the cause is.
  • The term insurance plan offered by the Union Insurance Company is tailored to be fully portable and it offers worldwide coverage.
  • Since there is no complicated procedure and no waiting period, the coverage started almost immediately within just a few seconds of the signup process.
  • The insurer offers flexible policy tenure starting from one year to 10 years. You can choose a tenure that is suitable for you.
  • You can easily make the payments through credit cards.
  • The Sure Term plan offered by the Union Insurance company works as primary as well as secondary plans.

Salama Term Plans

Salama offers effective term insurance that has an apt “claim settlement ratio”. Also, it offers wider coverage at a lower premium. It reduces the risk of financial loss that your loved ones may confront in an unforeseen event. By opting for this term insurance plan, your family member’s tomorrow future will be safe since it provides financial protection in an effective manner.

Features & Benefits of this plan:

  • You can easily choose your payment terms and cover level.
  • The term insurance plan can either be on a single life or joint life.
  • The plan provides a grace period of 90 days.
  • Salama term plan includes terminal illness.
  • The term insurance plans are created for both individuals & corporate.
  • The policyholder may choose to pay either a single contribution or a regular quarterly/monthly/half-yearly/yearly contribution.

Different Salama Term Plans

Variant Name

Key Coverage & benefits

Hemaya Plus

 

 

  • Premium Currency: UAE Dirhams (AED) & US Dollars
  • Maximum age at expiry: 100 years
  • Grace Period: 90 days
  • Free Look Period: 30 days
  • Additional benefits:
    • Critical illness
    • Permanent & total disability
    • Benefit of family income
    • Accidental death benefit
    • Waiver of contribution
    • Accidental partial or total permanent disability

Hemayati Plus

  • Maximum age at expiry: 74 years
  • Plan term: 5, 10, or 15 years.
  • Amount Contribution: Monthly or Yearly
  • Benefit: Assured Maturity Bonus.

 


Alliance Insurance Term Insurance Plan

Alliance Term Insurance plan in UAE provides life coverage for a certain period of time which can a specific duration (10, 20, or 30 years) or until a certain age (65 or 70 years old). This insurance company offers 4 term insurance products, each with comparatively low premiums & zero cash values.

Features & Benefits of this plan:

  • This plan offers the death benefit to the nominee upon the sudden demise of the insured.
  • The term insurance plan comes with a minimum tenure of 5 years while maximum tenure is 30 years.
  • It offers wider coverage at a cost effective premium cost.
  • The insurer provides the flexibility to choose the plan tenure.
  • You can easily buy this term insurance online while sitting at the comfort of your home.

Different Salama Term Plans

Variant Name

Key Coverage & benefits

Level Term

  • Level Premiums
  • Level Sum Assured
  • Maximum Plan Tenure: 30 years

Executive Term

  • Low Premiums
  • Sum Assured: 250,000 US dollars or above
  • Minimum Tenure: 5 years
  • Maximum Tenure: 30 years

Limited Payment Term

  • Premium Payment Tenure: 3 or 5 years
  • Protection Tenure: 10, 15, 20, or 25 years

Convertible Term

  • Can be converted into life insurance


The Bottom Line

Opting for the term insurance plan in UAE is a smart financial decision as it would ultimately provide financial protection to your loved ones in case of any eventuality. It is basically a safety cover for your family. So, compare all the different term insurance plans based on their coverage, claim settlement ratio, the sum assured, and several other criteria and then choose the right one as per your needs and convenience to provide your loved ones much-needed financial security when you are not around.

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