Best Life Insurance Companies in UAE 2023

Death is inevitable. We all have to leave this world at some point as it is inevitable. When it comes to death, some people don’t think about the consequences of their death and its after-effects on their loved ones.

But not all people think alike. Some people take mindful decisions, considering the financial needs of their family after they die. This is where life insurance comes into the picture. An appropriate life insurance policy ensures the financial stability and security of your loved ones.

It is absolutely important that our life, as well as other valuable things, must be insured since life is very uncertain and any fatal impact might land you in trouble. As a sole breadwinner of your family, it is your responsibility to think about all the worst-case scenarios that might occur at any moment and be well-prepared for all things likewise. There is no perfect age to opt for life insurance, but it is advisable to avail it as soon as possible.

However, finding the best life insurance companies in UAE might be a difficult task especially when there are several insurers available in the market. To ease your task, mentioned below are some of the best life insurance companies in the UAE:

List Of Top 10 Life Insurance Companies in UAE

1. Zurich Insurance
2. Axa Insurance
3. MetLife Insurance
4. LIC International
5. Noor Takaful Insurance
6. Union Insurance
7. Alliance Insurance
8. Salama Insurance
9. Oman Insurance
10. RAK Insurance

1. Zurich Insurance

For most people residing in the UAE, Zurich Insurance has been the go to company when it comes to life insurance companies in UAE. Dominating the country’s insurance industry for the last thirty years, Zurich Life Insurance has a large client base. The Swiss-based company’s unbridled zeal and a firm hold on the finance sector of UAE enables it to offer lucrative returns to its clients.

Life insurance plans offered by Zurich Insurance Company:

• Your Life Plan
• Futura Policy
• International Term Assurance Plan (ITA)
• International Decreasing Term Assurance (ITA)

Why Choose Zurich Insurance Company?

Zurich Insurance is famous for its cost-effective plans, making it one of the best life insurance companies in UAE. Their overhead cost-cutting strategies allows them to operate at a low cost, offering better rates for their customers and earning them their loyalty in the process. They are well-known for their business insurances but their individual life insurance schemes are just as attractive.

AXA Insurance

AXA Insurance offers products that satisfy the needs of one and all. You need an insurance cover for your family, house, your car or a travel insurance- AXA Insurance has it all. Covering the disparate kinds of insurances, this life insurance company in UAE leaves no stone unturned to keep its customers happy. Insuring lives for the past 65 years, AXA strives to offer tailor-made products to its customers, customising the life insurance plans to meet all their requirements. This dedication is the reason behind them winning the award of the best Health Insurance Company in the year 2015 at the Middle East Insurance Industry Awards (MIIA) among many other accolades in their kitty.

Life insurance plans offered by AXA Insurance Company:

• Life Protect Plan
• Simple Life Plan

Why Choose AXA Insurance Company?

AXA Insurance Company’s hassle-free insurance process makes it one of the easiest, efficient as well as the fastest. Their online integrated plans offer ease of booking a policy, comparing it and clearing any doubts one has prior to choosing life insurance. 

MetLife Insurance

Being one of the leading life insurance companies in UAE for the last 60 years, MetLife Insurance devotes all their energy in achieving a solution-oriented approach in dealing with their financial and insurance businesses. If you are looking for a life insurance policy, a health cover, or if you are simply looking for investment opportunities, they will help you out. With its headquarters in Dubai and several of its branches spread over all of emirates, MetLife is there where you are.

Life insurance plans offered by MetLife Insurance:

• Future Protect Life Cover
• Decreasing Term Insurance
• Live Life Insurance Policy

Why Choose MetLife Insurance?

 MetLife’s protection is made just for you, according to your needs. Their extensive network enables you to enjoy their services from anywhere and everywhere. Their life insurance cover offers free medical check-ups making them undeniably one of the leading life insurance companies in UAE.

LIC International

With its conception in 1989 in the city of Bahrain, LIC International has quickly become a popular face for life insurance in the UAE. Operating in UAE, Kuwait, Oman and Bahrain for the past 29 years, this is one of the most trusted life insurance companies in UAE. Its great track record of profit churning goals and assurance of guaranteed payments has made it popular all over the Gulf.

Life insurance plans offered by LIC International:

• Renewable Term Assurance
• Participating Whole Life Plan
• Pure Term Assurance (PTA)
• Double Cover Joint Life Plan

Why Choose LIC International?

Its enormous range of products that has something to offer every individual be it health cover, attractive returns, liquidity and pension to name a few, makes it rank among the best life insurance companies in UAE. At the same time, the option given to its policy holders to transfer their policies to India due to a contract with its parent company- LIC of India, makes it attractive even for the expats.

Noor Takaful Insurance

This is among the top life insurance companies in UAE that offer multiple Islamic (takaful) insurance products. Being backed by financially strong retakaful partners, it earns the trust of its customers easily.

Life insurance plans offered by Noor Takaful Insurance:

• Pure Protection
• Life Care Plan

Why Choose Noor Takaful Insurance?

Noor Takaful insurance provider aims to satiate its customers unquestioningly by providing a cover for critical illness, annuity options for 10 to 20 years and waiver of the takaful contribution among many other benefits. It provides maximum coverage for the lowest premium costs.

Union Insurance Company

Union insurance is one of the best life insurance companies in the UAE. Incorporated in the year 1998, the company has branches across the emirates and has it’s headquarter in Dubai. The company offers a wide range of retail as well as commercial insurance products to its potential customers. The best thing is that the insurer functions with core values such as trust, innovation, empowerment, quality, and reliably to meet the basic needs of its customers.

Life insurance plans offered by Union Insurance Company:

• Flexi Life
• Sure Term
• Group Life Insurance

Why Choose Union Insurance Company?

All the life insurance plans offered by the Union Insurance Company are designed after considering the basic insurance needs of its customers. The company provides customized services as per the requirement of its customers. They work with the aim of offering better risk management solutions to individuals as well as corporate.

Alliance Insurance

Incorporated in the year 1975, Alliance Insurance offers premium insurance products and services to individuals, corporations, & government bodies. They mainly work with the sole aim of offering top-class services, reliability, and security to their potential customers. It is a 44-years old life insurance company in UAE with 50 percent of their portfolio being life insurance customers. They are well-known for offering nearly 125 million life premium each year that makes it one of the best life insurance companies in the UAE.

Life insurance plans offered by Alliance Insurance:

• Anticipated Endowment Platinum
• Endowment Assurance Platinum Plan
• Quantum Four Platinum
• Child Protection Plan
• Higher Education Assistance Plan
• Money Builder Plan
• Optima Gold
• Suprema
• Whole Life Limited Assurance Plan
• Solidarity – New Joint Life Plan
• Term Insurance Plan
• Personal Accident Insurance
• Group Life

Why Choose Alliance Insurance?

Alliance Insurance offers a comprehensive range of life insurance plans at an affordable premium. Majority of the life insurance plans offer flexible plan term, grace period, free look period, and many other facilities to meet the basic needs of its customers. 

Salama Insurance

Established in 1979, Salama- Islamic Arab Insurance Company is the leader in the field of Shari’ah Compliant Takaful solutions. It is the world’s oldest and largest insurance provider that offers most competitive & diverse Takaful solutions to its customers. Salama’s stability and success can be determined to the strategy of keeping customers at the heart of business & staying true to its principles and values. Its commitment to put its customers’ needs first makes it one of the best life insurance companies in UAE.

Being the UAE’s specialized Takaful provider, it offers a wide range of family takaful to both individuals and corporate.

Life insurance plans offered by Salama Insurance:

• Whole of life plans
• Hyat Plus
• Hyat Superior
• Term Plans
• Hemaya Plus
• Hemayti Plus
• Savings Plan
• Idikhar Plus
• Investment Plans
• Momayaz

Why Choose Salama Insurance?

Being the largest and oldest takaful solution provider, Salama provides unique family plans to its customers. Besides this, the company has been offering unparallel takaful products and services since a very long span of time. They are well-known for their risk management and offering expert advice in opting for the right life insurance policy.

Oman Insurance Company

Oman insurance company (OIC) is one of the best life insurance companies in UAE but also in all of the Middle East. Incorporated in the year 1975, the company has its headquarters in Dubai, UAE and around 15 branches through the emirate including Oman and Qatar. They are famous for offering excellent life insurance products and services that are unmatched by any other provides in the whole region. The company is rated “A Excellent” by AM best as well as “A-Stable” by standard & poor’s.

Life insurance plans offered by Oman Insurance Company:

• Term insurance
• Life EasyUnit Linked Plans
• Online life insurance plans
• Diabetic care

Life Protect (Whole of Life) Why Choose Oman Insurance Company?

Oman insurance company follows a customer-centric approach that makes it different from other insurance companies available in the country. They provide several life insurance plans along with additional facilities in order to make the process of claiming and paying insurance premium a much more easier and convenient affair. The policies are available in multiple currencies, different plan tenure, and a flexible payment mode to help you make the premium payment in a hassle-free manner.

RAK Insurance

Ras Al Khaimah National Insurance Company also known as RAK National Insurance Company, is one of the oldest, locally-established insurance companies in the UAE. It started with a capital investment of AED 2 million in 1974. Now it has a net worth of over AED 121 million. As evident, RAK insurance company has grown significantly in a very short period. RAK Insurance Company aims to provide affordable insurance products to customers that are in line with everyone’s unique requirements. Life insurance plans offered by RAK Insurance are especially popular among customers. Apart from that, products like health, car, travel and home insurance products are also some of the most-sought after insurance products from RAK Insurance Company. 

Life Insurance Plans Offered by RAK Insurance

Everest Pro is the only life insurance plan offered by RAK Insurance. It is an endowment life insurance policy that not only provides a death benefit to dependents but also offers a minimum guaranteed compensation amount if the policyholder survives the tenure of the plan. RAK Insurance also has a pre-determined investment market index. Everest Pro policyholders are free to participate to gain higher returns. This capital market index has been created by Munich Re, designed especially for RAK Insurance Company. 

Highest NAV (Look-Back Option) is the name of the investment variant available for policyholders. Lock-in term option of 3, 5 and 7 years is offered for the investment option of this endowment plan. There are two further sub-categories available here. One offers some benefits as per the semi-annual performance of the index while the other pays as per the performance recorded at the end of the policy tenure. You are free to choose either of the two as per your preferences and understanding. Both these plans offer great benefits – one offering protection from market dips and the other making way for higher returns with a manageable risk portfolio. 

Why Should You Choose RAK Life Insurance?

• Exclusively Available Life Insurance: Everest Pro life insurance from RAK Insurance Company is only available for RAKBank customers. It is an exclusive benefit only offered to people who are already associated with RAKBank, via a debit or a credit card. 
• Decent Death Benefits: Just like any life insurance plan, your benefits are eligible to get a pre-specified death benefit upon your death within plan tenure. The tenure of the plan and premium amounts can impact the assured sum of the plan which in turn impacts the death benefit amount. 
• Guaranteed Returns for Survivals: Unlike generic life insurance plans, you do not lose your money if you survive the term of the plan. Since Everest Pro is an endowment plan, it also offers survival benefits when the policy matures. 
• Offers Investment Opportunities: In addition to offering guaranteed compensation for survival and death benefits, Everest Pro also allows the policyholder to invest their money in a specially designed capital market index. You not only get the benefit of protecting your dependents but also get a chance to grow your money. 
• Protective, High-Return Endowment Plan: You can choose from two basic profit calculation plans for your investments in the RAK Insurance Company endowment plan. One option calculate profit based on the half-yearly performance of the index while the other calculates profit as per the final performance of the index. The first option will give you protection from sudden market dips while the latter one offers better opportunities for higher earnings. Depending on your financial and investment goals, you can choose either. 

Requirements for Buying a Life Insurance Policy from Best Life Insurance providers in UAE:

Applicants need to submit the below-mentioned documents if they are planning to buy a life insurance policy in UAE:

• Passport-sized photographs
• An Emirates ID
• Your Passport with UAE residence Visa (for expats)
• Address Proof

However, keep in mind that policy buyers might need to submit some additional documents as per the request of the insurance company. 

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The Final Verdict

So, there you have a list of the best life insurance companies in the UAE. You can choose any of them by making a thorough comparison based on their features, premiums, coverage, and all other significant things.  Remember, life insurance is one of the crucial things you buy since it ensures the financial stability and security of your loved ones especially when you are not around. So, do invest your quality time before choosing the policy that best meets your requirements.