Which is the Best Term Insurance Policy in the UAE?

  | Published: 20 November 2019 | Last Updated On: 20 July 2021

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Term Insurance in UAE
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One of the best ways to safeguard your family’s future financially even in your absence is to opt for a term life insurance plan. There are numerous life insurance companies that offer online as well as offline term insurance in UAE.

Term plans come with the lowest premiums and offer high sum assured to protect your family’s future in    case of your untimely death. So, finding the best term insurance policy is absolutely crucial if you want to secure the future of your loved ones. But main the concern is how to pick the best one when there are plenty of options to choose from. To simplify your task, we have done thorough research and mentioned the best term insurance providers in this article.

What is Term Insurance?

Term insurance is the basic type of life insurance policy where the insurer paid a fixed sum assured to the nominee upon the untimely demise of the policyholder. If in case the policyholder survives during the policy term, then there is no maturity benefit is given by the insurance company.

It is availed for a fixed term or a specific period of time. The most significant feature of the term insurance is that it is less expensive when compared to other life insurance plans and it offers life coverage for a certain period of time. You can opt for the term insurance in UAE by just paying the low premium cost and protects the future of your loved ones financially in your absence. But remember, the premium cost of the term plan solely depends on three basic factors, the term of the policy, applicant’s age, and the sum assured you select.

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List of Best Term Insurance Policies in the UAE

Following are some of the best term insurance policies in the UAE:

  • Sure Term Plan from Union Insurance
  • Alliance Term Insurance Plan from Alliance Insurance
  • Hemaya Plus and Hemayati Plus Term Plans from Salama Insurance
  • Pure Protection Term Plan from Noor Takaful
  • International Term Assurance from Zurich International Life Ltd.
  • Healthee Term Insurance from LIC International
  • Live Life Term Insurance from MetLife

Sure Term Plan from Union Insurance

Sure Term is one of the best term plans available in the UAE that comes with the lowest premium and offers high sum assured. The plan comes with a variety of payment options that makes it user-friendly from the buyer’s perspective. Once the insurance seeker completes the documentation process and the file is approved by the provider coverage is initiated.

  • Flexible policy terms from 1 year to 10 years.
  • Acts as both primary and secondary insurance
  • Worldwide coverage against death irrespective of the cause.

Alliance Term Insurance Plan from Alliance Insurance

Alliance term insurance offers life cover for a specific duration (10, 20 or 30 years) or until a specific age (65 or 70 years old). Each of the plans comes with a low premium. The plans are designed and developed in such a way that they act as a blanket of protection for the insured and dependents.

  • 4 variants in term life insurance e. Level Term, Executive Term, Limited Payment Term, and Convertible Term.
  • The tenure of the plan varies from 5 years to 30 years
  • Low premiums with zero cash value.

Hemaya Plus and Hemayati Plus Term Plans from Salama Insurance

Salama offers two variants in term life insurance plan i.e. Hemaya Plus and Hemayati Plus that are Shariah compliant insurance plans. Both of the term plans include terminal illness and provide the flexibility of choosing the policy term. You can opt for this term plan to protect the future of your loved ones in your absence. One of the features of Hemaya Plus plan that makes it distinct from other similar insurance plans is the option of family income benefit. In case of any unfortunate event that leads to the demise of the policyholder the family income benefit feature takes care of finances. The feature facilitates steady flow of cash which is vital for the dependents of the policyholder to make ends meet during financial hardships. Furthermore, insurance seekers can opt for temporary or permanent disability benefit.

Hemaya Plus Key features

  • Insurance seekers can choose coverage and term of the policy.
  • Family income benefit
  • Shariah complaint insurance coverage
  • Choice of single/joint coverage

Hemayati Plus Key Features

  • No Medical investigation
  • Simple documentation
  • Worldwide coverage
  • Guaranteed Maturity Benefit

Pure Protection Term Plan from Noor Takaful

Pure protection term plan from Noor Takaful provides the important opportunity to safeguard the future of your dependents and loved ones in your absence. The plan is a pocket-friendly option that offers thorough coverage and protection against strokes of uncertainties on the trail of life. Here’s a quick rundown on key features of Noor Takaful Term Plan.

  • Maturity benefits yielding fixed cashbacks
  • Built-in terminal illness coverage
  • Maximum covered sum up AED 750000

International Term Assurance from Zurich International Life Ltd.

Zurich international is one of the leading insurance providers all across the globe. The International Term Assurance plan from Zurich international life ltd. is one stop solution for all the insurance needs in the UAE. The plan offers a maximum coverage of 35 years till the age of 80. The international term assurance plan comes with a plethora of add on riders like critical illness rider, personal accidental coverage, permanent and total disability benefit, etc. The provider has a high claim settlement ratio which adds to the overall reliability of the insurer.

  • Built-in Terminal Illness coverage
  • Free life coverage up to USD 250000 during documentation and approval of the plan.
  • Waiver of premium, personal accidental coverage and disability riders to enhance coverage and protection.

Healthee Term Insurance from LIC International

The Healthee term insurance plan from LIC international is a non-profit pure risk protection policy that offers a choice to get coverage against 37 critical illnesses. The premium of the Healthee term insurance plan depends upon the lifestyle, health and smoking status of the applicant. Apart from the hospital cash benefit the LIC international Healthee plan offers all other major benefits that are provided in case of term insurance plans.

  • Hospital Cash benefit
  • Minimum entry age is 18 years
  • Multiple modes of Payment

Live Life Term Insurance from MetLife

The Live Life plan from MetLife is a term insurance plan that provides financial cushioning to your family and dependents while the insured is unable to work due to any illness or ailment. The 5 year renewable term plan can be renewed after every five years. The second choice is the level term plan which is a regular term insurance plan with a maximum term of 25 years.

  • The basic plan offers two choices i.e. 5 year Renewable Term Plan and level term plan.
  • Conversion of plan to endowment policy option available
  • Maximum Term of 25 years

Tips to Choose the Best Term Insurance Policy:

The market is flooded with plenty of term life insurance plans with varied policy tenures, benefits, features, and sum assured. So, opting for the best term insurance policy as per your suitability might be a daunting task, but if you know that how to zero down the best deal then you can find the right one easily.  So, keep    the below-mentioned tips in your mind when looking for the best term plan:

Tip #1: Reliability

When choosing a term plan, it is highly advisable to look at the insurance company’s reputation in the market. This is very important since term insurance plan is a long-time investment and as an insured, you shouldn’t be left in the lurch if in case the company shuts down all of a sudden, it does not provide claim on time or meets with any other difficulties. That is why it is imperative to check the company’s stability as well   as reliability before buying term insurance in UAE.

Tip #2 Claim Settlement Ratio

The claim settlement ratio depicts the market value of the insurance provider that plays a pivotal role in choosing the best term insurance policy. You should check the claim settlement ratio with the lowest premium cost and great benefits for the safe and secure future of their loved ones. Insurance companies with a high claim settlement ratio are considered a better option or reliable since high claim settlement ratio are favorable.

Tip #3 Riders/Additional Coverage

Some of the best insurance companies in the UAE offer riders or additional coverage along with regular term insurance policies that can be availed by paying an extra premium. A term insurance plan that offers the basic coverage and also offers riders is considered as a secure one since it provides the wider coverage.

Tip #4 Policy Comparison

As said earlier, there are plenty of term insurance providers in the market. So, it is highly recommended to compare different term plans online so that you can choose the right plan as per your requirements.

Tip #5 Premium

Most of the people opt for a policy based on just their premium that how much they need to pay in order to enjoy the benefits. It is highly advisable not to rely on premium but also check the coverage and benefits.  The reason being, insurance policy with the lowest premium might offer you less coverage that would not solve your purpose of buying the policy. To buy the best term insurance policy, you should compare the different plans and check the details of each plan so that you can make the most of your insurance policy.

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Final Words

There are several good term insurance policies are available in the UAE. None of us can say that a particular plan is best. Because every individual has different requirements and the plan is best for others might not meet your needs. That is why, it is important to compare different term plans online based on their features, benefits, sum assured, coverage to find the best term insurance policy as per your needs.