Which is the Best Term Insurance Policy in the UAE?

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One must buy a term insurance plan to secure their family’s financial future. There are various insurance companies in the UAE that offer the best term insurance plans with a wide range of benefits and features. However, finding a suitable term insurance plan is still a time-consuming task. Buying a term insurance plan from the first insurer you get in touch with can result in you ending up getting lower coverage at higher insurance prices. You must do thorough research and find an insurance plan that meets all your financial expectations.

We have listed here the best term insurance plans in the UAE to help you shortlist your options and find the best-fit term plan in no time. But before we proceed with the plans, it is essential that you learn what term insurance is and how it works. 

What is Term Insurance?

A term insurance plan is an insurance plan that offers extended coverage at lower insurance premiums. With a term insurance plan, the insurance company pays out the sum assured to the beneficiary in the event of the policyholder’s demise. In case the policyholder survives the whole term of the insurance plan, there is no maturity benefit provided by the insurance company. 

The beneficiaries can use this sum assured to meet their financial requirements, such as paying for their daily expenses, loans, EMIs, credit card bills, utility bills, and more in case they have no other source of income in the family.

The policyholders can opt for certain add-ons based on their medical conditions. The insurance companies in the UAE offer various riders to help policyholders get the most out of their term insurance plan. The riders are mostly available for different types of critical illnesses, disabilities, and more.

Top 8 Term Insurance Policy in the UAE

  • MetLife - Live Life Term Insurance
  • LIC International - Healthy Term Insurance
  • Oman Insurance – Lifeguard Term Insurance
  • Friends Provident International - International Protector Middle East (IPME) Term Insurance
  • Salama - Hemaya Plus Term Insurance
  • Noor Takaful - Pure Protection Term Insurance Plan 
  • Alliance Term Insurance Plan from Alliance Insurance
  • Zurich International Life Limited - International Term Assurance (ITA) 

Here is the list of the best term insurance plans in the UAE.

MetLife - Live Life Term Insurance

MetLife offers one of the best term insurance plans called Live Life Term Insurance in the UAE. The insurance plan offers unique benefits and features for the policyholders to help them get the required coverage at reasonable prices.

The insurance plan comes with three payment methods – Single, Regular, and Limited to help policyholders make convenient premium payments. Let us go ahead and find out what features and benefits the insurance plan offers. 

  • 30-days free look period
  • Multiple payment modes
  • Customisable plan to meet the policyholders’ needs
  • Free MetLife Discount Card
  • Full-time worldwide protection
  • Free second medical opinion
  • Complimentary access to myMetLife and Financial Wellness
  • Transparent pricing benefits, with low additional charges and no hidden fees
  • Optional protection benefits for extended coverage

MetLife’s Live Life Term Insurance Plan enables policyholders to add different riders, such as the Forever Plan, to their insurance plan depending on their insurance needs. 

With the Forever Plan, the policyholders can get benefits like a medical discount card, free second medical opinion, and more, along with a lifetime monthly income in the event of permanent or total disability. As per the plan, a policyholder can take this offer for a maximum of 20 years of duration. 

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LIC International - Healthy Term Insurance 

LIC International is one of the leading insurance companies that offer the best term insurance plans in the UAE. The insurance plan is a non-profit pure risk protection insurance plan that gives the policyholders up to 37 critical illness coverage options to choose from. The insurance premium of the term insurance plan varies depending upon the coverage and add-ons the policyholder chooses to buy. The insurer analyses the lifestyle, medical condition, smoking status and other things of the applicant before providing them with a final quote. Applicants who are 18 years of age or above can easily buy the term insurance plan. Keep reading to know the benefits that the term insurance plan offers to the policyholders. 

  • Multiple payment modes
  • Low insurance rates
  • Extended coverage with unique riders
  • Hospital cash benefit
  • Multiple modes of payment

Oman Insurance – Lifeguard Term Insurance

Oman Insurance is another popular insurance company that offers the best term insurance plans for its customers. The Lifeguard term insurance plan enables policyholders to secure their financial future at reasonable insurance premiums. The coverage offered by the term insurance plan helps policyholders’ beneficiaries deal with their financial liabilities with great ease. The best part about the insurance plan is that it offers financial support to manage both personal and business expenses. 

With the Oman term insurance plan, the policyholders can ensure that their family members are able to maintain their living standards even when they are no longer around to provide for them. The UAE residents between one and eighty years of age can easily buy the insurance plan. The insurance plan offers decreasing payment options to enable policyholders to make easy premium payments while managing all the other financial requirements. 

Here are the benefits and features of the term insurance plan.

  • Optional spouse cover
  • Flexible insurance premium options
  • Attractive insurance rates for non-smokers
  • No medical tests are required for applicants aged 46 years and below
  • Lower insurance premiums
  • Permanent disability or critical illness cover till the age of 65
  • Free medical tests at policy inception

The insurance plan enables policyholders to add riders at an additional premium to extend their policy coverage. Here is the list of riders the insurer offers to the policyholders. 

  • Critical illness cover covering forty illnesses
  • Accidental death benefit
  • Permanent total disability cover
  • Hospital indemnity benefit
  • Waiver of premium on total or permanent disability

Oman Insurance’s Lifeguard Term Insurance Plan enables policyholders to make easy premium payments using two premium payment methods - Single and Regular.

Friends Provident International - International Protector Middle East (IPME) Term Insurance

International Protector Middle East Term Insurance Plan is one of the best term insurance plans that offer different types of insurance coverage for the policyholders. Here are the types of insurance covers the term insurance plan offers.

  • Stand-Alone Critical Illness Cover
  • Stand-Alone Life Cover
  • Earlier Critical Illness or Life Cover

The insurance plan also offers benefits like a free second medical opinion for the policyholders. The insurance plan comes with two payment methods - Limited and Regular for the policyholders.

Salama - Hemaya Plus Term Insurance

Salama term insurance offers a family takaful term insurance plan called Hemaya Plus. The term insurance plan comes with a maximum expiry age limit of a hundred years to help policyholders enjoy the term benefits for a long time. 

Keep reading to find out the features and benefits of the Hemaya Plus term insurance plan.

  • Premium waiver for accidental, total or partial disability
  • Family income benefit
  • Flexible payment methods - yearly/half-yearly/quarterly/monthly

This is an ideal term insurance plan for applicants looking for Sharia-compliant insurance coverage. The insurance plan offers two payment modes - Single and Regular for the policyholders.

Noor Takaful - Pure Protection Term Insurance Plan 

Noor Takaful’s Pure Protection Term Plan enables policyholders to secure their family members’ future. The insurance plan offers lower insurance rates with extended coverage benefits. The policyholders can also add their chosen riders to their term insurance plan with great ease. Here are a few major features and benefits of the term insurance plan. 

  • Built-in terminal illness coverage
  • Maturity benefits yielding fixed cashback offers
  • Maximum AED 750000 of sum assured 

Alliance Term Insurance Plan from Alliance Insurance

Alliance Insurance Company offers one of the best term insurance plans, Alliance Term Insurance. The insurance plan offers a fixed life cover duration of 10, 20, or 30 years chosen by the policyholders based on their preferences. The specific age limit for the insurance plan is 65 or 70 years for the applicants. The term insurance plan offers lower insurance premiums with extended coverage for the policyholders. With the Alliance Term Insurance Plan, the policyholders can provide for their family’s financial needs if they have no income due to any of the covered reasons. 

Alliance Term Insurance Plan offers coverage in four different variants, including Executive Term, Level Term, Convertible Term and Limited Payment Term.

Here are the features & benefits of the term insurance plan.

  • Higher sum assured
  • Tenure of 5 years to 30 years, depending upon the policyholders’ preferences
  • Low insurance premiums with no cash value

Zurich International Life Limited - International Term Assurance (ITA) 

Zurich International Life Limited is another leading insurance company with an excellent claim settlement ratio. The insurance company offers one of the best term insurance plans called International Term Assurance. The insurance plan offers a wide range of features and benefits such as:

  • Maximum age of maturity - 79 years or less
  • Insurance coverage term ranging between 5 and 35 years
  • No maturity or cash surrender value 
  • Age limit for the applicants is between 18 and 74 years 

The insurance plan enables the beneficiaries to get an agreed lump sum amount in the event of the policyholder’s unfortunate death while the policy term is active. The insurance plan offers various effective riders such as:

  • Waiver of Premium: Insurance premiums to be paid on the policyholder’s behalf in the event of covered injuries, illnesses, or disabilities.
  • Critical illness Cover: An agreed lump sum amount to be paid to the policyholder in case they suffer from any of the covered illnesses or disabilities.
  • Permanent or Total Disability Benefit: A lump sum amount to be paid to the policyholder in the event of an unfortunate permanent disability due to covered reasons. 

Tips for Choosing the Best Term Insurance Plan

Here are a few major tips to help you choose the best term insurance plan based on your preferences. 

  • Claim Settlement Ratio
  • Policy Premium
  • Add-ons and Riders
  • Reliability
  • Other Insurance Options

Claim Settlement Ratio

The claim settlement ratio helps you determine the market value and financial stability of the insurance company. A good claim settlement ratio of an insurer shows the number of claims it has settled in the past years. Make sure you buy a term insurance plan from an insurer with a high claim settlement ratio, i.e. above 90 percent.

Policy Premium

The best term insurance plans in the UAE offer extended coverage at a reasonable premium. Make sure you compare the insurance premiums and types of coverage offered by different insurance companies before buying a term insurance plan.

Add-ons and Riders

The insurance companies in the UAE offer additional coverage in the form of riders. These riders have different types of coverage, such as for critical illnesses, accidental death benefits, accidental disability benefits, and more. Make sure you check the list of riders your chosen insurance company offers and make the right choice based on your preferences. Keep in mind that you need to pay additional charges to get these riders added to your term insurance plan. 

Reliability

The reliability of the chosen insurance company is critical. Make sure you check the market value of the insurance company before buying a term insurance plan from them. The insurance companies with a good market reputation tend to provide the claim amount in full and on time.

Other Insurance Options

You must compare the insurance prices and coverage amount of various term plans before choosing one for yourself. To find the best term insurance in the UAE, you can visit our website and compare the insurance premiums and other factors for different term plans. This will help you get extended coverage at a lower premium. You can also consider getting in touch with our help and support team. Our professionals will explain the benefits and features of the best term insurance plans and help you make an informed decision. 

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Conclusion

Now that you have a list of the best term insurance plans in the UAE, you can choose anyone to purchase for yourself. As we have already mentioned, you can visit our website or contact our customer support team anytime to learn more about your shortlisted term insurance plans. Make no delay and buy the best term insurance plan to secure your loved ones’ financial future today.

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