Which Term Insurance Plans are the Best in the UAE?

By
  | Published: 27 November 2019 | Last Updated On: 08 February 2021

Buy a term plan and secure your family

Average Rating / 5 (ratings ) | 226 Views
Term Insurance in UAE
Secure your family’s future Flat 35% OFF on Term Insurance

T&C Apply

Select Gender
  • Male
  • Female
Term insurance is an easy risk-cover policy that involves no maturity value or cash surrender. It keeps you covered for a particular number of years and makes payment of the covered amount in case the policyholder dies within the duration of the plan.

Now,

You must be wondering, what is it about term insurance that makes it a must-have. Here are some reasons why you must go for the best term insurance policy.

  • Lower insurance premiums as compared to whole life cover plans.
  • Some plans offer international coverage too.
  • It involves no ambiguities and complications, hence, making it pretty simple to understand.
  • It comes with the option of buying additional riders such as family income cover, accidental death cover, critical illness cover, and more.
  • A term plan is suitable to provide protection for certain needs such as mortgage or liability cover, to take care of dependent parents or other family members, to cover higher education of the kids, and to protect the business community.
  • The premium on life insurance in the UAE are fixed for the entire duration of the policy.

Best Term Insurance Policies in the UAE

Since we have discussed the basic scope & benefits of term plans, we can now take a look at the top five-term policies from different insurance providers in the UAE.

Plan 1: Hemaya Plus Term Plan

What do you seek in the best term policy? Something that can help you in eliminating the risk related to financial loss, which your family may have to face in case of an unfortunate event. The Hemaya Plus Term Policy by Salama could be an end to your search. Listed below are some of the benefits of this plan.

  • A family takaful policy, which includes an inbuilt benefit of terminal illness.
  • Economical insurance coverage
  • The plan can be customized with various additional riders like-
    • Accidental partial or total permanent disability
    • Accidental death benefit
    • Family income cover
    • Waiver of premium
  • It can be a joint or single life cover
  • The option of choosing the payment term and cover level
  • Entry age is 18 years minimum and 74 years maximum
  • Maximum age during the expiry should be 100 years
  • Comes with a currency option between US dollars and UAE dirhams
  • Plan can be customized for corporate as well as individuals

Plan 2: Healthee Term Insurance Policy

This is a non-profit pure term cover by LIC International that involves rates of premium bases on the insured person’s health and their habit choices. for instance, smoking. In case the policyholder does not smoke, then the premium amount charged is lesser than what is charged from a smoker. Listed below are some of the benefits of this plan.

  • High sum assured amount (minimum of 300,000 US Dollars)
  • Entry age is 18 years minimum and 65 years maximum
  • Maturity age is 23 years minimum and 70 years maximum
  • Term duration offered is minimum 5 years and maximum of 35 years
  • This plan can be customized with various additional riders like-
    • Accidental partial or total permanent disability
    • Accidental death benefit
    • Accelerated critical disease coverage
    • Hospital cash benefits cover
  • 30 days grace period offered for the payment of half-yearly and yearly premium

Plan 3: IPME Term Insurance Plan

This award-winning, one of the best term insurance policy offers you a tailored security solution for fulfilling your needs in case anything unfortunate happens to you. You can live with the peace of mind knowing that the insurance company will be paying out for providing financial support to your loved ones after you. Listed below are some of the benefits of this plan.

  • Comes with an inbuilt benefit for terminal illness
  • It can be a joint or single life cover
  • Comes with currency options between US dollars, Euro (EUR), Sterling (GBP) and UAE dirhams
  • The insurance premium will remain the same for the policy term
  • This plan can be customized with various additional riders like-
    • Total permanent disability benefit
    • Stand-alone life cover and critical disease benefit
    • Life or earlier critical disease coverage
  • Flexible premium payment, either monthly or annually
  • Option to choose between decreasing or level term

Plan 4: Live Life Term Plan

This plan by MetLife offers financial security to you and your family in case you are not around anymore to take care of them either due to death or critical illness. This is one of the best term policy, which comes at low premium rates and various other benefits. Listed below are some of the benefits of this plan.

  • Entry age is 20 years minimum and 65 years maximum
  • Comes with the benefit of MetLife medical discount card
  • Flexible premium payment, either monthly, half-yearly, quarterly or annually
  • Comes with currency options between US dollars, Euro (EUR), Pound Sterling (GBP) and UAE dirhams
  • This plan can be customized with various additional riders like-
    • Accidental partial or total permanent disability
    • Accidental death benefit
    • Accelerated critical disease coverage
    • Second medical opinion
    • Cover for Loss of Life
    • Waiver of premium
  • Option to choose between five-year renewable or level term

Plan 5: ITA (International Term Assurance)

This term policy by Zurich International Life is a level term policy, which comes with a protection policy customized for making payment of the sum assured if you pass away during the term of the policy. The plan offers a compulsory life coverage and the option of adding combinations of the add-ons or riders.

  • Entry age is 18 years minimum of 74 years maximum
  • Maturity age is 79 years maximum
  • Term duration offered is minimum 5 years and maximum of 35 years
  • The insurance premium will remain the same for the policy term
  • The plan can be customized with various additional riders like-
    • Accidental partial or total permanent disability
    • Accidental death benefit
    • Waiver of premium
  • Flexible premium payment, either monthly or annually

The Bottom Line!

In order to protect the future of your loved ones, term insurance is a necessity. It takes care of the lifestyle, needs, and financial future of your loved ones in case you pass away during the term of the policy.