Life Insurance

Life coverage is characterized as an agreement between the insurance policyholder and the insurance company, where the extra security organization pays a particular aggregate to the guaranteed person's family upon his demise. The life coverage aggregate is paid in return for a particular measure of premium. Life is delightful, yet in addition unsure. Anything you do, but savvy and hard you work, you are never certain what life has coming up for you.


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How Does Life Insurance Policy Work in the UAE?

Life insurance across the UAE works in the following steps:

Stage 1: A policyholder pays the premium to the insurance company.

Stage 2: The insurance company guarantees to pay a sum assured to the policyholder at the end of the policy period. Consequently, it guarantees the financial security of the policyholder's family.

Stage 3: If the insured person has survived the maturity period, a maturity benefit will be payable to the actual policyholder. Be that as it may, it relies upon the kind of strategy and whether or not it offers maturity benefits.

Why Should You Buy a Life Insurance Plan Dubai & UAE?

A life insurance plan offers you lots of benefits, for example, critical illness cover, investment, financial growth options, and more. Following are some of the benefits of buying an additional life insurance plan in the UAE.

  • A life insurance plan helps your dependent family members maintain their current lifestyle without compromising on their daily needs.
  • Life insurance acts like your last resort savings if something worse happens.
  • A couple of life insurance plans have an investment component that helps you receive maturity benefits based on your investment returns.
  • One can avail various additional riders, for instance, essential and fatal sickness cover, coincidental end benefits, to say the very least.
  • With term life insurance, you can get your life secured against a tremendous ensured total at low premium costs.
  • Endowment plans offer a saving part and pays you maturity benefits depending upon the cash value at the completion of insurance tenure or as mentioned while purchasing a life insurance plan.
  • With various payout options available, your beneficiaries can choose to pay the sum assured against a loan, mortgage or make an income depending on each person's financial requirements.
  • The insurers in UAE offer a quick and hassle-free claim to make the process smoother and help beneficiaries the best possible way during tough times.

Types of Life Insurance in UAE & Dubai

  • Term Life Insurance Policy

    Term protection plans are one of the most reasonable assurance plans since they don't have any investment component or a maturity benefit. Term Life Insurance plans can be changed into an endowment or whole life insurance as per the customer requirements.

  • Whole life Insurance Policy

    Whole life insurance, or whole of life confirmation, in some cases called "straight life" or "conventional life," is a disaster protection strategy which is ensured to stay in power for age upto 99 years. In this plan, the customer has to pay a premium for a certain period of time depending on several factors.

  • Universal Life Insurance Plans

    Universal life (UL) insurance is universal life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance.

  • Indexed Universal Life Insurance

    Indexed universal life (IUL) insurance policies can help you to build wealth while leaving behind a death benefit for your loved ones.

  • Variable Universal Life Insurance

    A variable life insurance policy allows most of the premiums to be invested in an investment account, combining the benefits of a variable policy with a whole life policy.

Comparison Between Different Types of Life Insurance Policies UAE

ParameterTerm Life Insurance PoliciesWhole Life Insurance PoliciesEndowment PlansMoney Back Policies
OverviewPure risk protection plans.Protection plus saving plans that offer lifelong coverage to the insurer.Insurance plus savings plan- may or may not be participatoryProtection plus savings plans, provides guaranteed money back in the policy period
TermUsually ranges from 5-40 yearsCovers the whole life of an insured.Usually ranges from 10-40 yearsUsually ranges from 20-25 years
Death BenefitsCoveredCoveredCoveredCovered
Maturity BenefitsNot CoveredCoveredCoveredCovered
Premium CostsLow PremiumsVery High premiumsHigh premiumsLow Premiums

Documents Required to Purchase a Life Insurance Plan in UAE

Along with satisfying the eligibility criteria, you need to submit relevant documents as proof of your identity, age, and address. Following is the list of documents you need to submit while purchasing a life insurance plan in the UAE.

  • Emirates ID for UAE nationals and residents,
  • Valid Passport ID for ex-pats with a valid Emirates visa
  • Utility bills for address proofs,
  • Bank Statement from the past three to six months
  • Income certificate
  • Salary Slip
  • Proof of health status

Features & Benefits of Life Insurance Dubai, UAE

Death Benefits :

As indicated in the agreement, the protection supplier pays the passing advantage to the recipients in the event of the policyholder's demise. With this single amount installment, the reliant relatives can proceed with their existence without agonizing over the funds.


Maturity Benefits :

Maturity benefits refer to the amount received by a policyholder or nominee when a policy matures. A term insurance policy needs to be active or in force to avail of these maturity benefits.


Investment Components :

Certain whole life insurance policies offer two-pronged benefits of both insurance and investment. While one half of your premium is paid toward insurance, the other half is invested in equity, debt, or combinations of both.


Add-on Riders

You can opt for riders to enhance your life insurance coverage. A number of riders, ranging from Critical Illness to Accidental Total Permanent Disability are available and help protect you and your loved ones.


Flexible Payout Options :

With a life insurance plan in UAE, you get flexible payout options. While purchasing a life policy, you can specify your insurer to pay a lump sum amount or a fixed regular installment on a monthly or yearly basis.


Convenient to Purchase :

You can advantageously purchase an extra security plan online by visiting the web protection aggregators like yallainsure.com.

Best Life Insurance Plans

  • AXA Term Life Protect
  • MetLife Future Protect
  • Alliance Whole Life Assurance Plan
  • Zurich Futura
  • Salama Hyat Secure
  • Noor Takaful Life Care
  • Takaful Emarat Lifespan Plan
  • Union Super Secure

What Are the Factors That Affect a Life Insurance Premium?

Age :

To determine the cost of your life insurance, your age is an important factor.


Gender :

Statistically, women live longer as compared to men and, they also have fewer chances of acquiring lifestyle habits like alcohol consumption or smoking.


Height and Weight :

Not very significant for moderately weighted individuals.


Your Medical History :

The insurance providers are interested in knowing your medical history, including your family medical history.


Alcohol Consumption and Smoking :

Lifestyle habits like alcohol consumption and smoking are one of the largest contributors to critical illnesses insurance such as cancer, liver, and heart diseases.


Occupation :

Individuals working in hazardous environments such as boilers, chemical plants, oil refineries, and mines have higher chances of filing a claim.


Adventure Sports and Hobbies :

People involved in life-risking adventure sports and hobbies are prone to accidents, increasing the chances of filling insurance claims.

What are the Additional Riders Available with a Life Insurance Plan?

To customize your life insurance plans, the providers in the UAE offer add-on riders. With a little expansion in your top-notch, you can purchase these riders redoing your base insurance plan. Following are the extra riders for life coverage in UAE.

Critical Illness cover :

With a critical illness cover, your policy secures you against cancer, heart and lung diseases, etc.


Accidental Death Cover :

If you opt for an accidental death cover, the insurance company provides an extra amount.


Terminal Illness Cover :

The amount helps the policyholder's family members to cope with situations and meet urgent medical expenses


Permanent Disability Rider :

When you purchase a permanent disability cover, the insurer compensates your income for the loss of employment up to a specific time.


Premium Waiver Add-on :

In case of accidents or sickness resulting in permanent disability, you might not be able to work or generate income.

FAQs

  • What is Life Insurance?

    Ans. In legal terms, life insurance is a contract between an insurance policyholder (insured) and an insurance company (insurer). Under this contract, the insurer promises to pay a pre-decided sum of money (also known as "Sum Assured" or "Cover Amount") upon the death of the insured person or after a certain period.


  • What is the minimum age to buy term insurance in the UAE?

    Ans. Depending on your insurance provider, you should be no less than 18 years old while applying for a term protection plan.


  • What are the additional riders in the life insurance plan?

    Ans.

    • Critical Illness cover
    • Accidental death cover
    • Family income cover
    • Permanent disability cover
    • Waiver of premium cover


  • What documents do I need to file a death claim in UAE?

    Ans. Following are the documents required while filing a death claim in the UAE.

    • Death certificate issued by the competent authority
    • Documents mentioning the cause of death,
    • Medical reports
    • In case of death in a foreign country, a valid death certificate issued from the UAE embassy needs to be submitted.


  • What is the life insurance definition?

    Ans. Life coverage is characterized as an agreement between the policyholder and the insurance agency, where the extra security organization pays a particular aggregate to the guaranteed person's family upon his demise. The life coverage aggregate is paid in return for a particular measure of premium. Life is delightful, yet in addition unsure. Anything you do, but savvy and hard you work, you are never certain what life has coming up for you.


  • What is the meaning of sum assured?

    Ans. Aggregate guaranteed is the guaranteed sum that the policyholder will get. It is otherwise called the inclusion sum for which an individual is protected.


  • Is it expensive to buy the best life insurance policy in the UAE?

    Ans. There is a wide scope of life coverage UAE choices that work for each spending plan and monetary circumstance. Subsequently, it is ideal to search around and look at different disaster protection quotes online in view of the inclusion, elements, and cost to track down the best extra security strategy according to your protection needs and accommodation.


  • Will I get anything on maturity under term life insurance?

    Ans. You won't get anything since there is no development under term protection. The main advantage you will get under this arrangement is the demise benefit. The recipients will get the aggregate guaranteed if there should be an occurrence of the inconvenient demise of the policyholder

  • Can I change the duration of the life insurance after the policy is issued to me?

    Ans. All things considered, the length of the disaster protection strategy can't be changed after the arrangement is given to you.

Life Insurance Partners