Life insurance policy is a policy that protects an individual or family from sudden unforeseen events like the death of the insured. This involves contracts between the individuals and company. It provides financial stability to your family by looking after the illness and death of the policyholder. This is a protection cover that guarantees and sustains your life. There are many beneficiaries attached to life insurance. There are also certain exclusive features in it. For this, the insured pays a premium amount to safeguard the family of the insured. These rates are fixed according to the age, medical history income etc of the policyholder.
UAE possesses a good deal of life insurance policy plans like endowment plan, whole life insurance plan, term plans and many more. Life insurance is basically an understanding between the insured and the insurer where the insurer consents to pay a specific measure of death advantage to the recipient upon his/her passing.
- Passport size photographs
- Emirates ID
- Passport with UAE residence visa
- Address proof
If requested, you will have to submit additional documents as well
UAE has a wide variety of Life insurance. They are;
The term insurance is one of the simplest life insurance. It protects your family and loved ones in the most affordable amount. This provides lifelong financial stability and security to your family members for a specified term of years. A death benefit is paid if the insured dies in this term.
This policy prevails for the entire life of the insured. The sum can also be partially withdrawn if necessary.
Pension requires relaxation of your mind and body. Opting for retirement or pension plan, provides you a regular pension income later. This plan provides financial security after your retirement.
If the insured lives until the maturity date, he/she will get a lump sum amount. These are known as traditional insurance plans. In case of unforeseen death nomination is also an option provided in this policy.
Unit linked insurance plans serve a dual purpose for the policyholder. On the one hand, it is a hedging tool to protect the near and dear once against financial trouble arising from the death of the policyholder, and on the other hand, it is an investment tool. The policyholder can invest certain sections of the insurance premium fund in an asset class and generate capital growth for the same. The policy cash value will change based on the net asset value (NAV) of the concerned investment asset portfolio.
If you take this policy, you get a sum in regular intervals. The balance sum amount can be attained by the insured after the maturity of the period. If the insured dies, the nominee gets the full amount.
The benefits of life insurance can mould your life into a positive direction. The benefits are as follows:
Life insurance provides safety and security to the family member and loves ones of the insured in case of his/her ultimate demise. A premium amount is paid to the insurer usually on a monthly basis.
What is life insurance?
Life insurance is like a protection that pays out an aggregate of cash either on the demise of the insurer or after the maturity period of the policy.
Why is life insurance useful to us?
Life insurance provides financial security to our family even if we have to face an unforeseen event in life.
How is life insurance necessary to us?
Even if we take all the precautions and safety measures we cannot guarantee absolute safety of our lives. So, it is important to have financial security for your family members.
How to decide life insurance cover?
In order to choose the best insurance cover, analyse and compare the plans with your budget, premium, coverage, offerings, etc.
How much life insurance costs?
Each policy differs from each other. A basic policy would be the most affordable but would cover only the most basic necessities. The cover is tailor made according to your preferences.