Abu Dhabi Commercial Bank
UAE Life Insurance
One of the major financial products that offer extended fiscal cover is Life insurance.
It ensures a proper amount of money as compensation once an insured person passes away.
Getting life insurance is one of the most significant economical decisions you can make. An insurance makes it much easier for a person to pay good amount of money in necessary occasions once the insurance policies mature.
In Dubai, life insurance is one of the most essential elements that both national residents and non-native tend to take to take care of his family in the event of an unexpected situation.
Advantages of Getting UAE Life Insurance
To ensure a secured future for family and own self, getting life insurance is always a brilliant idea. There are numerous advantages for them who avail life insurances in Dubai,
- In case of an emergency, the costs involved with the event gets compensated by life insurance. In case of the death of an insured person, the income or at least a major part of the income gets paid to the person’s family to ensure a secure future for them.
- Complete protection for the investment holder and his family.
- Insurance covers all the loans and mortgages of the investor.
- Severe issue like terminal illness treatment cost get taken care of utilizing an insurance.
Types of Insurance Plan
Banks and insurance companies offer various insurance plans. The most popular plans among them are,
Term Insurance plan
Insurance plan cover the loss of life. It pays to the family a policy holder dies during the term of the policy. The very policy is known as a high-coverage plan that allows lowest premiums. In case of this insurance plan, a cover of maximum 5 million USD gets offered.
It is the reputed and famous plan as it involves affordable premium rates and can be taken for a specific period.
This term can range from 1 to 40 years. in regard to this plan, the premiums must be paid regularly until the stated period before the insurance income can be offered to the family.
Whole Life Insurance Plan
Whole life insurance plan is valid till the end of an insured person’s life. Based on an collected cash value system, the policy holder’s contributions get invested in funds that one selects to boost its value with time. In case of a policy holder’s death, his family gets an ensured amount of cash as insurance benefit. Generally, the premiums for this plan are more but they just do not increase with the policy holder’s age.
Endowment Plan
The advantage of getting endowment plan is that even in case of the insured person’s death, especially before the policy’s date of maturity, the endowment insurance benefits are payable to the beneficiaries. The whole insured amount gets paid to the family at the term’s end. He also gets the provision to give up the policy and get the amount back that he paid as premium after the compulsory deduction by the company as per its rules and regulations.
Investment-linked Insurance Plan
The plan needs the applicant’s bank account to be linked to his insurance. The premium amount gets routinely withdrawn from his linked bank account and to be invested in various investment plans or funds to boost his finances. Hence, the very plan offers a dual advantage of investment and insurance both.
Eligibility to Buy UAE Life Insurance
Each and every insurance company sets different criteria to sell insurance products. However, there are some common set of rules that one has to follow in order to qualify to get the life insurance.
The minimum and maximum age to buy life insurance differs as per the different rules of different insurance companies. Some companies offer life insurance to people maintaining an age criteria ranging from minimum 2 years to maximum 65 years. Maximum insurance companies confirm the maximum age for the end of policy term to be 95 years. But this also changes depending on the company.
An applicant gets asked to provide personal details like his height, weight and general lifestyle information including his habits like smoking, drinking and illnesses to check if he has any life threatening disease. Applicant’s economical status also gets presented to the company. It is always good to give right information to the insurance company to avoid unwanted situation due to any discrepancy. Because of providing false information, a policy can be cancelled as well.
Way to Spot the Best Life Insurance Package
Our company offers expert advice to people so that they can easily choose the best possible insurance policies.
After monitoring points like requirements, preferences and financial position of the investment policy applicant, we suggest them policies. We answer all the insurance-related queries of our clients and we also explain the different kinds of offers that the insurance companies come up with. Following our guidance, one can get the right type of insurance as life insurance in Dubai is an essential element that lays pivotal part in financial planning.
Advantages of Availing Our Services
- Simple and speedy solutions for the client’s personal financial problems.
- We assist our clients in comparing the interest rates on personal loans that various banks in Dubai offer. We also guide the clients in choosing the most beneficial offer.
- We offer the most updated information with reference to the eligibility criteria and the processes involved in the loan application process.
- Easy application procedure.
- Fast turnaround time in processing and getting approval from the banks.
UAE Banks and insurance companies offer Term Insurance Plan, Whole Life Insurance Plan, Endowment Plan, Investment-Linked Insurance Plan and Best Life Insurance Package in Dubai, UAE. Fast turnaround time in processing and getting approval from the banks of UAE.
We are a lead generating company which connects consumers with third party lenders.
Apply now for cash and get a quick approval. Minimum period – 6 months and maximum period – 60 months.
The minimum apr is 1.54% and maximum apr is 24.99% depending on your company, salary, bureau score and the type of loan you avail.
Applicable fees will be 1% of loan amount as processing fees & 1% of remaining amount if early settlement.
There are no charges for applying on our platform. Once you apply for the type of product you are interested in, you will get calls from our registered consumers, which will be great for you to compare and decide amongst the options.
Illustration-
Principal Loan Amount = AED 100
Rate of Interest = 1.54%
Processing Fee = 1%
Tenure = 6 month
Total Loan Amount = Principal Loan Amount + Interest + Processing Fee
= 100 + 1.54 + 1
= 102.54
Monthly Installment = Total Loan Amount / Tenure
= 102.54 / 6
= 17. 09