Key employees play a crucial role in a company’s success, making their absence a significant financial risk. To secure financial protection against such losses, businesses in the UAE opt for Keyman Insurance.
With so many LIC policies in the UAE for financial security as well as savings and investment, choosing the right one that suits your specific needs is crucial.
To help you start, we have covered the best LIC life insurance policies in UAE along with their key features and benefits.
The first in the list of LIC plans in the UAE is this pure-term insurance plan that offers financial protection with a high sum assured at affordable premiums. It provides life cover and an optional Critical Illness (CI) rider, covering 37 major illnesses like cancer, heart attack, kidney failure, and more.
Furthermore, if you are a non-smoker, you can enjoy additional benefits in the form of lower life insurance premiums compared to smokers.
This plan features a 30-day grace period for yearly and half-yearly premiums and 15 days for monthly premiums. However, it doesn’t provide maturity or surrender value and loan facility.
Find below the key features of this plan —
Features | Specifications |
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Sum Assured | USD 100,000 or more |
Policy term | 5 to 35 years (coverage stops at the age of 80) |
Entry Age | 18 to 65 years |
Premium Payment | Monthly, half-yearly, and yearly |
High Sum Assured Discount | 10% discount on plans with sum assured of USD 500,001 and more |
Availability of Riders | Yes |
You can enjoy the following benefits with this type of LIC insurance in UAE —
In case of the policyholder’s death, the nominee receives the full sum assured. It ensures the financial security of the family members and allows them to meet their regular expenses without any strain.
Since this is a pure-term plan, it offers high coverage at low premiums, making it a cost-effective choice for many. Furthermore, it provides affordable premiums for non-smokers, which further reduces the cost of the plan for people who lead healthy lives.
The CI Rider provides a lump sum payout if the policyholder is diagnosed with any of the 37 critical illnesses. This can provide significant financial assistance in terms of meeting medical expenses, daily expenses, and more.
You can choose a policy term from 5 to 35 years, with multiple payment modes (yearly, half-yearly, and monthly). This way, you can freely choose your premium payment frequency on the basis of your financial objectives.
⭐The earlier you buy term insurance, the lower the premium you pay. |
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The New Future Bright plan is one of the best LIC policies in the UAE. It’s a single premium savings-cum-protection policy with a fixed 9-year term, offering guaranteed periodic returns and life cover.
It provides liquidity by paying 10% of the sum assured after 3 and 6 years, along with 102% of the premium paid (excluding taxes) plus a loyalty addition (if any) on maturity. Additionally, it provides the option to take a loan against it and a surrender value after one year
The key features of this LIC plan are tabled below —
Features | Specifications |
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Sum Assured | At least USD 20,000 |
Policy term | 9 years |
Entry Age | 15 to 60 years |
Maturity Age | 24 to 69 years |
Frequency of Premium | Single premium (one-time payment) |
Availability of Rider | No |
The key benefits of this plan are as follows —
You will get 10% of the sum assured after 3 years and another 10% after 6 years. This ensures you have sufficient amount in hand at different stages of life to fulfill your specific requirements.
At the end of 9 years (fixed policy term), you will receive 102% of the single premium paid (excluding taxes and extra charges) along with a loyalty addition, if declared.
If the policyholder passes away during the policy term, the nominee will receive the full sum assured, even if they have already received the survival benefits.
If needed, you can take a loan against your policy after 1 year — up to 80% of its surrender value. In fact, you can also surrender the policy after 1 year and get back at least 95% of your premium (after deducting any survival benefits received).
To find the best LIC life insurance policy in the UAE, you can explore its plans and compare them based on your financial objectives and requirements.
Your LIC insurance will lapse if you fail to pay the premium within the grace period.
Yes, many plans offered by LIC feature a surrender option that you can choose before the maturity date. However, keep in mind that the surrender value would be lower than the total premiums you have paid.