Introduction to Emirates Islamic Bank Life Insurance in UAE
Launched in 2004, the Emirates Islamic Bank offers a wide range of Shari'a compliant products and services such as savings, investment and term plans, which are managed by a Shari'a board comprising scholars of Islamic law. Emirates Islamic Bank maintains a wide network of branches, ATMs, cash and cheque deposit machines across the UAE.
Life insurance products brought by the Emirates Islamic Bank offer several attractive features and benefits including options to make additional lump sum payments, loyalty bonus, cancer cover for up to AED 300,000 and early surrender options sans penalties, among many others.
Types of Emirates Islamic Bank Life Insurance Plans
Emirates Islamic Bank offers several insurance products such as Takaful Emarat Secure Term Protection Plan, Takaful Emarat Secure Life Plan, MOMAYAZ plan, Idikhar Plus Savings Plan and Ethraa Savings Plan.
Features and Benefits of Takaful Emarat Secure Term Protection Plan
- Takaful Emarat Secure Term Protection Plan is provided by Takaful Emarat. Emirates Islamic is a distributor for the product.
- Offers affordable contribution of AED 600 per annum.
- Provides high coverage at AED 500,000.
- Maximum age limit for availing the plan is 75 years.
- Offers flexible options on plan terms ranging from 5 and 10 years to up to 15 years.
- Offers passive cover against war.
- Offers worldwide coverage.
- Offers no-claim bonus at maturity.
Features and Benefits of Takaful Emarat Secure Life Plan
- Takaful Emarat Secure Life Plan is provided by Takaful Emarat. Emirates Islamic is a distributor for the product.
- Requires a minimum monthly premium of AED 500 or USD 150.
- Maximum age limit for availing the plan is 85 years with a minimum plan term of 5 years.
- Offers cover against war.
- Customers can avail of early surrender options sans penalties.
- Offers flexibility in terms of tweaking the protection benefits, if need be, besides increasing and decreasing the contribution amount.
- Customers have the option to choose from various Takaful protection benefits according to their requirements.
Features and Benefits of MOMAYAZ plan
- MOMAYAZ is a Unique Investment Plan provided by SALAMA, an Islamic Arab Insurance Company. Emirates Islamic is a distributor of the product.
- Requires single contribution only.
- Plan is open to persons aged between 18 to 70 years.
- Customers have access to global Sharia compliant funds.
- Free partial withdrawal facility available.
- Offers family takaful benefit of 101% of initial contribution.
- Available in two currencies - AED and USD.
- Requires a minimum contribution of AED 100,000 (No limit on maximum contribution)
- Provides option to make additional lump sum payments.
- Provides option to appoint beneficiaries.
Features and Benefits of Idikhar Plus Savings Plan
- Idikhar Plus Savings Plan is provided by SALAMA, an Islamic Arab Insurance Company. Emirates Islamic is only a distributor for this product
- Require a minimum contribution of AED 500 OR USD 150 on a monthly basis.
- Offers upfront bonus allocation for up to 75% of first year contribution
- Offers loyalty bonus from the third year
- Provides terminal illness benefit.
- Offers a wide range of optional protection benefits (critical illness benefit, contribution waiver, accidental death benefit, permanent and total disability benefit, family income benefit, hospital cash benefit and accidental total or partial permanent disability.
- Offers varied payment options - monthly, quarterly, semi-annually and annually.
- Offers free partial withdrawals after 3 years.
- Customers have the option of decreasing contribution after 2 years.
- Offers several global funds such for different risk profiles
- Provides the facility of free fund switch or redirection.
Features and Benefits of Ethraa Savings Plan
- This plan is provided by Dubai Islamic Insurance and Reinsurance Company (AMAN). Emirates Islamic is a distributor of the product.
- Offers Dynamic Principal Protection (DPP) which protects capital investment by secure and innovative participation in the stock market compliant with Shariah laws.
- Offers affordable contribution limits (minimum AED 500 monthly or AED 6,000 yearly).
- Customers can make partial withdrawals anytime sans additional charges.
- Customers need to fill out a medical questionnaire for Takaful cover under AED 1.55 million.
- No surrender charges are levied for terminating the plan.
Why choose the Emirates Islamic Bank Life Insurance products?
From wide range of personal accidents benefits and flexible options on plan terms to high coverage at AED 500,000 and the option to choose from several additional Takaful protection benefits to suit your requirements, life insurance products provided by the Emirates Islamic Bank are suitable for customers with varied lifestyles and incomes.
Other products offered by Emirates Islamic Bank in UAE are:
Frequently Asked Questions - FAQs
Does any life term plan help cover expenses related to child education and marriage?
Does any plan offer a wide range of protection benefits in addition to being a robust investment vehicle?
Does any policy have a No-Claim' Bonus at maturity?
Is there any plan which offers coverage against cancer and child accidents?
Yes. Takaful Emarat Secure Life Plan is designed to achieve various financial goals related to child education and weddings in addition to several retirement benefits.
Yes. Idikhar Plus Savings Plan helps customers to meet their financial goals as well as offer critical illness and accident death benefits among many others in compliance with Sharia laws.
Yes. Under the Takaful Emarat Secure Term Protection Plan, you are not only protected against long-term expenses, but also can avail of a pre-determined 'No-Claim' bonus at maturity, provided all contributions are paid on time.
Yes. The Ethraa Savings Plan offers coverage against cancer for up to AED 300,000, accidental death for up to AED 300,000 and children accident for up to AED 25,000.