• FGB Life Insurances offers Whole Life Insurance, Pure Term Insurance & Insta Protect Plus

    First Gulf Bank Life Insurance

    Introduction to First Gulf Bank Life Insurance in UAE

    Life insurance products account for only 14 per cent of premiums in the GCC region compared to 58 per cent in developed markets, according to experts. However, the UAE has the largest insurance market in the GCC. The insurance industry in the region is expected to grow at a compounded annual rate of 18.1 per cent, according to experts. Local banks are therefore, getting into the life insurance market for greater revenues.

    First Gulf Bank (FGB) is one of the leading banks in the UAE, delivering robust net profit in the first quarter of 2015 at AED 1,417 million, a 7% increase compared to the same period last year. FGB has been experimenting with several new products as part of its strategy to tap into the high level of uninsured or underinsured segments within the UAE and the region.

    Types of First Gulf Bank Life Insurance Plans

    FGB offers three major life insurance plans, namely, Whole Life Insurance, Pure Term Insurance and Insta Protect Plus.

    Features of Whole Life Insurance are as follows:

    A whole life insurance policy (contract with level premiums) provides cover for your entire life with a guaranteed pay-out. A whole life insurance has both insurance and investment components. As per the insurance component, a certain agreed amount is paid on the death of the insured while as per the investment component, cash is accumulated, which the policyholder can withdraw or borrow against.

    • Eligibility

    • Minimum entry age is 18 years while maximum entry age is 74 years.

    • Coverage Period

    • Coverage term is 95 years

    • Premium

    • Premium payment term is 7 to 15 years with a minimum premium of USD 150.

    Benefits of Whole Life Insurance

    • Offers life cover
    • Offers cover against critical illness
    • Offers family income benefit, accidental Death Benefit and hospitalization benefit

    Why you should opt for Whole Life Insurance plan?

    The plan offers several attractive features for the benefit of customers including income benefits and hospitalization benefits. Since it is a combination of insurance and investment, customers can also avail of the cash value benefit. It provides adequate protection against diagnosis of a terminal illness, premature death and critical Illness protection among many others.

    Features of Pure Term Insurance are as follows:

    Pure Term Insurance provide cover for a limited period of time only for a fixed regular premium. Term Insurance is a pure form of insurance protection in that a predetermined sum is paid if the insured dies during a specific period. All premiums are used to cover the cost of insurance protection sans survival benefits. The coverage ends at the expiry of the policy term, unless renewed.

    • Eligibility

    • Minimum entry age is 18 years while the maximum entry age is 74 years.

    • Coverage

    • Coverage term is 35 years

    • Premium

    • Minimum premium is USD 50

    Benefits of Pure Term Insurance

    • Term Insurance is a cost effective plan since unlike the whole life plan, it is a temporary insurance coverage plan and therefore, comparatively cheaper.
    • Provides cover against critical illness.
    • Offers cover against permanent total disability.

    Why you should opt for Pure Term Life Insurance plan?

    It is life insurance in its purest form in that a predetermined sum is paid on the death of the insured. However, it offers several additional features such as cover against critical illnesses and permanent total disability. What’s more, it is less expensive to acquire compared to a whole life insurance plan and therefore, quite cost effective.

    Features of Insta Protect Plus

    Insta Protect Plus is a life insurance plan which covers any unpaid financial liabilities (loans) in the event of loss of life of the policyholder, thereby protecting his or her family from the burden to pay outstanding debts. It also offers 50% return of the total premium paid upon maturity, if the product goes unused during the term of the plan.

    • Eligibility

    • Minimum entry age is 18 years while the maximum entry age is 74 years.

    • Coverage

    • Offers a total coverage of up to USD 200,000

    • Premium

    • An annual premium of USD 589. Total annual premiums paid = USD 8,835 (USD 589 x 15)

    Benefits of Insta Protect Plus

    • Offers instant worldwide life insurance up to USD 200,000
    • Guaranteed 50% return of premium if the plan is not used till maturity
    • Offers affordable premiums starting from USD 53 per month
    • Provides accelerated terminal illness benefit after diagnosis of a terminal illness.
    • No change in the premiums throughout the term of the policy.
    • Offers 0% easy payment plan with FGB credit Cards

    Why you should opt for Insta protect plus plan?

    Insta protect plus plan offers life insurance coverage at a low cost for the benefit of customers. Also, it offers an accelerated terminal illness plan part from the advantage of guarantee 50% payback of the total premium paid if the protection element is not used. What’s more, your family will be protected in the event of your death since your financial liabilities will not be solely borne by them.

    Other products offered by First Gulf Bank in UAE are:

    FGB Credit Cards

    FGB Car Insurance

    FGB Home Insurance

    FGB Travel Insurance

    FGB Health Insurance

    Frequently Asked Questions - FAQs

    1. Does Insta Protect plus plan offer cover against specific critical illnesses?

    2. No. The plan only provides a terminal illness benefit upon confirmed diagnosis.

    3. What’s the primary difference between whole life insurance plan and pure term insurance plan?

    4. Pure Term Insurance provide cover for a limited period of time only for a fixed regular premium while whole life insurance has both insurance and investment components.

    5. Can I protect my family against loans in the event of my death?

    6. Yes. You could opt for the Insta protect plus plan which is unique in that it covers any unpaid financial liabilities in the event of loss of life of the policyholder.

    7. Can I renew pure term insurance plan?

    8. Yes. Pure term insurance plan provides cover for a limited period of time only and expires at th end of the policy term (35 years). However, you can renew it, if need be.

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