Insurance Plans offered by FGB
First Gulf Bank has developed into one of the most respected financial institutions in the UAE. Apart from credit cards, debit cards, lines of credit and a host of other products, the bank also offers a comprehensive range of insurance policies that are designed in a manner such that there is something for everybody. Whether you are looking for life cover or insurance for your home or vehicles, First Gulf Bank has extensive options to choose from.
FGB General Insurance Plans
- Motor Insurance
- Travel Insurance
- Home Insurance
The car or motor insurance policy from First Gulf Bank offers flexible cover and free car registration service to customers. If you purchase the policy online, no documentation is needed and you will also get a 10% off on the policy. Customers also have a choice to avail the insurance immediately and pay for it at a later date using any of their FBG cards.
The travel insurance policy offers global coverage against theft and loss or damage to your luggage when travelling. You will also be covered against trip cancellations, hospitalisation, and trip curtailment. Policies can be purchased for 10% off online and customers can also avail special offers on Annual Multitrip Policies.
The home insurance policy offered by First Gulf Bank is apposite for both tenants as well as landlords. A discount of 10% can be availed if the policy is purchased online. Special offers on Annual Multitrip Policies are also up for grabs.
FGB Exclusive Insurance Products
- Gadget Protect
- Remit Protect
- Well Woman Plan
This policy is tailored to provide benefits that are not covered by the manufacturer’s warranty. Mobile phones and tablets can now be insured against theft, loss, accidental damage, unauthorised calls, etc.
This policy provides a means to ensure that monthly remittance will be made to the home country of the insured if he/she cannot for any reason whatsoever continue remittance. The policy also covers other costs that may arise in relocation, transportation and repatriation. Premiums are as low as AED 0.6 to AED 1.6 per day, making it affordable for everyone.
The Well Woman Plan provides insurance for seven cancers that are only specific to women. It provides financial backing to women in their darkest hour to ensure that treatments are promptly provided to help you get better. The insured will receive up to AED 200,000 when diagnosed and coverage does not take into consideration the applicant’s family’s medical history. The premiums are affordable and claims can be made four months after the plan was activated. Women between 18 and 64 years of age are eligible for this policy.
FGB Protection Plans
- Lifestyle Protection Plan
- Parents Plus
- Diabetes Care
- Critical Illness Plan
- Tenant Protect
- Insta Protect Plus
- Whole Life Insurance
Individuals can cover regular expenses of their families should there be any unforeseen circumstances for an affordable monthly premium. The minimum age requirement to qualify for this policy is 18 and the maximum is 64. Salaried employees and UAE residents qualify for this policy.
Parents Plus is a unique health insurance policy that provides health cover for Non-Resident Indians’ parents and in-laws who reside in their home country. The maximum age of the parents/in-laws should be under 80. The policy covers non-allopathic treatment as well as cost of medicines and ophthalmic and dental benefits are also applicable. Also covered under this policy are pre- and post-hospitalisation charges and ambulance charges among others. The proposer should be under 60 years of age and reside in the UAE to gain eligibility.
This policy is especially tailored to provide cover for individuals who have the risk of diagnosis with Type 2 Diabetes. Financial support is provided to ensure that the insured is provided with the treatment required to cure the condition. The insured receives complimentary consultation and check-ups in the UAE, access to wellness programs, reimbursement of prescribed medicines, free lifestyle counselling and dietary assessment, and cash payout up to AED 400,000 for affordable premium payments.
This plan pays a lump sum or a monthly amount in case the insured is diagnosed with one of the illnesses covered under the plan during the coverage period. How many diseases are covered differs depending upon the insurer, but the major illnesses like coronary artery bypass, paralysis, stroke, cancer, major organ failure, etc. are usually covered by most plans. Customers can either take the plan in conjunction with other insurance policies or as a separate one, and the minimum age requirement is 18 years while the maximum is 60.
This distinctive insurance plan covers the cost of all your possessions in your house regardless of whether you are living as a tenant or own the property yourself. For the landlords, the plan insures the structure of the building or home while tenants are covered against damage or loss to possessions when they are shifting their homes.
Insta Protect Plus serves as one of the simplest insurance policies to cover financial liablities that are still unpaid, like personal loans, to make sure that your family does not go through any hassles in case of the policyholder’s unfortunate demise. Moreover, the plan also provides 50% returns on the total period, which can be withdrawn when the policy matures.
This plan insures the policyholder for the entirety of his/her life, and unlike most term insurance plans, this plan is not limited to a specific period. Customers are certain to receive a payout with this plan as beneficiaries will receive a certain amount in case of the life assured’s unfortunate demise.
FGB Savings Plans
- Professional Education Plan
- Systematic Investment Plans/Regular Saving Plan
- Participating Endowment Plan
- Pension Plan
- Jeevan Nivesh Plan
- Capital Guaranteed Insurance Plan
Entry into the finest educational institutions is getting harder and harder to attain owing to increased costs, but this plan helps you start saving for your child’s future well in advance so that he/she can reach important milestones between their 18th and 23rd birthday. The Professional Education Plan provides cover for the educational needs of your child in any country on the planet and the currencies accepted include AED, EUR, USD and GBP. Premium payments can be lowered, increased or suspended depending upon circumstances at any point during policy coverage.
Customers who have an existing investment plan can invest a certain sum of money regularly to make the most of market fluctuations. Spending a set sum of money at regular intervals helps customers stay ahead by purchasing fewer units when prices increase and more units when prices decrease. Premium payments can start, stop, decrease or increase any time you wish (subject to terms and conditions).
This savings plan provides life cover for those who want to make the most of benefits associated with their investments while also landing a safety net for emergencies in the future. Benefits can be claimed upon the maturity of the policy, and customers will also receive year-on-year bonuses. Customers also have a choice to limit the premium payment to five years, and there is no limit on the maximum sum assured.
This retirement solution offers a regular income for the assured as well as his/her dependants to ensure that their standard of living remains the same after they retire from professional duties. The plan can be taken out with or without life cover depending on the customer’s preferences, and pension benefits can be claimed for your whole life after you have completed 40 years of age. The minimum premium payment term should be made for at least five years to avail benefits.
Jeevan Nivesh is a single premium plan which matures after three years. Customers are guaranteed returns of 3.25% each year along with 100% capital guarantee when the policy matures. Customers can also take loans up to 90% of the surrender value.
Another single premium policy, Capital Guaranteed Insurance Plan offers insurance benefits as well as high returns on investment made through USD. The LIC of India guarantees 100% capital on this five-year policy. Customers can receive high returns on their investments as well as attractive rebates if their premium investment exceeds USD 50,000.
Features and Benefits of First Gulf Bank Insurance Plans
- Wide variety of products to choose from
- Exclusive products for women
- Special discounts can be availed on certain products
- Option to make premium payments in different currencies for certain products
- Affordable policies
Frequently Asked Questions – FAQs
- What is the minimum and maximum age requirement to apply for Systematic Investment Plans?
- What are the different currencies accepted by the bank for making premium payments?
- What is the term of the Critical Illness Plan and how much do premium payments cost?
- Can the policies be availed by both residents of the UAE as well as expatriates?
The minimum age to qualify for this medium to long term savings plan is 18 years while the maximum is 74. The maximum term of the policy is 25 years and the minimum is five.
Different plans can be availed by making premium payments in different currencies. Currencies will depend upon the terms and conditions of the particular plan, but the Professional Education Plan, for instance, can be paid for using AED, EUR, USD and GBP.
The maximum term of the Critical Illness Plan is 35 years while the minimum is five, and the minimum premium payment is just $17.50, making it the most comprehensive package for anyone looking to cover themselves or their families against critical illnesses in the Middle East.
Each policy has its own set of terms and conditions that specify which of them can be availed by both residents as well as non-residents and those that are specially tailored to cater to one group of people.