Life Insurance in Dubai
Dubai, an oasis in the desert is a city synonymous with luxury and advancements, garnering awe and attention from the rest of the world. This metropolitan city in UAE is home to over 2.4 million people from across the globe, making it a melting pot of cultures. One of the top tourist destinations in the world, Dubai sees a huge influx of tourists and job seekers, who come here in a bid to add some colour to their lives.
Amidst all the hustle and bustle that Dubai is known for, it is common for people to lose track of their health or fall into situations where their life is at risk. A life insurance policy acts as an ideal life saver in such situation, offering protection against any unforeseen eventuality.
Insurance regulations in UAE are determined by the Insurance Authority, which is in charge of framing policies for the region. Life insurance policies in Dubai need to adhere to the rules and regulations framed by this Authority, whose main aim is to safeguard the public and provide the best available service at competitive rates, apart from fulfilling other objectives.
Types of Life Insurance policies in Dubai
There are different types of life insurance policies one can opt for, depending on their requirements. Two of the most popular types of life insurance policies in Dubai are mentioned below.
- Term Insurance – Term insurance policies generally offer protection for a fixed term period, with benefits being paid if a policyholder dies during that term. Premium rates in such policies traditionally increase on a yearly basis, with higher premiums for older policyholders.
- Whole life insurance – These policies generally offer protection for life, with steady premiums throughout the tenure.
Obtaining Life Insurance in Dubai
Individuals who wish to obtain life insurance policies in Dubai can do so without hassles, with over 50 insurance companies offering traditional and Islamic insurance options. One has to ensure they meet the basic eligibility criteria set forth by these companies and pay the premium, post which their life insurance policies would be active. It is important for policyholders to read the terms and conditions associated with a particular policy before opting for it, in order to get the best deal for themselves.