Life is unpredictable and it is important to take all necessary measures to protect oneself against life’s uncertainties. Life insurance will ensures that your family stays protected in case something unfortunate should happen to you. Banks in UAE provide life insurance policies to UAE nationals and expats. Each life insurance policy comes with its own set of features and each policy has its own unique set of features. Each bank has its own eligibility criteria that the customer needs to fulfil in order to be eligible for the life insurance policy. The eligibility depends on many factors and the applicant is considered for the policy only if they fulfil the eligibility criteria.
Eligibility Criteria for Life Insurance
Though the eligibility criteria differs from each bank, there is a common criteria. Listed below is the general eligibility criteria to avail life insurance in UAE.
- Age: The applicant has to meet the age criteria in order to be eligible for the policy. While some banks require the applicant to be over 18 years, other banks grant the policy for children too. The bank sets the age criteria for the life insurance policy.
- Residency: The applicant has to be a resident of UAE(expats included)
- Income: The premium payer should be earning income in order to be eligible for the loan. The applicant can be salaried or self-employed.
- Credit Report: The bank considers the applicant’s credit report to determine their dedication to premium payment.