Term Insurance For NRIs In UAE
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Term life insurance offers life cover to you safeguarding the financial future of your family in case of your untimely demise. Irrespective of your citizenship, it is necessary for you to purchase term life insurance in the UAE to ensure that your family is not rendered helpless after a mishap. Many companies in the UAE offer term insurance plans for NRI allowing you to create a financial backup for your family.
Document Required to Apply for Term Insurance for NRIs in UAE
Here is a list of the documents required before applying for a term insurance plan for NRIs in the UAE.
- Emirates ID – Original and a copy
- A valid Passport with residency visa – Original and a copy
- Utility Bills for the past three months – Original and copies
- Salary Slips/Salary Structure/Appointment Letter – for salaried people
- Trade License – for self-employed people
- Passport-sized photographs
How to Buy Term Insurance for NRIs in the UAE?
You can follow these simple steps to get an NRI term plan in the UAE.
- Discover Insurance Needs - You must first discover the type of insurance plan you need in terms of tenure, coverage, add-ons, and more based on your preferences.
- Visit the Online Portal - Once you have an idea of the features you need in their term plan, you can visit our website and go to the term insurance section to find suitable term insurance plans for NRIs in the UAE.
- Choose the Insurance Plan - On the website, you can go through the detailed features and benefits of all the shortlisted term plans for NRIs and choose the one that best fits your insurance needs.
- Provide Your Details - You need to provide their details such as their name, location, age, monthly income, current medical condition, and more in the application form to buy a term insurance plan for NRIs. Make sure you submit the required documents along with the application form to begin with the purchase process.
- Pay the Premium - Once done, you can go ahead and pay the insurance premium to complete the purchase. Before you pay for the insurance plan, you can also use a term insurance calculator available on our website to get an estimated amount you may need to pay. This helps you make a better financial decision based on your monthly budget requirements.
After paying the premium, you will get the insurance documents sent to your registered email address and the postal address. You can contact our help and support team anytime if you need any further assistance or want to know more about your chosen term plan for NRIs.
Things to Know Before Purchasing Term Life Insurance Plan for NRI in the UAE
- You should not be younger than 18 years or older than 60 years.
- 10, 15, 20, 25, 30, 35, and 40 years are the policy terms.
- Absolute protection from death, irrespective of the reason
- Policy periods range from ten to forty years
- It serves both as primary and supplementary coverage.
- Documentation that is straightforward
- Worldwide coverage
- Benefits of Maturity are Guaranteed
- Built-in coverage for incurable diseases
- AED 750000 is the maximum amount that can be insured
- The basic plan consists of two main components: a five-year renewable term plan and a level term plan.
- The option of converting a plan to bequest insurance is accessible.
- Maximum term of 40 years is allowed.
Conclusion
Consider the following factors while choosing term insurance for NRIs: dependability, claim settlement ratio, riders/additional coverage, policy comparison, and pricing. There are a variety of acceptable term insurance options for NRIs in the United Arab Emirates that provides full satisfaction to the NRIs with It gives you financial peace of mind, it's a budget-friendly option, benefits from taxes, payouts on time, accessibility, investing in wealth, volatility because everyone's demands are different, a method that works for someone else might not work for you. Evaluate several term insurance policies online and compare their features, benefits, sum assured, and protection to get the best term insurance policy for your needs.
Also read: Learn About What Is Term Insurance and How Does It Work? What Are the Advantages?
