Zurich Term Insurance - One of the Best Life Insruance in UAE

24-Jul-2014 17:27:00

Life Insurance, Zurich Term Insurance

Zurich Term Insurance is One of the Top 5 life insurance in UAE. in the UAE.

It provides international cover and the best in the industry service at an affordable cost.

Zurich Term Insurance is designed to pay an agreed cash lump sum in the unfortunate event of death during the term of the plan.

You can enhance the scope of your Zurich term life policy by adding one or more of the following riders;

Critical illness benefit
Waiver of Premium
Permanent & Total Disability Benefit

Critical illness benefit

Pays out an agreed cash lump sum if you are diagnosed with one of the illnesses or disabilities defined in your policy.

Zurich Term Insurance - Financial Planning in Dubai

Also Read : What is Critical Illness Insurance and why you need it?

This benefit is subject to a waiting period of 90 days from the start of the policy.

Critical illness claims are paid as an advance payment of the life cover amount.

This means that when a critical illness claim is paid, the life cover amount is reduced by the amount of the critical illness claim. If the claim is equal to the life cover amount, then the policy ceases to exist.

Your premiums for critical illness benefits will be reviewed every five years and may increase each time. However, there has never been an increase in premiums in the past.

List of Zurich Critical Illness Benefits - UAE

1. Aorta graft surgery – for disease and trauma	13. Liver failure – end stage	25. Open heart surgery – with surgery to divide the breastbone
2. Aplastic anemia – resulting in permanent symptoms	14. Lung disease – end-stage/respiratory failure – of specified severity	26. Paralysis of limbs – total, permanent and irreversible
3. Bacterial meningitis – resulting in permanent symptoms	15. Heart attack – of specified severity	27. Parkinson’s disease before age 65 – resulting in permanent symptoms
4. Benign brain tumor – resulting in permanent symptoms	16. Heart valve replacement or repair – with surgery to divide the breastbone	28. Primary pulmonary arterial hypertension – resulting in permanent symptoms
5. Blindness – permanent and irreversible	17. HIV infection – caught in a specified country* from a blood transfusion, a physical assault, or work in an eligible occupation	29. Stroke – with permanent symptoms
6. Cancer – excluding less advanced cases	18. Kidney failure – requiring dialysis	30. Systemic lupus erythematosus – of specified severity
7. Coma – with permanent symptoms	19. Loss of independent existence – resulting in permanent symptoms	31. Terminal illness
8. Coronary artery bypass grafts – with surgery to divide the breastbone*	20. Loss of hands or feet – permanent physical severance	32. Third-degree burns – covering 20% of the body’s surface area or 50% of the face’s surface area
9. Creutzfeldt-Jakob disease – requiring continuous assistance	21. Loss of speech – total, permanent and irreversible	33. Traumatic head injury – with permanent symptoms
10. Deafness – permanent and irreversible	22. Major organ transplant*	34. Ductal Carcinoma - In Situ of the Breast - With Specific Treatment( partial payment)
11. Dementia (including Alzheimer’s disease) before age 65 – resulting in permanent symptoms	23. Motor neuron disease – resulting in permanent symptoms
12. Encephalitis	24. Multiple sclerosis – with persisting symptoms

While this plan has many common Critical Illness Benefits, The Benefit No 19. Loss of Independent Existence is unique and a useful benefit.

If a person is unable to perform at least 4 daily acts of living like walking, dressing, maintaining personal hygiene, eating and drinking, using the lavatory, and controlling Bowel and Bladder movements permanently then they can claim this benefit.

Click here to download the Critical Illness Guide of Zurich Term Assurance.

Permanent and total disability benefit

Permanent and total disability benefit pays a lump sum if you become permanently and totally disabled and therefore are unlikely to ever work again.

To make a claim you need to have been permanently and totally disabled for at least 180 consecutive days. During the waiting period, you would still need to pay your policy premiums.

Permanent and total disability claims are paid as an advance of the life cover amount, which means that when a claim is paid, the life cover amount is reduced proportionately.

Waiver of premium benefit

If you choose to avail of this benefit, then Zurich International Life will pay the premiums due to the policy on your behalf if you are totally incapacitated by illness or accident.

A waiting period of 180 days is applicable for the commencement of cover under this benefit, which means that you can need to satisfy Zurich International Life that such disablement has existed for a continuous period of at least 26 weeks prior to any claim.

During the waiting period, you would still need to pay your policy premiums, although if we accept the claim we will refund those premiums and then waive future premiums. Waiver of premium ensures that your policy, and the cover it provides, continue when you need it most.

Your premium payments in respect of waiver of premium benefit are guaranteed for the policy term

Features and Benefits of Zurich Term Assurance

Term of Cover: You can avail of Zurich Term Life Insurance between 5 years to 35 years term.

Age of Cover: Minimum age at entry should be 18 and the maximum age at entry is 74. The maximum age at maturity should be less than or equal to 79.

For additional benefits of Critical illness or PTD, the maximum age at entry is 59.

No Cash Surrender Value: There is no cash surrender value or maturity value on this plan, because this is simple term insurance, offering affordable life cover with additional benefits.

How is this plan useful?

Zurich life term insurance can be used for the following;

It helps you protect your family's standard of living in the event of death
To protect a personal liability like a mortgage
As key man insurance to protect business liabilities and business continuity
To ensure children's education and financial well-being
To protect the marriage expenses of unmarried children
To secure the living expenses of an elderly dependent

The Critical Illness Benefit and the Permanent total disability benefit can be used for the following;

To pay for living expenses like rent, school fees, groceries, and other important commitments like Loan EMIs and saving commitments despite the loss of regular income.
To ensure adequate funds are available, enabling a family member to give up work to care for you or to fund other home care expenses
To repay debts in part or whole, while you are recuperating from a dreaded disease
To pay for making major renovations to your home For E.g. Renovating your house to enable wheelchair access
To protect your business continuity in the event of a key person or principal being critically ill.

Will my premiums change after I buy the policy?

Guaranteed premiums

The life cover premiums and, if applicable, Permanent and Total Disability Benefit and/or Waiver of Premium Benefit premiums will remain unchanged throughout the term of the plan. However the premiums towards the critical illness benefits are subject to a review every five years.

What will happen, If I do not pay the premiums?

Premiums due on Zurich term insurance, must be paid within 90 days of the Due Dates. If a premium payment is not made within 90 days from a Premium Due Date the Policy will lapse without any value and all Cover will cease.

However, if a claim arises during the grace period of 90 days, it will still be processed. If accepted the unpaid premiums will be ddedcute from the claim amount.

What are my options if the policy lapses?

If your Policy has lapsed, you can reinstate it within 12 months of the due date of the first unpaid premium, provided all of the following requirements are submitted to Zurich;

i) A reinstatement application from the Policy Owner(s) and,
ii) Payment of all the outstanding premiums and,
iii) Any underwriting evidence required by the Zurich.

Reinstatement of the Policy is at the discretion of the Company.

How to claim insurance with Zurich in UAE?

In the unfortunate event of death, disability or critical illness the insured or the beneficiary should contact their financial professional or Zurich over phone at 043634567.

You can also log into your account online to submit a claim.

Death claims should be submitted within 180 days from the date of the death of the Life Insured and all other claims should be submitted within 90 days from the date of the Claim Event.

Failure to notify a claim in time will not invalidate it, if a satisfactory reason for the delay in notification along with the satisfactory documents to support the Claim Event are provided to Zurich.

Please note, however, that delays in reporting the event may complicate the claim's investigation and processing.

How long does Zurich take to pay claims?

According to the 2023 Claims paid report, the average claim payout happens in 72 hours from the submission of all the required documents. The fastest claim was paid in 24 hours.

For more information on Zurich Term Life Insurance, Arrange a Free Consultation.

Click here to book a discovery call.

Damodhar Mata

Author, Blogger & Independent Financial Advisor. My goal is to give you actionable tools for creating passive income and building wealth. More than 10,000 expats have already used my ideas to jumpstart their journey towards financial independence. Connect with me to start yours...

Share this article on