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The 5 Best Term Life Insurance Plans in UAE for 2023
What is Term Insurance?
Term Insurance is a simple and the most affordable risk-cover plan having...
Life Insurance, Zurich Term Insurance
Zurich Term Insurance is One of the Top 5 Term Insurance in the UAE. It provides international cover and the best in the industry service at an affordable cost.
It is designed to pay an agreed cash lump sum in the unfortunate event of death during the term of the plan.
In addition to the life cover, Zurich Term Life Insurance also provides the following optional benefits;
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Critical illness benefit
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Waiver of Premium
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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.
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, which means that you can claim a critical illness benefit in the first 90 days from the start date of the plan.
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.
The following are the list of Critical Illnesses Covered by Zurich Term Insurance
| 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
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 life Critical illness or
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 marriage expenses of unmarried children
- To secure 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.
For more information on Zurich Term Life Insurance, please call me on +97150 - 2285405 or Arrange a Free Consultation.
