Takaful Emarat Life Insurance

Takaful insurance is a type of Islamic Shariah-compliant cooperative insurance based on the principle of shared contributions and mutual collaboration among participants to compensate one another in the event of a loss. Participants and Takaful fund operators are Takaful insurance parties, equating to "the insured" and "the insurer" in conventional insurance.

Based on these Sharia-compliant principles and to provide excellent services under the same, Takaful Emarat Insurance PSC was established in 2008. The company provides various personal and corporate health and life protection coverages through different plans.

In this article, we will go through all the major Takaful Emarat life insurance plans and their details.

Types of Plans Offered

Discussed below are the key details related to each type of plan offered under Takaful Emarat Life Insurance –

• Fixed Term – The Fixed Term Plan is a life insurance plan ranging from 5 to 25 years that can help safeguard the future financial requirements of the family in the event of a participant's tragic demise. Whatever duration you select for this plan, Takaful Emarat ensures that the amount insured remains constant throughout that duration. The plan’s affordability and flexibility make it a popular choice among those looking for affordable insurance to cover their families.
• Decreasing Term – This protection plan can assure the proper fulfilment of your financial commitments. With the Decreasing Term plan, you can safeguard your mortgage or personal loans even in case of any unfortunate circumstances. As the name of the plan indicates, the sum assured here keeps on reducing throughout the policy tenure, which results in a corresponding fall in the premium payable. This type of life insurance is suitable for covering mortgages and other forms of reducing credit.
• Personal Accident Insurance – Another type of life insurance, this policy is designed to provide financial aid to the policyholder as well as their dependents in case of injuries or death due to an accident. The Personal Accident Insurance plan provides global and 24/7 financial protection with the sum assured ranging from AED 50,000 and AED 500,000 on annual premiums as low as AED 25. This kind of insurance is suitable for individuals who are involved in risky business lines such as transportation, construction, and so on to lessen the risk factor and provide some financial security in case of a mishap.

Listed below are the key features of Takaful Emarat Life Insurance plans –

Fixed Term

• The entry age range is between 18 and 65 years
• The plan currency may be USD or AED
• The plan term can range between 5 and 25 years
• Surplus sharing is done from the Takaful pool at the time of contract expiration or death
• Benefits for death due to any cause as well as repatriation.
• In the event of death, beneficiaries receive a lump sum payment.

Decreasing Term

• The entry age ranges from 18 to 65 years
• Yearly payments at the same rate irrespective of age
• Plan term ranges from 5 to 25 years
• Yearly payments are provided at the same rate, irrespective of age
• Surplus sharing is done from the Takaful pool at the time of contract expiration or death
• In the event of death, the Sum Cover is paid to the beneficiaries

Personal Accident Insurance

• Both males and females between the ages of 18 and 64 can avail of coverage under this plan
• Salaried, self-employed, and non-salaried individuals (students, dependants, and more) can access these plans
• Only valid for UAE residents

Benefits of Takaful Emarat Life Insurance Plans

Given below are some of the major benefits of availing Takaful Emarat Life Insurance plans –

Fixed Term

• The total covered amount stays fixed for the duration of the chosen plan.
• You can choose additional Takaful protection benefits to meet your requirements
• Surplus is shared from the Takaful pool
• Serious illnesses are covered in the plan
• Accidental death benefit is provided
• Partial and permanent/permanent total disabilities are covered in the plan

Decreasing Term

• You  can select the amortisation rate to estimate the decreasing sum cover
• Additional Takaful benefits can be selected based on your preference
• Annual or single contributions can be made
• The currency used may be either USD or AED
• Permanent total disability is covered in the plan

Personal Accident Insurance

• Minimal details and documentation required to purchase this policy
• There is no requirement for a medical examination
• The process of making a claim is fairly easy and swift

Eligibility Criteria

Some of the most basic eligibility conditions for availing of a Takaful Emarate Life Insurance policy are listed below –

• Policyholders must be between 18 - 65 years of age to participate in insurance arrangements
• Applicants must be UAE residents and provide proof of residency in the form of relevant documents
• Applicants must have a steady source of income

Applicants must also submit the documents mentioned below in order to obtain a life insurance policy:

• Emirates ID
• Passport-size photos
• Proof of address or residence, such as utility bills

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