Noor Takaful Life Insurance

Noor Takaful is one of the most popular and distinguished insurance providers in the UAE. With Noor Takaful, acquired by Dar Al Takaful in 2020, you can easily avail of Islamic Sharia-compliant insurance services for individuals, families, and businesses across the UAE and the Gulf countries.

You would find various plans offered under Noor Takaful Life Insurance. Let’s go through the major plans as well as their features and benefits that make them excellent options for life insurance in UAE.

Types of Plans Under Noor Takaful Life Insurance

As mentioned earlier, you can find plenty of plans under Noor Takaful Life Insurance. Let’s briefly discuss what each plan has to offer –

Life Care

This is an investment-linked plan which ensures that the policyholder's family is financially covered in case of an untimely death of the policyholder. Moreover, as per your preference, an additional amount can be invested into a Sharia-compliant Takaful Fund. This latter amount can account as a part of the policyholder's future savings and help them save up money for any future requirements.

Secure Invest

The Secure Invest plan under Noor Takaful is beneficial if you wish to invest your savings for a longer duration. You would need an investment of AED 40,000 to start this plan – further contributions can be made to the initial investment later. In the event of the untimely death of the policyholder, the beneficiary will receive at least 100% of the initial investment amount.

Secure Income

The Noor Takaful Secure Income Plan ensures that the policyholder's family is financially covered in case of an unforeseen circumstance such as the former’s death or disability. As indicated by the name, this plan ensures that the policyholder's family continues to receive monthly income to secure their financial requirements. In addition to the investment balance at the time of death or permanent disability, this benefit provides a one-time payment equal to 50 times the monthly contribution.

The policyholder's family, here, will receive a monthly stipend equal to 4 times the monthly contribution until the plan matures – future contributions will be waived until the end of the payment period

Smart Save

The Noor Takaful Smart Save Plan can help you save and invest your money to meet your financial requirements over an investment period that ranges between 5 years to 30 years, as per your choice.

Executive Care

Senior employees of a company are considered a major asset to the company and a driver of the company’s success. Taking note of this, the Executive Care plan of Noor Takaful Life Insurance covers businesses from risks in case of death or disability of such senior employees.

Pure Protection

As the name suggests, the Noor Takaful Pure Protection Plan ensures that the family members of the policyholder receive a lump sum amount in case of the death of the latter during the policy tenure.

Edu Care

The Noor Takaful Edu Care insurance plan is designed to provide financial cover for a child’s higher education amidst unfortunate circumstances like the death or disability of the policyholder. In case the parent/policyholder passes away during the tenure, a lump sum amount of 100 times the monthly contribution amount is provided for the child’s education. In the unfortunate event of the child's death, Noor Takaful will return the entirety of the invested amount or the policyholder may opt to nominate the same amount for another child.

Hajj Takaful

This plan can help the policyholder save funds for their Hajj expenses besides having adequate coverage in case they face any permanent or complete disability during the tenure of the plan. With this plan, the policyholder can have funds collected over a period so that they can fulfil their Hajj obligation.

General Features of the Plans

Here are the general features of the plans discussed above –

• The insurance plans offered under the Noor Takaful are cost-effective
• You can select a plan from the wide range of options and customise them with your preferred riders and add-ons
• A wide scope of coverage is provided to the policyholders for very low premiums under the Noor Takaful Life Insurance plans

Features, Benefits, and Eligibility Requirements for Noor Takaful Life Insurance Plans

Let’s quickly go through the salient features and benefits as well as eligibility requirements for the major Noor Takaful Life Insurance plans –

1. Life Care Insurance Plan

Death benefits, in a lump sum, will be provided to the family in case of death of the insured

An optional cover can be availed for the following –

• Critical illness
• Permanent and Total Disability
• Accidental death

Takaful contributions would be waived in the event of permanent and total disability of the policyholder provided they have availed of the waiver cover

2. Secure Income

• An annuity option of either 10 years or 20 years (at the end of the plan term) will be provided
• The primary cover can range from a minimum of AED 10,000 to any amount with no upper cap
• A sum assured of at least AED 10,000 is provided in case of Permanent total disability (no limit is applicable with respect to the maximum sum assured)
• The optional coverages include accidental death, permanent partial disability, temporary total disability, medical expenses, critical illness/terminal illness, repatriation, in-hospital cash allowance, and funeral expenses.

3. Secure Invest

• In case of the death of the insured individual, the Secure Invest cover will return a higher amount between their initial investment at the current market value and 100% of the investment amount.
• The policy provides the primary cover for the minimum one-time investment of AED 40,000
• This plan has an optional cover that offers a daily cash benefit for a hospital stay in case of any injury or illness (the benefit can be claimed after 18 hours)
• 50% of the benefit can be instantly accessed by the insured individual if they are diagnosed with a terminal illness
• The optional coverages that can be availed of with this plan are accidental death, permanent partial disability, temporary total disability, medical expenses, critical illness/terminal illness, repatriation, in-hospital cash allowance, and funeral expenses

4. Smart Save

• Smart Save policy tenure can range between 5 and 30 years
• You can apply for this plan provided your age will not exceed 75 years at the time of maturity
• While the minimum sum assured limit is AED 5,000, no such restriction is there on the maximum assured sum amount
• An optional coverage of additional level term, permanent total disability, accidental death, and critical illness can be chosen
• There is a waiver of Takaful contributions in case of permanent and total disability

5. Executive Care

• Policy term ranges from anywhere between 5 to 30 years
• The primary takaful cover provides a minimum amount of AED 1,000,000.
• An additional level term cover can also be opted for to protect the key member of an organization for a specific time period with the minimum coverage of AED 5000.
• Coverage of permanent total disability, accidental level term, critical illness, and accidental death can also be optionally availed.

6. Edu Care

• The policy term ranges from 5 to 20 years
• The primary takaful cover provides the beneficiary with a minimum cover of AED 20,000.
• Optional coverages of accidental level term, critical illness, and accidental death can be availed as required.

7. Pure Protection

• The tenure of the policy ranges from 5 to 30 years
• The pure protection cover can provide the policyholder's family with a lump sum amount in case of the policyholder’s death
• Your age should be between 20 to 64 years at the time of applying
• Optional coverage of accidental level term, critical illness, and accidental death can be availed if required
• You can avail of an additional optional benefit for the waiver of Takaful contributions in case of permanent and total disability

9. Hajj Takaful

• The policy term ranges between 4 to 6 years
• The minimum age of entry is 18 years, with the maximum being 55 years
• All UAE Muslim residents are eligible for the plan
• Currency of the plan can be either AED or USD
• Minimum sum cover of AED 15,000 (4,000 USD) and maximum sum cover of AED 50,000 (14,000 USD)
• Optional coverage of involuntary loss of employment, permanent total disability, and travel cover available

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