RAK Life Insurance

Established in 1974, RAK Insurance is a premier insurance provider in the UAE. Over the years, the company has innovated and created multiple insurance offerings that secure customers’ lives, health, homes, and various other tangible and intangible assets.

Owing to their services and features, RAK life insurance plans are among the most beneficial plans for the same for individuals in the UAE. To help you understand these plans better, we will discuss the various facets of RAK Life Insurance and the benefits that you can avail of from purchasing the plan.

Types of Plans Under RAK Life Insurance

The major life insurance products offered by RAKBANK are Lifetime Pro and Legacy Pro, while the one offered by RAK Insurance is titled Everest Pro. Discussed below are the key features and benefits of the plans –

1. Lifetime Pro - It is a lifelong protection and savings plan with flexible payment terms, free withdrawals, and easy fund switching. The high amount of coverage offered by the plan is another remarkable feature of it, as you can get coverage from USD 100,000 up to USD 50 million in the form of protection cover.

Listed below are the major benefits offered by the plan –

The optional benefits that you can add to the plan include the following –

2. Legacy Pro - It is a ‘portable’ RAK life insurance plan that comes with numerous features such as free terminal illness covers and discounts on optical and dental services.

Listed below are the built-in benefits offered by the plan –

You can also include the following optional benefits:

• Accelerated Critical Illness (ACI)
• Accidental Loss of Life
• Accidental Loss of Life due to an accident in common carrier
• Health Cover Abroad
• Waiver of Premium
• Permanent Total Disability
• War Risk
• Personal Accident

3. Everest Pro - The Everest Pro is a single premium endowment plan offered by RAK Insurance which is available for RAKBANK customers only. The plan combines investment with insurance, meaning that a policyholder or their beneficiaries would receive benefits whether the former passes away during the policy tenure or survives it.

What’s remarkable about this RAK life insurance plan is that it also allows you to have your money invested in a market index designed by Munich Re. With this, the policyholder’s investment can achieve considerable growth over years, which may result in higher payouts at the time of death or plan maturity compared to the specified guaranteed death benefit.

Key Features of RAK Life Insurance

Discussed below are the general features of the RAK Insurance life insurance plans –

1. Guaranteed survival benefit

If you buy a plan under RAK Life Insurance, you will receive a lump-sum accrued amount at maturity. This amount will depend on the performance of the pre-defined capital market index. However, you will receive the minimum guaranteed amount as a survival benefit, regardless of the market performance.

2. Flexibility

As a policyholder, you won’t have to worry about the premiums for the plans owing to their flexibility. With these RAK life insurance plans, you can select your frequency of payment and pay the premiums accordingly to suit your budget without stretching it far.

3. Guaranteed death benefit

The RAK Insurance life insurance policy offers guaranteed death benefits to the beneficiaries if the policyholder dies before the policy matures. The death benefits that the beneficiaries receive at the time of maturity will depend on the tenure and the premium amount the policyholder has paid.

Benefits of Buying RAK Life Insurance

Listed below are the primary benefits of the RAK Insurance life insurance plans –

• Good returns - As mentioned earlier, the money taken for some life insurance plans is invested into market indices and other such instruments. With these investments made under expert guidance, you can generally expect a good payout.
• Wealth generation and insurance in one place - A RAK life insurance policy can help you with wealth generation through market investments – all while providing adequate life coverage as well. This means that you can have your investments and insurance in one place and avoid the hassle of dealing with them separately.

Eligibility Criteria for applying

The general eligibility criteria for the RAK life insurance plans are listed below –

• You must be a UAE resident or national
• You must be an account holder with RAKBANK
• You must be at least 18 years of age

If you are applying for a RAK life insurance policy, you would also need to send your identity and address proofs to the bank. For this, you must submit your Emirates ID if you are a UAE resident or national, along with a copy and original of your passport. Keep in mind that the bank may ask for a few other documents while processing your purchase.

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