Sukoon Life Insurance

Sukoon Insurance, earlier known as Oman Insurance Company (OIC), was established in 1975 and is primarily owned by the Mashreq Bank. Currently, Sukoon Insurance is one of the most renowned and innovative organisations in the insurance industry in the UAE.

Sukoon Insurance makes for an excellent choice if you are looking for life insurance in UAE with features like affordable plans, a range of options, comprehensive coverage, and more. To find out which plan from the list is the best suited for you, let’s discuss the various Sukoon life insurance plans, their key features, benefits, eligibility criteria, and more.

Available Plans Under Sukoon Life Insurance

A wide range of attractive oLiptions is one of the defining features of Sukoon (formerly Oman) Insurance. We will have a glance at the different life insurance plans offered by the company as well as their salient features –

1. Life Protect

Also referred to as Whole of Life Insurance, this is a comprehensive Sukoon life insurance plan that uses a portion of your premiums to invest in your preferred investment funds.

Listed below are some of the key features of the Life Protect plan –

• Extended coverage till the maximum age of 95 years
• Loyalty bonus and benefits offered
• Liberty to change the premium amount during the policy period.
• Freedom to switch between investment funds
• Worldwide coverage
• Permanent disability coverage available for up to the age of 65 years
• Critical illness coverage up to the age of 95 years

2. Unit-Linked Insurance Plans

Sukoon (earlier Oman) Insurance offers three unit-linked insurance options, which are Smart Invest, Elite Life, and Sukoon Advantage. These plans combine the benefits of both insurance and investment.

Key features of Unit-Linked Investment plans include –

• Attractive rates of return
• Policy period up to the age of 61.
• Cover medical expenditures
• High threshold for medical examinations
• Flexible payment period
• Additional benefits and loyalty program
• Flexible premium payment options
• Top-up investment option
• Option to migrate the Sukoon life insurance plan to a different country from the UAE
• Multiple investment options to choose from
• Portfolio management facility available

3. Diabetic Care

Diabetic Care is a special type of plan under Sukoon life insurance which brings coverage for people with type 2 diabetes. While the plan covers major diabetes-related medical expenses, you can always add auxiliary riders to expand the plan coverage.

Furthermore, the plan extends death benefits in the event of the policyholder’s demise due to organ failure, cardiovascular issues, paralysis, stroke, and so forth.

Here are the primary features of the Diabetic Care plan –

• Guaranteed insurance coverage on any condition related to diabetes
• Financial assistance for medical complications due to diabetes, including additional assistance in case of death
• Flexible premium payment options
• Options to enhance insurance coverage and cover other ailments as well
• Option to add cancer protection as well as 20% additional payout option for the loss of a limb

4. Term Insurance

Sukoon term insurance is available in two types – Life Guard plan and Term Protect. These plans can financially assist the family of the policyholder in case Listed below are the salient features of these plans –

• Coverage for up to 80 years of age
• Customisable plans
• Flexible premium payment options
• Critical illness coverage
• Auxiliary riders
• Joint coverage (spouse cover) and worldwide coverage under the same policy
• Special discount for non-smokers

Benefits of Purchasing Sukoon Life Insurance

The primary benefits of buying Sukoon life insurance are listed below –

• Option to Modify - If you have purchased a Sukoon (formerly Oman) life insurance plan, you can later modify the plan at various life stages. Moreover, you can switch among different investment funds depending on your financial situation and requirements.
• Global Coverage - The Sukoon life insurance plans benefit not only UAE nationals but expatriates as well, as the insured individual can enjoy coverage in most countries of the world.
• Financial Security within Your Budget - Sukoon life insurance plans can ensure your family’s financial security and offer a multitude of features without any exorbitant insurance costs. The premiums of all the Sukoon insurance plans are affordable, with most plans coming with flexible premium payment options as well. Thus, you can get financial security without exhausting your resources.
• Borrow Against the Policy - You can easily apply for a loan against the insurance or cash value of the policy in some cases. However, this facility would be subject to the terms and conditions of each plan.

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