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SIP PlansIncome Protection Insurance in UAE: Best Salary Cover Plans
Income protection insurance in the UAE is designed to support you financially if you lose your job, fall seriously ill, or get injured and can’t work. Whether you're responsible for supporting a family or managing personal expenses, this coverage acts as a safety net, offering peace of mind during ...read more
In the forthcoming sections, you will learn all about income protection insurance and how it can help you maintain financial stability when life takes an unexpected turn.
An Overview of UAE Income Protection Cover
Income protection insurance is a type of insurance plan that comes to the rescue in case of involuntary unemployment. The insurance offers regular monthly payouts, helping you settle essential expenses such as rents, bills, and daily needs during the period of unemployment. This plan offers a financial cushion in the face of uncertainties.
Different insurance companies provide varying levels of benefits and coverage. However, before buying an individual income protection cover, you need to acquire the mandatory Income Loss of Employment cover from the UAE government.
Benefits of Income Protection Insurance Dubai
Job loss insurance in the UAE gives you monthly payments if you lose your job due to circumstances beyond your control. It supports you while you look for a new job. Key features include —
- ILOE Benefit – A set part of your monthly salary is paid (up to a limit), in addition to the government’s ILOE support.
- Hospital Cash – Daily cash payments if you're admitted to a hospital in the UAE.
- Accidental Death – A lump sum is given to your nominee if you unfortunately die in an accident within a pre-determined period of the incident.
How Does Income Protection Insurance Work?
Best Income Protection Insurance in UAE
One of the best income protection insurance policies in the UAE is the Orient Income Protection Plan.
Here are the major benefits of this income protection cover in UAE:
- If you involuntarily lose your job, you can receive up to 80% of your monthly income or AED 15,000 (lower of the either) for up to 3 months. This is in addition to the state’s ILOE benefit.
- If you're hospitalised, you can receive a daily hospital cash benefit of up to AED 400 for up to 15 days.
- In the event of an accidental death, your beneficiary will get up to AED 100,000 as a lump sum.
Where to Buy the Best Income Protection Insurance in the UAE?
The best income protection insurance can be easily bought via Policybazaar Insurance UAE. We offer the best plans from leading providers under one roof. In just a few minutes, you can fill in the application form, compare plans, and choose the one that best suits your needs.
Also known as income protection insurance, salary insurance is a scheme where you, the policyholder, are compensated monthly for a pre-determined period during the unemployment period.
The UAE has introduced a mandatory Unemployment Insurance Scheme to support full-time employees in both the government and private sectors. It provides financial protection by giving cash benefits to eligible workers who lose their jobs.
An income protection plan gives you monthly payments if you can’t work due to job loss, serious illness, or injury. It acts as a financial safety net during uncertain times.
The cost of ILOE insurance depends on your monthly salary. If you earn AED 16,000 or less, it costs AED 5 per month or AED 60 per year. If you earn more than AED 16,000, it costs AED 10 per month or AED 120 per year.
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