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LIC International, founded in 1989 in Bahrain, is one of the most popular names in insurance around the world. LIC India, the parent company of the former, is the largest insurance provider in India and offers a comprehensive range of exceptional insurance plans. LIC International does the same for people in the UAE, Bahrain, and other Gulf nations.

LIC international is certainly a great choice if you plan to secure your family’s financial future with life insurance in UAE. Let’s understand how these plans can be beneficial for you and your family by exploring the features, benefits, and other aspects of the LIC Life Insurance plans in the UAE.

LIC Life Insurance Plans

In the following sections, we will discuss the major LIC life insurance plans and their features.

International Term Plan

This term insurance plan is a type of LIC Life Insurance plan that can cover the financial requirements of the policyholder or their family in case the former dies or faces a critical illness during the tenure of the plan.

Under this plan, the insured individual can receive coverage for 37 critical illnesses such as cancer, organ transplant, coma, and so on if the rider for the same is taken.

Tabled below are the general specifications of this LIC Life Insurance plan –

  Minimum Limit Maximum Limit
Sum assured USD 30,000 None
Term 5 years 35 years
Mode of premium payment   Monthly, quarterly, half-yearly, annually, or single premium

Participating Whole Life Plan

The Participating Whole Life Plan offers coverage for the entirety of the policyholder’s life. This life insurance policy, although available only in Kuwait, Oman, and Bahrain, safeguards the interests of the family members of the policyholder in case of any unforeseen event and offers lifetime security as well.

While this plan doesn’t have any maturity benefits, you can get the sum assured along with the accumulated bonus subject to the fulfilment of certain conditions. The bonuses are added to the sum assured every year, even after the term for paying the premium gets over. The primary benefits of this plan include death benefits, loan facility, portability, flexible payment options, and accidental death or disability coverage.

  Minimum Limit Maximum Limit
Sum assured USD 2,500 (in USD 100 multiples afterwards) None
Term 5 years 35 years
Mode of premium payment Monthly, quarterly, half-yearly, annually, or single premium

Key Features of the LIC Life Insurance Plan

Listed below are the general features of the mentioned LIC Life Insurance plans –

  • Flexible premium payment options enable policyholders to make payments at their convenience
  • Guaranteed death benefits for beneficiaries in case of the death of the policyholder can eliminate the stress of financial planning for the family in their absence
  • Lifetime coverage of the plans can help in securing the policyholder’s lifelong requirements related to themselves and their families. Such long coverage offers financial cushion to the family members of the insured for the long term, unlike the other term insurances offering coverage for a specific term.

Benefits of Buying LIC Life Insurance

The points listed below highlight the primary benefits of the LIC life insurance policy –

  • Straightforward Purchasing Process - LIC is widely known for an easy purchase process, regardless of whether you buy the policy online or offline. Furthermore, you can enjoy special benefits and additional discounts if you buy the policy online.
  • Easy Claim Settlement - The claim settlement process of LIC life insurance policies is as simple as the purchasing process. This can be highly beneficial in case you require any financial assistance urgently in an unforeseen scenario.
  • Multiple Product Variants - LIC offers a wide range of insurance and investment products, meaning that you would be able to find something for all your financial requirements
  • Unparalleled Customer Support - LIC offers round-the-clock customer support that can promptly address your queries, help you with claims, and provide the required assistance at any time of the day
  • Investment Returns - LIC life insurance policies offer bonuses that yield high returns over time. Thus, besides the safety of your funds, you can expect adequate coverage for your financial risks even when considering inflation over time.
  • Loan Facility - You can also take a loan against the security of an LIC life insurance plan. However, keep in mind that the maximum loan amount that you can receive is generally 90% of the eligible surrender value. Similarly, you can take a loan only after a specific period from the date of policy initiation has passed in some cases.
  • Additional Benefits or Riders - While the LIC plans provide comprehensive coverage, you can always add riders to the basic insurance plan to expand your coverage. These riders can provide protection against risks that are not covered by the main plan at nominal additional costs.

Eligibility Criteria

Here are the general eligibility criteria for the mentioned life insurance plans by LIC –

  Minimum Age at Entry Maximum Age at Entry
Participating Whole Life Plan 14 years 60 years
International Term Plan 18 years   65 years

FAQ's

Q1. How to choose a suitable LIC life insurance policy?

Ans: After examining your financial capability and requirements, you can compare the different available plans and make calculations related to the total premium amount and the maturity amount to choose the most suitable LIC life insurance policy for yourself.

Q2. What is the customer care number for LIC life insurance?

Ans: You can contact the Dubai office of LIC at (+971) 43354858 or drop an email at mail@licinternationaluae.com. If you are in Abu Dhabi, you can contact (+971) 26399133.

Q3. Can I borrow a loan against my LIC life insurance policy?

Ans: Depending on the type of LIC life insurance policy you have purchased, you may be able to borrow a loan against it subject to the policy conditions.

Q4. What is the sum assured in the LIC life insurance policy?

Ans: The sum assured of an LIC life insurance plan would vary from one plan to another. This is because the sum assured depends on several factors such as the type of plan, your age and income, and other such factors.

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