This article delves deep into the realm of holding multiple term insurance policies, highlighting the benefits and answering your pressing queries regarding this facet of financial planning.
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.
As mentioned earlier, you can find plenty of plans under Noor Takaful Life Insurance. Let’s briefly discuss what each plan has to offer –
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.
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.
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
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.
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.
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.
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.
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.
Here are the general features of the plans discussed above –
Let’s quickly go through the salient features and benefits as well as eligibility requirements for the major Noor Takaful Life Insurance plans –
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 –
Takaful contributions would be waived in the event of permanent and total disability of the policyholder provided they have availed of the waiver cover
Ans: Here are the plans offered under Noor Takaful Life Insurance – Life Care, Secure Income, Secure Invest, Smart Save, Executive Care, Pure Protection, Edu Care, and Hajj Takaful.
Ans: To avail of the Pure Protection Insurance Plan, your age must be in the range of 20 to 64 years at the time of application.
Ans: Yes, a one-time investment of AED 40,000 is required to start your plan, although you can contribute more after a while as well.
Ans: Yes, to fulfil your Hajj obligations, the Hajj Takaful plan collects some amount of funds over a period (ranging from 4 to 6 years) which can be used for your Hajj expenses.