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RAK Life Insurance

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AED 1 million life cover starting @50/month
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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.

Specifications
Age Criteria  
  • Age of Issue: 1 month to 65 years
  • Age at Maturity: 95 years
 
Plan Options Single or Joint Life
Policy Currency USD
Payment Premium Frequency Monthly, quarterly, semi-annually, or annually 
Payment Term Single premium (1 year) or regular premium (5 to 20 years or the policy’s complete term)

Listed below are the major benefits offered by the plan –

Benefits
Accidental Loss of Life Cover Beneficiaries can receive up to USD 5 Million in the event of the policyholder’s death
Free Second Medical Opinion From the USA’s renowned medical centres
Free Medical Discount Card Residents can get a medical card for availing of 10% to 30% discounts at select medical providers in the UAE
Terminal Illness Cover Accelerated death benefit is offered in case the policyholder is diagnosed with a terminal illness

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

Additional benefits
Critical Illness Cover A lump sum payment of up to USD 1 Million if diagnosed with a critical illness (any of the 32 illnesses listed by the company)
Health Cover Abroad Treatment expenses are covered up to USD 2 million for a lifetime with maximum coverage of USD 1 million every year if the policyholder undergoes treatment outside UAE
Waiver of Premium In case of the policyholder’s death or disability, MetLife would pay for the remaining premiums to ensure the plan remains in force
Permanent and Total Disability If an accident or sickness results in permanent total disability of the policyholder, the plan pays up to USD 2 million in cash payments
Permanent Partial Disability If an accident leads to the permanent total disability of the policyholder, the plan pays up to USD 1 million in the form of cash payments
Hospitalization If an accident or sickness leads to hospitalisation of the policyholder, the plan can provide up to USD 2,000 on a weekly basis

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.

Specifications
Plan Options Level Benefit and Decreasing Benefit
Age Criteria
  • Age of Issue: 20 to 75 years for Life and 70 years for Accelerated Critical Illness
  • Age at Expiry: End of selected plan term, up to 85 years for Life and 75 years for Accelerated Critical Illness
Policy Currency USD, GBP, AED, and Euro
Premium Payment Methods Singe premium, monthly, quarterly, semi-annually, and annually
Premium Payment Options Limited Pay, Regular Pay, or Single Pay

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

Benefits
Life Cover The beneficiary gets 100% coverage in the event of the policyholder’s death
Level Term The premium amount remains fixed from 5 to 30 years or till age 55 to 85
Free Second Medical Opinion Get free access to second medical opinion from well-known medical centres in the USA
Free Medical Discount Card Get 10% to 30% discounts with a medical card for UAE’s select medical providers

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.

FAQ's

Q1. What is the tenure of the RAK life insurance policy?

Ans: RAK life insurance is an endowment plan with flexible tenure. Individuals can choose a term – 3, 5, or 7 years – based on their financial planning and objectives.

Q2. Does the RAK life insurance plan offer survival benefits?

Ans: Yes, the RAK life insurance policy comes with a survival benefit, which gives you the accrued amount at maturity.

Q3. How to get in touch with the RAK life insurance desk?

Ans: For queries related to RAK life insurance, you can simply call 800 7254 (the number is applicable for calls within the UAE).

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