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.
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.
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.
|Plan Options||Single or Joint Life|
|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 –
|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 –
|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.
|Plan Options||Level Benefit and Decreasing Benefit|
|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 –
|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:
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.
Discussed below are the general features of the RAK Insurance life insurance plans –
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.
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.
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.
Listed below are the primary benefits of the RAK Insurance life insurance plans –
The general eligibility criteria for the RAK life insurance plans are listed below –
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.
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.
Ans: Yes, the RAK life insurance policy comes with a survival benefit, which gives you the accrued amount at maturity.
Ans: For queries related to RAK life insurance, you can simply call 800 7254 (the number is applicable for calls within the UAE).