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Zurich Life Insurance

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AED 1 million life cover starting @50/month
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Zurich Life Insurance is a globally-renowned provider of financial and insurance services. Founded in 1872, the group has a history of over 150 years of providing a vast array of life, property, and other types of insurance plans to suit the requirements of a wide range of customers.

In this article, we will have an in-depth look at the various Zurich life insurance policies, their salient features and benefits, and more.

Types of Plans Offered by Zurich Life Insurance

Zurich Life Insurance provides 4 types of life insurance plans in the UAE. Let’s understand each plan in detail below:

1. Your Life

Zurich YourLife is a life insurance plan designed to financially protect the policyholder's family in case of the latter’s demise during the policy tenure. In case of the policyholder’s death within the policy term, YourLife would pay the sum assured to the designated beneficiaries, using which they can easily fulfil their daily requirements.

A notable feature of the YourLife plan is that individuals are not required to undergo medical examinations to apply for the policy, meaning that they can start the policy instantly. Similarly, the premium for the policy is affordable, which can start as low as AED 2 per day.

2. Zurich Futura

Zurich Futura is a unit-linked insurance plan that can provide lifelong insurance protection as well as an investment source for the policyholder and their family. In the case the policyholder passes away or faces an accident, disability, or critical illness, this plan can offer crucial financial help to their family. Additionally, this plan can also be modified as per the changes in the circumstances of the policyholder.

With life insurance benefits, one can also add any of the benefits discussed below to their policy -

  • Waiver of premium
  • Permanent and total disability
  • Critical illness
  • Accident death benefit
  • Family income and hospitalisation benefits
  • Dismemberment

Under this policy, 36 critical illnesses such as heart attacks, cancer, organ failure, and others are covered. In case the policyholder faces any of these diseases, the provider can offer them cash.

The premiums paid by the policyholder are invested in funds of their choice, with the value of those funds being used to pay the cost of the insurance. Depending on their requirements, a policyholder may structure their insurance policy so that they are protected for the rest of their life (Zurich whole life insurance cover) or a certain period (term insurance). Similar flexibility is offered with respect to the payment of premiums, as one can pay premiums over a period that they prefer, whether in a single premium or for a tenure between 7 and 50 years.

3. International Term Assurance (ITA)

Zurich ITA, or International Term Assurance, is a term life insurance policy that can provide a lump sum to the beneficiaries if the policyholder passes away during the predetermined policy term. It’s worth noting that this plan can also be used to pay off a mortgage.

With International Term Assurance, the sum assured remains the same throughout the policy. Along with life insurance benefits, one can also add any of the following benefits to their policy -

  • Waiver of premium benefit
  • Critical illness benefit
  • Permanent and total disability cover

With the ITA, the policyholder has the option of selecting a policy tenure of up to 35 years.

4. International Decreasing Term Assurance (IDTA)

IDTA or International Decreasing Term Assurance (IDTA) is a protection plan in which the sum assured reduces annually until it becomes zero over the course of the policy tenure.

IDTA can be utilised in situations that require a diminishing amount of life protection. These include the protection of repayment of a mortgage or other types of loans.

Besides life insurance benefits, one may also add any of the following benefits to the policy -

  • Waiver of premium benefit
  • Critical illness benefit
  • Permanent and total disability cover

This policy allows the policyholder to select the tenure of the cover, i.e., from 5 years to up to 35 years. However, it is essential to note that the policy should end before the holder's 80th birthday.

Benefits of Zurich Life Insurance Plan

Having a Zurich Life Insurance plan can bring several benefits, with some of the major ones being discussed below:

  • Zurich Life Insurance plans are easy to obtain and are available at affordable premiums. Moreover, the company offers simple packages with different scopes of coverage.
  • The Permanent and Total Disability benefit helps policyholders pay for their daily expenses if they become partially or permanently disabled and are unable to earn.
  • The hospitalisation benefit offered by the Zurich Life Insurance plan covers the policyholder's expenses when hospitalised.

Eligibility Criteria for Applying for Zurich Life Insurance Plan

Different Zurich Life Insurance plans have varied eligibility criteria. Discussed below are the eligibility requirements for each plan –

1. YourLife

To avail of YourLife insurance policy -

  • You must be a UAE resident
  • Your age must be between 18 and 50 years

2. Zurich Futura

To avail of Zurich Futura insurance policy -

  • You must be a UAE resident
  • Your age should be between 18 and 74 years
  • Your age must be between the ages of 18 and 64 to be eligible for any optional benefits

3. International Term Assurance (ITA) & International Decreasing Term Assurance (IDTA)

You must fulfil the following conditions to avail of these policies -

  • You must be a UAE resident
  • Your age should be between 18 and 74 years
  • You should be below 59 years to be eligible for any optional benefits

Discussed below are some of the frequently asked questions related to Zurich life insurance -

FAQ's

Q1. Who is authorized to pay premiums on my Zurich life insurance policy?

Ans: Barring the insurance plans offered by employers, most insurance plans accept the premiums only from the policyholder.

Q2. What are the chances that Zurich will pay my claims?

Ans: Zurich Insurance is a renowned insurance provider and claims to have paid 98.1% of the claims for life insurance in the last three years. Thus, you can expect Zurich to pay your claims provided that you didn’t disclose an existing medical condition or made a fraudulent claim.

Q3. How much will the life insurance policy cost?

Ans: The premium of an insurance policy is determined by the level of coverage as well as the term you select, your way of life, age, health profile, and more.

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