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10 Year Term Life Insurance

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A 10-year term life insurance plan is a policy that provides unchanging premiums and assured death coverage to the policyholders. The insured individual would stay covered as long as they continue to pay the premium. This policy ensures that the policyholder’s beneficiaries are financially secured in case of their uneventful demise.

Once the policy matures, the financial coverage ends. Some 10-year term life insurance plans can be renewed. To know more about the top plans for 10-year term life insurance, consider reading the following sections of this write-up.

This article will offer insights into the inclusions, exclusions, and riders of these plans. With these details, you can get a better understanding of how to choose a suitable 10-year term life insurance plan in the UAE.

How to Choose the Right 10 Year Term Life Insurance Plan?

When choosing and comparing the 10-year term life insurance plans, consider the following factors

  • Premium Rate of the Plan – Premium is an essential aspect of term insurance plans, with the prices varying from one insurance provider to another. Some other factors that influence your premium are the riders you include, your lifestyle, and more.
  • Claim Settlement Ratio – It is the ratio of the claims filed and the claims settled in the year. You should consider securing your 10-year term life insurance plan from a provider which has a higher claim settlement ratio – a higher claim settlement ratio implies that the family members will most probably receive financial benefits in case of the demise of the policyholder.
  • Solvency Ratio – It depicts the insurance provider’s ability to settle claims in case of unfortunate circumstances. The provider you select should have reasonable capital to manage and settle several claims simultaneously.
  • Availability of Riders – Add-ons or riders help in strengthening your 10-year term life insurance plan. They provide additional coverage that is essential along with the basic coverage. Keep in mind that riders tend to raise the premium rate slightly.
  • Critical Illness Cover – Several term insurance plans offer critical illness cover along with the fundamental life plan. This coverage offers financial protection to the insured individual’s family to cover the medical expenses for diseases like heart and lung disease, diabetes, cancer, and more.

Term Insurance Plans

5 Year Term Life Insurance 15 Year Term Life Insurance 20 Year Term Life Insurance

Benefits of Opting for 10-Year Term Life Insurance Plan

Here are the key benefits of 10-year term life insurance plans –

  • Considerable Coverage – A term life insurance plan can offer financial protection for up to 10 years, thus providing peace of mind during the policy tenure
  • Planning – With a term insurance plan in hand, the insured individual can focus more on the future. They can, thus, plan their future growth prospects while feeling secure regarding their immediate needs.
  • Death Benefit – In case of the unfortunate demise of the insured during the policy period, their beneficiary gets the amount for death cover. This amount is usually higher than the conventional plans.
  • Additional Riders – The policyholder can avail of extra benefits by including add-ons, which can make the term insurance policy more comprehensive
  • Lower Premium – Certain 10-year policies charge a lower premium based on the policyholder’s age, in case the policyholder is younger. With this, the premium amount does not disturb the overall budget and can be paid using a flexible payment method.

Top 10-Year Term Life Insurance Plans 

Listed below are the top 10-year term life insurance plans in the UAE –

Policy Provider

Policy Name

Premium Amount

HAYAH Insurance (Previously AXA GCIC)

Term Life Protect

AED 476 per annum

Noor Takaful – Watania

Pure Protection

AED 600 per annum

Takaful Emarat

Fixed Term

AED 555 per annum

Union Insurance

Smart Term

AED 1,756 per annum

Noor Takaful - Watania

Pure Protection Cashback

AED 1,973 per annum

Note – The premium amount may vary depending on the discounts provided, your profile, lifestyle, and more

Features of the Term Life Insurance Plans

Discussed below are the salient features of the aforementioned top term life insurance plans –

Policy

Features

HAYAH Insurance (Previously AXA GCIC) – Term Life Protect

  • Level Term Plan
  • Coverage for –
    • Death due to any cause
    • Terminal illness
  • Passive war and terrorism
  • Worldwide coverage
  • COVID-19 Coverage
  • Waiver of Premium Benefit

Noor Takaful – Watania – Pure Protection

  • Level Term Plan
  • Worldwide Coverage
  • COVID-19 Coverage
  • Coverage for Pre-existing Diseases – Subjected to the provider’s approval
  • Death Benefits only when –
    • The information provided and disclosed by the applicant is correct
    • The death of the policyholder did not occur due to suicide within the first year from the date when the policy comes to force
    • The participant has not asked to terminate the Takaful certificate before their death

Takaful Emarat – Fixed Term

  • Level Term Plan
  • COVID-19 Coverage
  • Worldwide cover
  • Cover for pre-existing diseases – subject to the provider’s approval

Union Insurance – Smart Term

  • Level Term Plan
  • COVID-19 Coverage – after 30 days from the date when the policy tenure begins
  • Cover for pre-existing disease – same as the sum insured payout in case of death (waiting period of 6 months)
  • Worldwide coverage
  • No medical check-up required
  • Cover for sickness –
    • First 12 months – 20% of the sum assured
    • 13 to 18 months – 60% of the sum assured
    • After 18 months – 100% of the sum assured
  • Cover for accidental death – 100% of the sum assured
  • Cover for Terminal Illness (death is inevitable within 12 months) – cancer or kidney failure – covered after a waiting period of 12 months

Noor Takaful – Watania – Pure Protection Cashback

  • Level Term Plan
  • COVID-19 Coverage
  • Maturity Bonus Payout – 50% of the premium paid
  • Worldwide coverage
  • Accident Coverage – Same as the sum insured to be paid in case of death
  • Sickness Coverage – Same as the sum insured paying in case of death

Add-ons of 10-Year Term Life Insurance Plans

In case you wish to expand the scope of coverage of your chosen 10-year term life insurance plan, you can utilise the following add-ons for the same –

Policy Name

Add-Ons

HAYAH Insurance (Previously AXA GCIC) – Term Life Protect

  • Critical Illness (on diagnosis): Cover of AED 100,000 – AED 200.16
  • Permanent Total Disability: Cover same as the sum insured – AED 90.91
  • Temporary Life Cover: Cover AED 900,000 – Free

Noor Takaful – Watania – Pure Protection

  • Critical Illness (on diagnosis): Cover of AED 100,000 – AED 240
  • Permanent Total Disability (due to accident and disease): Cover of AED 100,000 – AED 7

Takaful Emarat – Fixed Term

Critical Illness (on diagnosis): Cover of AED 100,000 – AED 252

Union Insurance – Smart Term

Passive War Risk

Noor Takaful – Watania – Pure Protection Cashback

Repatriation Benefit – AED 5,000

Exclusions in 10-Year Term Life Insurance Plans

Here are the primary exclusions of the mentioned 10-year term life insurance plans –

Policy Name

Exclusions

HAYAH Insurance (Previously AXA GCIC) – Term Life Protect

  • Death due to participation in any illegal activity
  • Participation in active terrorism, war, or warlike operations
  • Intentional self-inflicted injury
  • Congenital anomalies
  • Loss occurred when –
    • Participating in professional or hazardous sports like climbing, mountaineering, bungee jumping, paragliding, scuba diving, and more
    • Demise due to substance abuse

Noor Takaful – Watania – Pure Protection

  • Suicide
  • Active War Risk – includes civil war, riots, revolution, conspiracy, overthrow of the official government, insurrection, state of siege, military or usurped power, and more
  • Nuclear, Chemical, or Biological Explosions

Takaful Emarat – Fixed Term

  • Suicide
  • Active War Risk Restrictions – includes war, invasion, act of foreign enemies, warlike operations,  mutiny, riot, strike, terrorism, civil war, and more

Union Insurance – Smart Term

  • Active participation in war or similar operations like civil war, riot, civil commotion, insurrection, or any other act of violence
  • Participation in activities like aviation, gliding, or any other aerial flight that is not operated by a commercially-licensed pilot or crew
  • Attempted suicide
  • Intentional self-inflicted injury
  • Accidental or deliberate use of nuclear, chemical, or biological substance causing explosion
  • Infections caused by HIV
  • Terrorism

Noor Takaful – Watania – Pure Protection Cashback

  • Suicide
  • Active War Risk – includes civil war, riots, revolution, conspiracy, overthrow of the official government, insurrection, state of siege, military or usurped power, and more
  • Nuclear, Chemical, or Biological Explosions, Contamination, Pollution, or fire

Eligibility Criteria to Purchase a 10-Year Term Life Insurance Plan

Before purchasing a 10-year term life insurance plan, it is essential to know who is eligible for the policy. The two major factors that influence eligibility, i.e., age and nationality, are discussed in detail below –

  • Age –To secure a 10-year term life insurance plan in the UAE, the applicant must be at least 18 years old. However, several providers have set the minimum age at 21 years. You need to verify the minimum age requirement with your provider before securing the term insurance plan.
  • Nationality – You must be a UAE national or should have a valid resident visa to secure insurance. You would also need to provide documents to prove that you are a resident during the application process.

Common Eligibility Criteria for 10-year Term Life Insurance Plan

Tabled below are the general eligibility criteria followed by most term life insurance plans –

Particulars

Eligibility

Minimum Entry Age

18 years

Maximum Entry Age

Between 65 and 79 years (depending on the insurance provider)

Ideal for

  • Salaried individuals
  • Newly married couples
  • Senior citizens
  • Parents

Nationality

UAE National and Residents with valid Visa

Documents Required for 10-Year Term Life Insurance Plans

The following is the list of documents required to secure a 10-year term life insurance plan in the UAE –

  • Emirates ID
  • Valid Passport for expatriates with a valid residence visa
  • Address Proof (utility bills)
  • Salary Slip
  • Medical Records (if applicable)

General Claim Procedure for 10-Year Term Life Insurance Plans

It is easy to file a claim for a 10-year term life insurance plan in the UAE. The beneficiaries would simply need to follow these steps to file a claim –

  • Submit the claim settlement form –The beneficiary can visit the insurance provider’s website and download the form to fill it out and submit it
  • Provide the requested documents –The claim settlement form should be affixed with all the necessary documents stating that the insured has passed away or suffers from total permanent disability.

For a death within the UAE, the beneficiary would be required to provide the following documents –

  • Certificate of Insurance
  • Copy of the insured’s passport with a valid residence permit
  • Copy of beneficiary’s passport or valid ID
  • Death certificate
  • Original medical report from an authorised physician with an elaborated diagnosis and cause of death
  • A copy of the post-mortem report and police report (in case the death was due to an accident)
  • Other documents specified by the provider if any

Note – The beneficiary would need to provide additional documents in case the insured passed away outside the UAE –

  • An original or verified copy of the death certificate attested by the UAE Embassy in the country where the insured passed away
  • A copy of the UAE visa cancellation page
  • Other documents as required by the company

It is important to ensure that you submit all the documents within 180 days from the date of demise

  • Verification and the waiting period –Once the beneficiary has submitted all the required documents, the insurer verifies them before paying out the claim. This process usually takes 4 to 5 working days from the date on which the beneficiary submitted the claim form.
  • Settlement Process –After verifying all the documents and the information provided by the beneficiary, the insurance provider provides the sum assured to the beneficiary

Why Purchase Term 10 Year Term Life Insurance Plan from Policybazaar UAE?

For a seamless insurance-buying experience, you should consider purchasing your 10-year term life insurance plan online on policybazaarinsurance.ae. As the fastest-growing third-party aggregator (TPA) in the UAE, we help users compare and select the most suitable plan for themselves at their convenience from the comfort of their homes.

Policybazaarinsurance.ae, our website, is an easy-to-maneuver site. Simply provide personal information like name, date of birth, lifestyle, salary, and gender in the lead form in the ‘term insurance’ section. You will be directed to the quotes page where you can access the top 10-year term life insurance plans from the leading providers in the UAE. After comparing the plans thoroughly, you can apply for your preferred one there

With Policybazaar UAE, you can also avail of benefits like –

  • Affordable insurance policies from plenty of options
  • 24-by-7 customer support in case you are confused about the right policy for you
  • Assistance from a team of insurance advisors via phone, WhatsApp, and e-mail
  • After-sales service
  • Rebates and discounts on the premium rates

For more information about 10-year term life insurance plans,

Frequently Asked Questions

Q1. What happens in case the policyholder does not pay the premium?

Ans: Most providers in the UAE offer a grace period wherein the policyholder needs to pay the premium. In case of any failure regarding the same, the policy lapses.

Q2. What is a level-term insurance plan?

Ans: In level-term insurance policies, among the most commonly sold plans in the UAE, the premium to be paid is pre-decided and remains the same throughout the tenure.

Q3. What happens if you survive the 10-year term life insurance plan?

Ans: Usually, there is no maturity or return of premium benefit in case you survive the term insurance plan. If you have opted for the return of the premium rider, you will receive the amount back once the policy period ends.

Q4. Is there any age restriction on the 10-year term life insurance plan?

Ans: The minimum entry age for securing the term insurance plan is 18 years while the maximum age varies from 65 years to 79 years. Beyond this age limit, an individual cannot secure a term insurance plan.

Q5. How does the 10-year term life insurance plan work?

Ans: Initially, the policyholder is expected to make regular premium payments for a pre-decided period. After this, they remain insured for 10 years. In case the insured passes away during the policy period, the beneficiary is paid the death benefit.

Q6. Who can purchase the 10-year term life insurance plan?

Ans: This term insurance plan is suitable for anyone who is looking for a short-term plan. It can also be secured by individuals who are expecting some expenses at the end of the term. For this, they can also include the return of premium rider to get the money invested back.

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