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30 Year Term Life Insurance

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With a 30-year term life insurance plan, you can have life insurance coverage for 30 years provided all the premiums are paid on time. This type of term life insurance gives financial protection to the beneficiaries of the policyholder in case of the latter’s demise during the policy tenure.  

There are four types of term life insurance available in the UAE – level term insurance, increasing term insurance, decreasing term insurance, and the return of premium term insurance. This article will discuss the major aspects of 30-year level term life insurance, the top plans for a 30-year level term life insurance, primary inclusions, exclusions, riders available with 30-year level term life insurance plans, and so on.

Without further ado, let's start by addressing the key underlying question here –

What is a 30-Year Level Term Life Insurance?

A 30-year life-term insurance policy is a type of life-term insurance policy which provides coverage for 30 years. It is one of the most affordable types of life insurance policy, making it a popular option among UAE nationals and expats with a wide variety of financial requirements. For those looking for long-term life insurance coverage, a 30-year term is ideal.

A 30-year level term insurance, one of the cost-effective forms of life insurance, is when the policyholder pays fixed premiums throughout the policy period. Simply put, death benefits and the premium remains the same for 30 years in the 30-year level term life insurance. This plan is specifically designed for individuals with long-term financial objectives.

How to Choose the Right 30-Year Level Term Life Insurance Plan?

Buying a life insurance policy is one of the important decisions of your life. Mentioned below are some key factors to be kept in mind while purchasing a 30-year term life insurance policy –

  • Choose the Right Premium Payment Term: With multiple insurance providers offering 30-year level life insurance plans in the UAE market, the premium differs from one lender to the other. It is, thus, essential to conduct thorough research before picking the right life insurance policy in terms of an affordable premium.
  • High Claim Settlement Ratio (CSR): The CSR signifies the total number of claims settled by an insurance company against the total number of received claims and acts as an objective yardstick to find a reliable insurance company. Going with an insurance company with a high claim settlement ratio is advisable.
  • High Solvency Ratio: The solvency ratio is one of the indispensable factors to consider while picking an appropriate 30-year term life insurance policy. It depicts the insurance company's capability to meet its financial obligations and gives a clear picture of the company's financial position. Looking for a high solvency ratio is recommended, as these companies have enough capital to pay all valid life insurance claims.
  • Opt for Riders: Add-ons or riders provide extra coverage to the policyholder on top of their basic coverages, with some common term insurance riders being accelerated death benefit riders, accidental disability benefit riders, accidental death benefit riders, and so on.

While it is not mandatory to add riders to a 30-year level term life insurance policy, it is highly recommended to include the ones matching your requirements in your policy to be well-prepared for the uncertainties of life at nominal additional prices.

  • Appropriate Cover Amount: The life insurance coverage amount should be sufficient to financially protect your family, while its premium must fit nicely into your day-to-day expenses. Thus, before picking a 30-year level term life insuranceplan, it is better to assess your needs and select an appropriate cover amount for your policy.

Benefits of Opting for 30 Year Level Term Life Insurance Plan

Individuals with families or dependents long for their financial protection and security, and a life insurance policy makes for an excellent solution in such cases. The following sections discuss some of the remarkable benefits of a 30-year level term life insurance plan –

  • Significant Coverage: 30-year life insurance policy offers financial protection for up to 30 years, ensuring the policyholder's family is secure and financially independent till the time of retirement (or somewhere nearby) of the individual.
  • Death Benefit: A 30-year life insurance policy provides a sum assured as a death benefit to the policyholder's family or beneficiaries if the policyholder passes away. This gives financial protection to the dependents and ensures that their goals and daily needs are not affected in their absence.
  • Peace of Mind: With a 30-year life insurance policy assuring financial security for the dependents in case of the policyholder’s demise, peace of mind is easily ensured for the policyholder with such a plan. Some 30-year life insurance policies also provide financial aid during medical emergencies and minimise the financial burden on the pocket.
  • Critical Illness Cover: Some 30-year term life insurance plans are inbuilt with critical illness cover and provide financial aid for an acute illness that is not covered by the insurance companies. It also covers the expenses made at the hospital during treatment.
  • Low Premium: Most 30-year life insurance policies from the leading insurers in the UAE have low premiums, meaning that you can easily pay the premium payments at your convenience without affecting your other expenses.
  • Riders: One of the remarkable advantages of 30-year level life term insurance plans is the availability of a wide range of riders or add-ons. These riders can enhance the coverage of the plans as per your specific requirements.

Top 30-Year Level Term Life Insurance Plans

Multiple insurance providers offer 30-year level term life insurance plans to both UAE nationals and expatriates. Let’s check out the key details of each 30-year level term life insurance plan –

Insurance Company

Plan Name

Annual Premium

Takaful Emarat

Fixed term

AED 1,011

Noor Takaful – Watania

Pure protection

AED 600

HAYAH Insurance (Previously known as AXA GCIC)

Term life protect

AED 1,256

Union Insurance

Smart Term

AED 1,438

Noor Takaful – Watania

Pure Protection Cashback

AED 1,480

Note: The actual premium amount may vary depending on the sum assured, personal details of the applicant, applicable discounts, and several other factors

Features of 30-Year Life Term Insurance Plans

Discussed below are some of the notable features of 30-year life term insurance plans –

Policy

Features of the Policy

Fixed Term by Takaful Emarat

  • Level term plan
  • Worldwide coverage
  • COVID-19 coverage
  • Provides coverage to pre-existing diseases, subject to the approval of the provider

Pure Protection by Noor Takaful –Watania

  • Level term plan
  • COVID-19 coverage
  • Pre-existing diseases covered, subjected to the insurance company's approval
  • Death benefits shall be payable to the nominee only when:
  • Information and particulars declared by the insured in the application form are accurate
  • The death has not occurred by suicide within the first year from the commencement of the policy
  • If the insured has not requested to terminate the Takaful certificate before the date of death
  • In case the beneficiary is a minor, the death benefit shall be paid to the legal guardian

Term Life Protect by HAYAH Insurance

  • Level term plan
  • COVID-19 coverage
  • Waiver of premium benefit
  • Medical check-up not required
  • Death due to any cause
  • Terminal illness benefit
  • Permanent total disability
  • Critical illness benefit
  • Passive war and terrorism cover

Smart Term by Union Insurance

  • COVID-19 coverage after 30 days of commencement of the policy
  • Pre-existing disease coverage, same as the sum insured payout in case of death (waiting period of 6 months)
  • No medical check-up required
  • Coverage provided worldwide
  • Accidental death coverage – 100% of the sum assured
  • Cover for sickness as follows –
  • Up to 12 months – 20 % of the sum insured (max. AED 200,000)
  • Between 12 to 18 months – 60% of the sum insured (max AED 600,000)
  • More than 18 months – 100% of the sum insured
  • Death of the policyholder due to pre-existing medical conditions and terminal illness, kidney failure, and cancer within 12 months are not covered
  • Grace period of 30 days shall be granted for the payment of each premium

Pure Protection Cashback by Noor Takaful – Watania

  • COVID-19 coverage
  • Maturity bonus payout – up to 50% of the premium paid
  • Death benefits shall be payable to the nominee only when:
  • Information and particulars declared by the insured in the application form are accurate
  • Death by suicide within the first year from the commencement of the policy is not covered by the policy
  • If the insured has not requested to terminate the Takaful certificate before the date of death
  • In case the beneficiary is a minor, the death benefit shall be paid to the legal guardian

Add-Ons of 30-Year Life Term Insurance Plans

The table below lists the add-ons available with 30-year term life insurance plans –

Policy

  • Add-Ons

Fixed Term by Takaful Emarat

  • Terminal illness (on diagnosis), death imminent within 12 months – Cover of AED 500,000 in which AED 20 is included
  • Critical illness (on diagnosis) – Cover of AED 50,000 for AED 273 (optional)

Pure Protection by Noor Takaful – Watania

  • Critical illness (on diagnosis): Cover of AED 50,000 for AED 122 (optional) – it is to be noted that this add-on is available for 15 years
  • Passive war risk – Cover of AED 500,000 (free)
  • Permanent total disability (accident and sickness) – Cover of AED 50,000 for AED 6 (optional)

Term Life Protect by HAYAH Insurance

  • Terminal illness (on diagnosis) – Cover of AED 250,000 for free
  • Critical illness (on diagnosis) – Cover of AED 50,000 for AED 133.85
  • Passive war risk – Cover of AED 500,000 for free
  • Permanent total disability (Accident, sickness and premium waiver) – AED 120.13
  • Temporary life cover – Cover of AED 500,000 without any charges

Smart Term by Union Insurance

  • Passive war risk – Cover of AED 500,000 for free

Pure Protection Cashback by Noor Takaful - Watania

  • Terminal illness (on diagnosis) – 20% of the sum assured starting from the commencement of the policy (maximum amount up to AED 150,000)
  • Repatriation benefit – For AED 5,000

Exclusions in 30-Year Life Term Insurance Plans

Given below are the major exclusions of the mentioned 30-year level life term insurance plans –

Policy Name

  • Exclusions in the Policy

Fixed Term by Takaful Emarat

  • Death from suicide
  • Current war risk restrictions including war, invasion, warlike operations, mutiny, riot, strike, terrorism, sniping, ambushes, commotions, civil war, and so on

Pure Protection by Noor Takaful – Watania

  • Death resulting directly or indirectly from suicide
  • Active war risk restriction including civil war, revolution, insurrection, riots, overthrow of a legally constituted government, martial law, state of siege, conspiracy, and so on
  • Nuclear, biological, or chemical explosions

Term Life Protect by HAYAH Insurance

  • Death due to an illegal act or attempted violation of the law by the insured
  • Loss caused due to the following factors –
  • Active participation in terrorist acts
  • Intentional self-inflicted injury, suicide, or any attempted threat
  • Congenital anomalies and conditions
  • Active participation in war or warlike operations
  • Loss occurring while –
  • Participating in professional sports whether playing or practising
  • Flying in aircraft or device for aerial navigation
  • Loss sustained due to intoxication or under the influence of any drug or narcotics
  • Claim arising from misrepresentation or non-disclosure of facts in the application form or other relevant documents

Smart Term by Union Insurance

  • Active participation in war or warlike actions, like insurrection, riot, civil commotion, and so forth
  • Engaged in gliding, aviation, or another form of aerial flight
  • Breach of criminal law by the policyholder or an assault provoked by them
  • Death from suicide
  • Nuclear, biological or chemical explosions
  • Infection caused due to HIV or any AIDS-related condition
  • Terminal illness, kidney failure and cancer within 12 months after the commencement of the policy
  • Death caused due to COVID-19 cover during the first 30 days of the issued policy

Pure Protection Cashback by Noor Takaful – Watania

  • Death resulting directly or indirectly from suicide
  • Active war risk restrictions, including civil commotion, rebellion, civil war, martial law, state of siege, invasion, riots, and so on
  • Nuclear, biological, or chemical explosions

Eligibility Criteria for 30-Year Life Term Insurance Plans

Let’s take a look at the common eligibility conditions for a 30-year level life term insurance plan –

Parameters

Eligibility

Minimum Entry Age

18 years

Maximum Entry Age

59 – 74 years (depending on the plan and insurance company)

Maximum Coverage Age

65 – 79 years (depending on the plan and insurance company)

Nationality of Applicant

UAE nationals and expats with valid residence visas

Documents Required to Obtain 30-Year Life Term Insurance Plans

Keep the following documents ready to obtain a 30-year level term life insurance policy in the UAE –

  • Valid Emirates ID
  • Valid residence visa required for expatriates
  • Salary slips
  • Address proof (utility bills)
  • Medical records/documents if required

General Claim Procedure for 30-Year Life Term Insurance Plans

To ensure quick claim approval and the availability of the sum assured at the time of the demise of the policyholder, it is crucial to be aware of the claim filing process for a 30-year level life term insurance policy.

Mentioned below is the general claim procedure for a 30-year level life term insurance policy –

  1. Notify the Provider About the Claim

The beneficiary must inform the provider about the death of the policyholder and submit the claim settlement form available on the provider's website. However, it should be kept in mind that every insurance company has its own defined period in which the insured can apply for the claim. Beneficiaries must be aware of such details to make the claim in time.

  1. Provide Proof of Loss

Once the claim form is submitted, the beneficiaries are required to provide the necessary documents to the insurance company as proof of loss. Some of the standard documents required are given below –

For a death within the UAE, the following documents are to be provided –

  • Insurance certificate
  • Copy of passport with valid visa of the insured person
  • Copy of passport or a valid ID of beneficiary
  • Medical report from an authorised treating facility with detailed diagnosis and cause of death
  • Post-mortem report copy
  • Copy of police report, if death had occurred in an accident

For a death outside the UAE, these additional documents would be required –

  • Copy of death certificate duly notarised and attested by the UAE embassy of the country where the death had occurred. Furthermore, the same should be attested by the Ministry of Foreign Affairs in the UAE and the UAE embassy.
  • Copy of UAE visa cancellation page
  • Other documents required by the insurer
  1. Payment of Claim

After verification of the provided documents and claim form, the claim payment shall be payable to the beneficiaries of the deceased individual in case the claim is approved. It is to be noted that the entire process usually takes 4 to 5 working days.

Why Purchase 30-Year Life Term Insurance Plan from Policybazaar Insurance?

Purchasing your 30-year level life term insurance plan from www.policybazaarinsurance.ae comes with an array of benefits. Let us uncover some most prominent ones:

  • Policybazaar Insurance has a user-friendly platform to ensure that customers can not only browse and compare the best 30-year level term life insurance plans but also apply for the same with ease
  • We have an in-house insurance expert team to help you select the most appropriate insurance plan as per your budget and requirements
  • ae goes the extra mile to ensure that its customers don’t face any problems with its impeccable after-sales-service
  • You can get in touch with our customer support anytime and get real-time assistance with any issue you are facing
  • In just one place, you can find the best term life insurance plans from the leading providers – all at the best prices in the UAE

Taking Off

Having the necessary arrangements for the financial security of the family is the key to a peaceful and stress-free life. While formulating a sound financial plan, life insurance plays a prominent role. Choosing a 30-year level term life insurance plan is a smart move to meet long-term financial objectives, take care of your financial requirement at various stages of your life, protect your loved ones with financial security, and more.

Nevertheless, selecting the best 30-year level life term insurance plan can be challenging, as numerous factors are to be considered before opting for a plan for you and your dear ones. If you are looking for a plan aligning with your needs and budget, you can visit the Policybazaar Insurance website and compare the best insurance plans available to make the right decision.

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