Best 5 Insurance Policy In The UAE That You Must Have
But why is that so?
Life is a very unpredictable journey; you never know when the trouble will land on your way.
Your car stops working in the middle of nowhere, you are involved in an accident, and now an immediate need for medical care or your home could be damaged by the natural calamities.
God forbid that ever happen to you. But have you ever thought in your wildest imagination if you fully covered yourself against these unexpected or sudden incidents?
Protection against such events is essential, and here, an insurance policy becomes your cooperative companion on your worst days.
Therefore, best insurance policies in UAE allow you to get covered against all the risks that can harm you by just paying initial charges on your terms.
For instance, if you are the owner of multiple cars or want health and car insurance from the same provider, you can demand a bundle discount on them.
Many insurance companies offer bundle discount packages to their clients who are getting more than one insurance policy.
Therefore, your insurance company in UAE can formulate a discount plan on your premium.
You will get informative and authentic content, and you will also receive comparison quotes against all the insurance charges trending around the UAE market.
We have presented the top 5 best insurance policies in UAE that you must have while doing any insurance shopping.
5 Best Insurance Policies In UAE
Dubai city of new development and the most visited place has a high record of road accidents.
The number has been increasing each year, and for the driver and citizen security, the government has made it a compulsory requirement for all the people to have car insurance who have a car.
This obligated requirement should not be done to satisfy the government only and your car needs.
Select the right type of policy that can benefit you in the longer run.
Common type of car insurance policies that are purchased are
- Third-Party Liability Insurance:
This is the most convenient insurance policy for car owners. It covers the basic requirement of car specs in times of unforeseen events.
This coverage comes into action under the following scenes such as,
- If an accident is caused by you then third-party liability coverage will pay for the other person’s expenses. This includes any damage or medical bills.
- Covers the cost of another person’s property damage you caused while driving
- It also facilitates you getting claims during theft and fire of the car or property.
2. Comprehensive Insurance
This is full coverage insurance policy. It provides wide protection to your car minor to major expenses.
Those who get comprehensive coverage will be protected from
- Natural disasters (like a hurricane or a tornado)
- Falling objects
- Damage done to your car by animals
- A civil disturbance (like a riot that results in damage or destruction of your car).
Thus, the right insurance policy plan can help you to cover your car according to its demand.
When we talk about home insurance policy, we are talking about the protection against fire, natural calamities like earthquake damages and all the valuable possession one may have in his/her home.
Many insurance experts suggest having comprehensive home insurance policies as it only protects your house from fire but also covers your lost valuable possessions.
Many providers are now covering a wide range of content including
- Replacing home keys
- Loss of major documents (passport, property papers, license, etc)
- Coverage for jewelry
Hence, you are a house owner or tenant make sure to have home insurance policy to get protection against the worst of worst situations.
Like car insurance, health insurance policy is also a mandatory requirement by the UAE law to have it as soon as possible.
Talking about a sudden medical emergency like accidents, significant surgeries or the need for immediate finance to deal with medical bills, then health insurance makes sure to cover it all via facilitating the users with the health care that allows the users to use it in any registered hospitals and have cashless treatment.
Due to the individual’s security and health concerns, the government has now made health insurance policies a compulsory requirement all over the workplace.
According to the imposed law, any citizen or temporary ex-pats/employee should be provided health insurance policy by their employer or company they are working in.
- The individuals should get minimum coverage set by the government from their employer
- Other remaining health protection plans must be facilitated by the person’s own insurance company in UAE.
Dubai health authority (DHA) and Health Authority Abu Dhabi (HAAD), have extended the health care facilities network all over the city that turns out to be more fitting and feasible for users.
Therefore, the initiative by the government had led to improvement and major optimistic change in individual medical dealing and treatment.
Life insurance policy is as important as any other best insurance policies in UAE. It becomes a mandatory demand by the UAE when you purchase a home or when you’re the sole bread and butter of the family, meaning when you have dependents.
Being a responsible person in your family, then ensuring family finances, but what if something happens to you then who will look after your family?
For this purpose, a life insurance policy ensures that your family is secured enough for the time being that it helps them settle down.
There are different types of life insurance available to your suit, and each has different monthly premium charges for your needs.
- Term Insurance Policy: This type provides the coverage at a fixed price for a limited or set period of time.
- Permanent Life Insurance: It’s umbrella insurance where coverage plans don’t expire and are for a lifetime. Here the return payment is fixed.
- Whole of Life Term: You clear out the lump sum amount whenever you die. The set date for premium is up to the age of 95-year-old.
There also subtype too of life insurance but it is highly suggested to have term life insurance as they are more affordable and viable options and whole life insurance policies in UAE can be a little pricy.
Therefore, evaluate your choice wisely and then decide.
Many of us wonder why travel insurance also needs to be purchased.
Well, it’s simple if you’re going out of the station or even the country and you lost your luggage or had some medical emergency, then all your fun trip went in vain, and now you are luggage free.
Here, travel insurance is a saving grace and covers your luggage cost, passport, or other risks associated with traveling.
It’s better to get a travel insurance policy before you travel anywhere. Depending upon how frequent a traveler you are, you can get
- Single trip Insurance Policies
- Economical Multi-trip Travel insurance Policies.
Hence, you can enjoy your travel or visit worry-free and now providers are given options off add-ons like winter sports cover on specific holidays.
Which insurance policy is best?
The best insurance policy is the one that best suits your need and requirements with an affordable insurance premium cost and gives you a sense of relief from financial liability, which may arise in case of any uncertain situation like accident, theft, etc.
Which life insurance is best in Dubai?
These life insurance policies are considered to be the best in Dubai:
- International Term Assurance(ITA) from Zurich International Life Ltd.
- Live Life from MetLife.
- International Protector Middle East(IPME) from Friends Provident International.
- Lifeguard – from Oman Insurance.
- Hemaya Plus – Family Takaful Term Plan from Salama.
How many types of insurance policies are available in the UAE?
There are eight major types of best insurance policies in UAE, including car insurance, life insurance, Home insurance, health insurance, travel insurance, etc.
What are the insurance companies in UAE?
Companies like Adamjee Insurance, Axa Insurance, Oman Insurance, Dubai Insurance, Union Insurance, etc., provide their services across the UAE. There are approximately 62 insurance companies providing insurance policies in the UAE, where 35 are national and 27 are foreign branch offices of multinational insurance companies.
What is meant by insurance policy?
An insurance policy is an essential contract between the insurance company and you, where the insurance company agrees to compensate you in case any damages occur due to a car accident, theft, or fire.
Which is the best insurance policy in the UAE?
The best insurance policies in UAE are one which fully covers your risk of financial liability which may occur due to an unfortunate incident.
What are the 5 parts of an insurance policy?
Following are the 5 essential parts of an insurance policy as mentioned below:
- Insuring agreements
- Terms and conditions
How do I find my Insurance policy number?
There are many ways that can help you find your insurance policy number. These include:
- Policy Document
- Insurer’s website/ Mobile Application
- By Vehicle number
- Telephonic Assistance
- By visiting the branch of the insurance provider
- Insurance information Bureau
What are insurance policy administration systems ?
It is the system of record of all the insurance policies a company offers in written form. It is basically a repertoire of all the insurance policies the company is offering.
Is insurance policy number the same as member ID?
Yes it is! The insurance policy number is the same as the member ID.
What is insurance policy renewal?
It is as simple as it seems. An insurance policies renewal is basically renewing expired insurance policies.
Be proactive in your insurance shopping and be sure this is what you need.
Our top 5 options can be modified and enhance with your own choice and need, hence now it’s depend on you, do you need a secure and worry-free environment for yourself and for others or not.
Originally published May 04, 2021 11:42:00 AM, updated Jun 13, 2023