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Smart Term Life Insurance

Introducing Smart Term Life Insurance - brought to you by RAKBANK and offered by Union Insurance Company P.S.C. Smart Term Life Insurance provides your family with financial security and peace of mind in case of any unforeseen circumstances.

Provides the nominated beneficiary a lump sum payment, if the Life Assured passes away during the term of the policy

Benefits:

  • Death Benefit (due to accident): - Provides payment of a lump sum AED 1,000,000 to the nominated beneficiary(s) in the event of death of the Life Assured. This Benefit is applicable from Day 1.
  • Death Benefit (due to sickness): Provides payment to the nominated beneficiary(s) as per the below:
    1. Up to 6th Month :- Payment of AED 200,000 (death due to pre-existing medical conditions is not covered)
    2. 7th Month to 12th Month :- Payment of AED 200,000/-.
    3. 13th Month to 18th Month :- Payment of AED 600,000/-.
    4. 19th Month onwards :- Payment of AED 1,000,000/-.
  • Worldwide Coverage
  • The Policy can be owned only by an individual only
  • Payment Frequency: Annual premium & single premium
  • Payment Methods: Direct Debit from RAKBANK Account or by Credit Card
  • Policy Currency: AED only
  • RAKBANK Customers holding a valid UAE residence visa
  • Eligible age group for entry into the Policy is 18 years to 60 years
  • Maximum age at maturity is 65 years

Insurance is offered by Union Insurance Company (P.S.C) for RAKBANK customers and is subject to their approval. Terms and Conditions of the Insurance Policy shall apply. This is for your information only and RAKBANK is neither responsible for, nor guarantees or warrants the quality, fitness for purpose, suitability of the Insurance being offered and does not accept any liability and will not be liable for any loss or damage arising directly or indirectly to the customer taking the Insurance.

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