• RAKlife Insurance Plan and Future Invest Plans by RAKBANK Life Insurance

    RAKBANK Life Insurance

    Introduction to RAKBANK Life Insurance in UAE

    One of the leading banks in UAE, RAKBANK offers a wide a range services including Islamic Banking, Wealth Management, Savings Plans, Loans, Insurance and many more products and services. Under its life insurance plans, the bank offers the following plans:

    Future Invest:

    This is a life insurance plan offered by RAKBANK with the help of Orient Insurance PJSC. The plan helps you save you and your family from unexpected future incidents. The plan can be customised to meet your personal needs.

    RAKlife Insurance:

    This is a term life insurance plan that provides cover for death caused by reasons. Under this plan, you can purchase 5 life insurance plans.

    Features and Benefits of RAKBANK Life Insurance

    Life insurance plans offered by RAKBANK come with a host of attractive features and benefits which include:

    • Provide cover for death caused by any causes.
    • Medical screening is required for RAKlife Insurance plan 1.
    • Get hassle free enrollment.
    • 24/7 customer assistance is available.
    • RAKBANK Life Insurance plans are offered by of Orient Insurance PJSC.
    • You can purchase these plans by using credit card or via direct debit.
    • Flexible premium payment options are available.
    • Get maturity benefits.
    • Permanent total disability is covered.
    • Hospital cash benefit is available.
    • Offer critical illness and terminal illness cover.
    • Policies can be taken singly or jointly.
    • Accepted policy currencies are AED and USD.
    • Policies can be purchased by existing RAKBANK customers/UAE residents.
    • Offer family income benefits.
    • For RAKlife Insurance, minimum monthly salary required is AED 15,000.
    • RAKBANK Life Insurance policies offer worldwide coverage.
    • Future Invest policy is offered both as regular savings policy and whole life policy.

    Premiums of RAKBANK Life Insurance

    Premium charged on RAKBANK Life Insurance plans differ based on the age, policy type, tenure, and health related condition of the applicant.

    Eligibility Criteria for RAKBANK Life Insurance

    The eligibility criteria for the two life insurance plans offered by RAKBANK differ. For Future Invest, the eligibility conditions include – minimum entry age is 1 day and maximum age is 84 years, maximum age at the end of policy tenure should be 101 year, and the policy is available for existing RAKBANK customers.

    For a RAKlife Insurance plan, the eligibility conditions include - minimum age needs to be 18 years and maximum is 64 years, coverage is offered for a maximum period of 65 years, and the policy can be availed by UAE residents.

    Why choose RAKBANK Life Insurance?

    RAKBANK life insurance plans come with a host benefits such as permanent total disability cover, accident and death cover, guaranteed instalment benefit, hospital cash benefit, critical illness cover, worldwide coverage and many more benefits. With all these benefits, you can live a peaceful life without facing any financial risk in case of unforeseen events.

    Other products offered by RAKBANK in UAE are:

    RAKBANK Credit Cards

    RAKBANK Car Insurance

    RAKBANK Home Insurance

    RAKBANK Travel Insurance

    RAKBANK Health Insurance

    Frequently Asked Questions - FAQs

    1. How to make a life insurance claim?

    2. In order to make a life insurance claim, you need to contact Oman Insurance Company and intimate the company about your claim within 30 days from the date of any incident.

    3. Do I need a valid residence visa in UAE to purchase and enjoy the benefits of life insurance plans offered by RAKBANK?

    4. Yes, having a valid residence visa in UAE is mandatory to purchase and enjoy the benefits of RAKlife Insurance plans offered by RAKBANK.

    5. Can I buy a joint life insurance policy from RAKBANK?

    6. Yes, you can buy a joint insurance policy from RAKBANK. The bank offers joint as well as single life policies.

    7. In which currencies a RAKlife Insurance policy is available?

    8. A RAKlife Insurance policy is available both in AED and USD.

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