Life insurance is best defined as an insurance policy that pays money at the time of the death of the insured person or at the pre-stated time period. At the time of death, the amount is paid to the beneficiaries specified by the policyholder.
There are life insurances in Bahrain which are based on sharia-compliant as well to meet the requirements of the majority of people. Life Insurances are offered by many companies hence choosing one which best fits your needs can be quite difficult.
Here is a list of Best Life Insurance Companies:
1. MetLife
MetLife is a company that deals with insurance, employee benefits, asset management, etc. It has businesses in 5 key locations in Asia, Latin America, Europe, and the Middle East and Africa. It has its headquarters in New York.
MetLife offers 3 kinds of Life insurance:
Live Life Insurance
It is a pure term life insurance plan with options to avail several benefits.
Benefits and Features
- Single cash payment when needed by your family
- Life Coverage up to USD 10 Million
- Plans can be personalized by adding special features like accidental loss of life, permanent or total disability, etc.
- Eligible currency for getting the policy is either USD, AED, GBP, and EURO.
- You can add critical illness coverage to this plan
- Premium starts at USD 225 per year
Future Protect
This is a combination of life insurance with an element of investment. It is a smart way to protect your savings along with securing the future of your loved ones.
Benefits and Features
- Investment strategy can be chosen by you according to the risk you are willing to take.
- Coverage of up to USD 10 Million
- Options for single or joint life cover are available
- You can add critical illness benefit to your plan at lower costs
- Coverage of about USD1800 per year
Decreasing Term
It is a more affordable alternative for term life insurance. It provides protection to your family and loved ones at competitive rates.
Benefits and Features
- Coverage amounts have to be chosen by the policyholder before buying the policy.
- The coverage amount can lie between USD 50,000 and 10 Million
- The coverage duration can also be chosen from a wide range of options like 5, 10, 20, 25 years.
- Payments can be made monthly, quarterly, semi-annually or annually.
- You can also add joint coverage which would include coverage for you and your spouse.
2. LIC International
LIC International is a subsidiary of LIC India. It offers a wide range of insurance products.
Jeevan Anand
Jeevan Anand Policy provides a complete package of investment returns, profits, and lifelong insurance cover.
Benefits and Features
- The full sum is returned at the time of Maturity
- Additional bonuses may also get added upon maturity. Insurance cover continues even after the maturity of the policy
- The complete amount along with bonus is paid if death occurs during the tenure.
- The complete amount excluding the bonus is paid if death occurs after the maturation of the policy.
- Choice of flexible payment is also available in which either the policyholder can pay throughout the policy term or a limited period of 5 years or single premium payments.
- Premiums can be paid in advance for 5 years at a lump sum discounted rate.
Restrictions and Applicability
Jeevan Rekha Plan
This policy will provide a lump sum amount to the family at the time of death of the policy bearer.
Benefits and Features
- Survival benefits are paid at 10% every 5 years.
- If the death of life insured occurs the family gets the complete amount along with bonuses no matter if survival benefits have been paid.
- One can also add accidental benefits to this policy.
- Accident benefits when applicable to be paid are paid in monthly installments over 10 years of time.
Restrictions and Applicability
3. Alhilal Life
Alhilal Life company was founded in 2009 with the aim to become the leading insurance providers in the Middle East. It is one of the leading sharia-compliant insurance providers in Bahrain.
Family Protection Plan- Hemaya Plan
It is a sharia-compliant plan which provides the participant the complete amount to the chosen beneficiaries in case of death.
Benefits and Features
- Sharia Compliant
- Lump sum amount is provided to beneficiaries at the time of death
- The amount is paid by the takaful operator from the tabarru fund.
- Additional total permanent disability benefit can be selected in this case the takaful operator will pay the Total Disability benefit in a lump sum amount in case of permanent disability.
- Additional Critical Illness plan can also be selected.
Conclusion
Life insurance plays an important role in shaping the life of your family in case any tragedy befalls. Thus, getting life insurance is a must to secure the future of your family. Also, it is important to select the policy carefully as per your requirements.
