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ALeena Parwani
Special to Emirates Business
Life insurance is for those who care for their family. This is a common trait that we have seen in our clients. They love their families and they want to leave the same life style for them even when they are not around; it’s an emotional decision taken with wiser
advisors. In the UAE, there is an access to a range of options; from international to local and even Indian providers and most importantly a stronger currency, which makes more sense for NRIs to buy a policy in UAE. Living in the UAE gives one the opportunity to compare the cost of buying life insurance with the big players in the international market.
Moreover, when a client’s family lives with them here in the UAE, it is advised to buy policies from the UAE. It is also important that your advisor stays in touch with you to upgrade your policies and service them on a regular basis. It is also vital that the family is familiar with the advisor
so that they can be contacted in
the wake of an unfortunate situation to seek further advice. I have seen many clients who buy their policies in India but they rarely meet
their advisors which results in forgetting about the details and benefits of the policy.
When one buys a policy in the UAE, they and their families have direct access to both the insurance provider and the advisor.
Below are the responses from a few clients:
Have you taken life insurance in India and/or the UAE? What kind of policies do you have? Are they investment plans where you get a return?
Mahesh Moorjani (Accountant General at Suresh general trading L.L.C)— Yes! I have taken insurance from India (LIC) and also from the UAE (Zurich International life). India Insurance Policy plans are in which I will get a return amount on their
maturity.
Amit Walia (C.O.O. at Orient Links Co LLC) — I have policies in India (LIC) as well as in the UAE (Zurich). They are a combination of insurance as well as investments with nominal returns.
Harish Tahiliani (Managing Director of ARAB INDIA SPICE LLC) — I have taken a life insurance policy from the UAE.
Why did you decide to go for life insurance?
Mahesh Moorjani— By taking a Life Insurance, I know my family is safe and secure for their future
expenses, if God forbid anything
happens to me.
Amit Walia—To secure my family in case of an accidental/ health emergency faced by me.
Harish Tahiliani—I bought life insurance to ensure that my beneficiaries have enough money to maintain their present lifestyleseven after my death. I am very well aware what my family will do without my income, so I want to secure their future.I don’t want to leave them in high and dry.
Have you been happy with your life insurance policies or do you feel that you made a mistake with any of them and that perhaps they are a poor investment?
Mahesh Moorjani—I am happy with my Life insurance Policy and very happy with the services I am getting from my agents (Icare) in the UAE.
Amit Walia— I am OK with them as the purpose for which I availed their service is being achieved. In any case, return on investment was not a criteria on basis of which I chose life insurance.
Harish Tahiliani— Infact, I am more than happy on my decision to buy a sufficient size of policy as it’s a one-time investment and all my premiums are well taken care of.
What advice would you give to other NRIs in the UAE when it comes to buying/investing in life insurance? Is it better to take it out in India or the UAE?
Mahesh Moorjani— I would advise them to take a Life insurance policy to secure future of their families. It’s always good to take insurance policy where you stay, but with Zurich you can get it done from anywhere.
Amit Walia— It is definitely better to take a policy in UAE as compared to India simply due to the cost of policy factor.
Harish Tahiliani — I would strongly recommend all NRIs to buy life insurance to secure their family’s future and buy in the same country of their respective residence. This will help them in making strong bonding with the brokers through whom they have bought the policy and it will be easy to
review the portfolio efficiently
and they will have better after
sales service.
Could I ask your age? How
long have you been in the UAE
and where in India are you originally from?
Mahesh Moorjani— I have been staying in UAE for the past 17 years and I am from Jodhpur.
Amit Walia— 43 years. I have been in UAE for 9 years. I am from Chandigarh.
Harish Tahiliani— My age is 43. I have been in UAE for past 22 years. I belong to Gujarat.
