Insurance (All Kinds)
Insurance Services in the UAE: All-around Protection for All.
In the UAE, obtaining proper insurance coverage is critical to protecting personal and professional interests. Whether one is a labourer, businessman, or resident, knowing what insurance options are available ensures that one is compliant with regulations as well as protected financially.
1. Involuntary Loss of Employment (ILOE) Insurance
> Purpose: Offers financial assistance to employees who lose their jobs due to circumstances beyond their control.
> Eligibility: Compulsory for all private sector and federal government employees except business owners, temporary contract workers, juveniles below 18 years, domestic servants, and pensioned retirees.
> Benefits
- 60% of the average basic wage earned during the last 6 months before unemployment.
- Maximum benefit period of 3 consecutive months per claim, with a maximum limit of 12 monthly benefits during the whole working life in the UAE.
> Premiums:
- Category A (Basic Salary ≤ AED 16,000): AED 5 + VAT per month.
- Category B (Basic Salary > AED 16,000): AED 10 + VAT per month.
> Subscription Methods:
- Online at www.iloe.ae
- Al Ansari Exchange branches
- MOHRE Business Centres
- SMS service by sending your Emirates ID to 2120
- Payment kiosks like UPay and MBME Pay
> Requirements:
- Valid Emirates ID
- Active employment status
- Continuous premium payments for a minimum of 12 consecutive months to be covered for benefits
2. Employee Insurance
> Health Insurance:
- Requirement: Compulsory for all employees.
- Coverage: Medical bills, such as consultations, treatments, and hospitalization.
> Workman's Compensation:
- Purpose: Against accidents at work, disabilities, or death.
- Compliance: Conformity with UAE labour laws.
> Life Insurance:
- Benefit: Pays money benefits to beneficiaries on the death of the employee.
> Requirements:
- Valid employment contract
- Employer's duty to provide and administer these insurances
3. Domestic Worker Insurance
> Premium: AED 60, one-year coverage.
> Coverage:
- Unpaid wages and entitlements
- Service benefits
- Unpaid vacations and overtime
- Airfare to home country
- Work injury compensations
> Employer Coverage:
- Cost of replacement of the worker on cessation, medical unfitness, or termination by the worker unilaterally.
> Requirements:
- Valid employment contract
- The obligation of the employer to subscribe to and administer the insurance
- Business Insurance
> Types:
- Property Insurance: Insures business property and assets from loss or damage.
- Liability Insurance: Insures against legal liability arising out of business operations.
- Professional Indemnity Insurance: Insures for negligence or professional mistakes claims.
> Requirements:
- Valid business license
- Assessment of business risks and appropriate coverage selection
Duration and Validity
> ILOE Insurance: The coverage is for a maximum of 3 consecutive months for one claim, with a cumulative limit of 12 months during the working life of the insured in the UAE.
> Employee Insurance: Usually for the term of the employment contract.
> Domestic Worker Insurance: Validity for one year and renewable each year.
> Business Insurance: Usually annual contracts, renewable.
Conditions and Compliance
- Timely Enrollment: Late enrollment in compulsory insurance programs such as ILOE can lead to penalties and visa renewal implications.
- Regular Premium Payments: Pay premiums timely to maintain continuity of coverage.
- Correct Information: Give accurate and complete information to prevent rejection of claims.
- Claim Procedures: Follow prescribed procedures and timelines while claiming.
How YES PRO Service Can Assist You?
We at YES PROService specialize in simplifying insurance for you and your business:
- Application Assistance: Assistance with the completion and submission of applications.
- Premium Management: Support in keeping and arranging premium payments.
- Renewal Reminders: Regular reminders to avoid cover lapses.
- Claim Support: Support in preparing and submitting claims efficiently.
Plan your UAE future with confidence. Dial YES PROService today to get the best insurance solutions that suit you.