Single Premium Plan

There are times when life can surprise you pleasantly with financial windfalls or unexpected rewards. Such surplus is normally spent over a period of time or it simply lies idle. However, an intelligent investment of such a lump sum amount could go a long way in ensuring a bright financial future for you.

Keeping this in mind Union Insurance Company brings the Single Premium Plan, a hassle-free unit linked plan, where you invest once and reap the benefits throughout the policy term. It could help you create the financial future you want, to enable you to pass on as much of your wealth as possible to your children and future generations.

Once you purchase this plan, there is no obligation of making future payments. You can sit back and relax.

  • Consolidate your investments with a single payment, making it easier for you to monitor their performance and saving your valuable time.
  • Build your own portfolio from a range of investment choices designed to preserve your investment, provide regular income or simply offer capital growth.
  • Access funds during the policy term for your short-term needs.
  • Avail free Death Benefit.
  • Avail an additional Life Insurance Benefit under this Policy.
  • Manage your investments by switching from one fund option to another.
  • Buy this Policy without undergoing any medical tests.

 

Please call our toll free number 800 UIC4U (84248) or email us at singlepremiumplan@unioninsurance.ae, if you have any query.

  • WHAT IS UNION’S SINGLE PREMIUM PLAN?
  • There are times when life can surprise you pleasantly with financial windfalls or unexpected rewards. Such surplus is normally spent over a period of time or it simply lies idle. However, an intelligent investment of such a lump sum amount could go a long way in ensuring a bright financial future for you.
  • Keeping this in mind Union Insurance brings the Single Premium Plan, a hassle-free unit linked plan, where you invest once and reap the benefits throughout the policy term. It acts as a ‘policy wrapper’ within which you can build your own portfolio from a range of investment choices designed to preserve your investment, provide regular income or simply offer capital growth.It could help you create the financial future you want, to enable you to pass on as much of your wealth as possible to your children and future generations.
  • This plan allows you to consolidate your investments with a single payment, making it easier for you to monitor their performance and saving your valuable time. Once you purchase this plan, there is no obligation of making future payments. You can sit back and relax.
  • WHAT IS THIS PRODUCT AND HOW DOES IT WORK?
  • The Single Premium Plan is a unit linked single premium insurance product that enables you to enjoy the benefits of a variety of investment choices. The plan comes with a free insurance feature that pays 101% of Cash value in case of death.
  • In addition, the plan offers an option to choose additional life insurance benefit on your life either on single life basis or joint life basis. All insurance benefits in the plan are available for the first five year term of the plan. You can continue to hold your investments in the plan even after 5 years, however the additional life cover, if any, will cease to be applicable after the 5 year term.
  • WHO CAN INVEST IN THIS POLICY?
  • You are eligible to invest in this plan if you are a UAE Resident or a Non-Resident. This plan is not offered to US Nationals. Please check with us for updated information on eligibility as this information is subject to change and regular updates by UIC.
  • CAN YOU INVEST IN SINGLE OR JOINT NAME?
  • Yes, this policy can be issued either in single or joint names up to a maximum of two applicants on a first life death basis. But the relevant life insured has to be one of the policy owners. In case of joint life, the policy owners should have an insurable interest and so only your spouse, mother, father, son, daughter, partners etc. are allowed to be the insured as the second policy owner.
  • The minimum eligibility age at the time of making the application is 18 years and maximum 65 years. This plan runs for a period of 5 years and therefore the maximum plan maturity age is 70 years. The policy holders can continue to keep their money parked in the plan to take advantage of the underlying investments even after the plan completes 5 years. The insurance benefits however ceases in the plan after 5 years.
  • WHAT ARE THE INVESTMENT CURRENCY OPTIONS?
  • The plan is available in US Dollars only and all payments are made or received in US Dollars.
  • WHAT IS THE MINIMUM & MAXIMUM INVESTMENT IN THIS PLAN?
  •  

    Non-Residents

    UAE Residents

    Minimum

    USD 25,000

    USD 25,000

    Maximum

    USD 100,000

    USD 100,000

  • CAN THE CLIENT TOP-UP HIS INVESTMENT IN THIS PLAN?
  • No, there is no top–up option for this plan.
  • HOW CAN THE CLIENT INVEST?
  • If the client is a resident of UAE, we accept premium payment either by Bank transfer or local AED cheque. For non-residents of UAE, the payment is accepted only by way of a bank transfer in USD. The exchange rate used for converting AED into USD is currently 3.68. Union Insurance reserves the right to change this rate.
  • HOW AND WHERE WILL YOUR MONEY BE INVESTED?
  • The Plan offers a variety of investment options including the following funds managed by Super Funds Asset Management:-
    ·Superfund Green A USD SICAV Class R (ISIN:LU0199179838)
    ·Superfund Green B USD SICAV Class R (ISIN:LU0199180257)
    ·Superfund Green C USD SICAV Class R (ISIN:LU0199181222)
  • Detailed fact sheets of these funds are available separately highlighting fund’s investment strategy, performance and portfolio allocations including charges.
  • Your premium amount will be used to buy units in the selected funds that will be held in your Single Premium Plan. Before selecting the funds or other investments, we recommend that you read the fund information carefully and understand the nature of underlying investments and risks associated with such investments. You may also seek independent financial, tax and other related advice before making such investment decision.
  • WHAT ARE THE FEES AND CHARGES IN THE PLAN?
  • •  Policy Issue Fee: A fixed amount of USD 150 that will be deducted from your initial premium amount at the time of issuing your policy.
  • •  Establishment Charge: An amount calculated as 2.50% of the initial premium amount is charged in the plan on a quarterly basis by cancellation of the fund units. This charge is applied annually in all five years of the plan term.
  • •  Maintenance Charges: If the policy holders continue to keep their money invested in the plan beyond the 5 year term, a reduced charge of 1.25% per annum is applied in the plan for the number of years investment is held.
  • •  Mortality Charges: The base plan offers 101% insurance which is free of cost. The additional life insurance has a cost that is charged based upon the applicant’s lifestyle, health etc. The cost of such insurance is separately highlighted in your plan illustration.
  • •  Early Surrender Charges: In case the plan is surrendered before its maturity, the following charges are deducted from the Asset Fund value. These charges are calculated as a percentage of initial premium amount as shown below.
  • Surrender Charges

    Year

    % of Initial Premium

    1

    6%

    2

    5%

    3

    4%

    4

    2%

    5

    1%

  • HOW MANY DAYS WOULD IT TAKE FOR UIC TO ISSUE THE POLICY?
  • Our underwriting turnaround time for policy issue is 4 working days from the date of receipt of application and all documents. UIC will communicate the underwriting decision within this time frame and once the premium amount has been received, the  e-policy shall be issued within 2 working days.
  • HOW CAN YOU VIEW YOUR POLICY DETAILS AND INVESTMENT VALUATION?
  • You will be emailed your account statement once every six months.
  • WHAT IS THE TIMELINE TO RESOLVE CUSTOMER SERVICE QUERY AND COMPLAINTS?
  • We will acknowledge the receipt of service request or complaint within 48 working hours from the date the query or complaint received and will communicate the time required to resolve it depending upon the nature of the query.
  • CAN YOU CHANGE YOUR MIND AND CANCEL THE PLAN?
  • •  If you are not fully satisfied with the Single Premium Plan, you have the right to cancel the policy by returning it along with a written cancellation request. The request to cancel must be signed by the all the policy owners and received by us within the free look period which is 30 days from the policy commencement date;
  • •  The request must be signed by the policy owners and received directly by Union Insurance Company P.S.C, PO Box 119227, Single Business Tower, Sheikh Zayed Road, Business Bay, Dubai, UAE;
  • •  We will then refund the premium paid. If there is any exchange loss on converting to the base currency, that loss/gain will be at policy owners’ expense. The policy issue fee of USD 150 will not be refunded in such a case.
  • CAN YOU ENCASH YOUR SINGLE PREMIUM PLAN DURING THE PLAN TERM?
  • To provide flexibility, the plan allows you to make a part surrender withdrawal without the need to fully surrender the plan. You can withdraw up to 80% of your plan’s Asset Fund value without any surrender charges. This part surrender facility is however available to you only after 18 months from the policy issue date. You can, however, fully surrender the plan for and withdraw the Asset Fund value anytime subject to surrender charges as mentioned above.
  • WHAT HAPPENS TO YOUR SINGLE PREMIUM PLAN IN CASE OF DEATH?
  • A benefit payable equivalent to 101% of the plan Cash value shall be payable in event of death of the Relevant Life Assured and the policy will terminate. In case you have chosen additional life insurance benefit, the plan will pay the life insurance amount subject to the required claim formalities duly completed by the beneficiaries or joint policy owners.
  • WHAT IS THE ADDITIONAL LIFE INSURANCE BENEFIT?
  • As an applicant, you have the flexibility to choose an additional life insurance benefit along with your plan. This benefit is currently subject to the following medical limits. Usually, this insurance is underwritten by us without any medical examination of the individuals proposed to be insured. But in certain cases, Union Insurance as part of their underwriting requirement, may be forced to withdraw this benefit based upon your response to our medical questionnaire.
  •  

    Non Residents

    UAE Residents

    Age Band

    Minimum Benefit

    USD 25,000

    USD 25,000

    Ages 18 to 65 years

    Maximum Benefit

    USD 100,000 for all age bands

    USD 300,000

    USD 200,000

    USD 100,000

    up to age 40 years

    between ages 41 and 55 years

    between ages 56 and 65 years


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With offices across the UAE, Union Insurance is close at hand to serve clients. Whether signing up for a new policy or making a claim, you can reach us at any of the offices below. Also, be sure to check this page regularly, as we continue to open new offices.


Toll free number : 800 UIC4U(84248)
Enquiries : info@unioninsurance.ae
Comments : feedback@unioninsurance.ae
Regularly Working Hours : 8:30am to 05.00pm

OFFICES

Head Office

Single Business Tower, Sheikh Zayed Road
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 (04) 3787 777(764)
Fax: +971 (04) 3787 778

Abu Dhabi (Motor Claims)

Al Corniche tower Building, Abu Dhabi Corniche,
P.O Box 54524 Abu Dhabi, United Arab Emirates
Tel: +971 (02) 6906 555
Fax: +971 (02) 6906 556

Ajman (Motor Claims)

Ground & Mezzanine Floors, Ajman Building
Sheikh Khalifa bin Zayed Road
P.O Box 1225 Ajman, United Arab Emirates
Tel: +971 (06) 7014666
Fax: +971 (06) 7014668

Dubai (Motor Claims)

Al Ittihad Road, Al Mana Building,
Showroom no. 6,
P.O Box 35272 Dubai, United Arab Emirates
Tel: +971 (04) 3787 444
Fax: +971 (04) 3787445

JAFZA

Jebel Ali Free Zone Building 16 Office no. 15,
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 (04) 3787 477
Fax: +971 (04) 3787 478

JLT

Jumeirah Business Centre (JBC3) Cluster Y,
16th Floor, Jumeirah Lakes Towers
P.O Box 119227 Dubai, United Arab Emirates
Tel: +971 4 315 1700
Fax: +971 4 315 1701

Ras Al Khaimah (Motor Claims)

Al Seer Building, First Floor,
Office # 1 Al Nakheel Road
P.O Box 12921 Ras Al Khaimah,
United Arab Emirates
Tel: +971 (07) 203 8181
Fax: +971 (07) 203 8182

Sharjah (Motor Claims)

Al Raha Tower, Showroom no. 2
P.O Box 97733 Sharjah, United Arab Emirates
Tel: +971 (06) 5939 888
Fax: +971 (06) 5939 889

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