Insurance companies offer various types of insurance cover to people, life insurance being one of them. Life insurance is cover for an individual beneficiary after they die. It matures once the individual who has been meeting the premium charges passes away. The insurance company provides a lump sum payment to the beneficiary. There are various types of life insurance such as term life insurance, universal life insurance and whole life insurance. The following are insurance companies in Bahrain that offer life insurance.
Metlife Alico is an insurance company that has been helping businesses and people in Bahrain since 1961 with their insurance needs. Their Gulf head office is in Sharjah, United Arab Emirates. It has various types of life insurance policies namely: Wealth Plus, Wealth Protect, Mortgage Protection, Vision for Life, and Life Care. The main characteristics of these policies are; that they have life covers for up to $10 million, they have a guaranteed life insurance benefit, the valuable pension benefit option upon maturity and are flexible.
Aon Limited Bahrain is a leading global provider of insurance, reinsurance brokerage and risk management. It has been named on numerous occasions as the best insurance intermediary and best brokerage firm. It was established in the Middle East in 1985 and has qualified professionals in Abu Dhabi, Dubai, Bahrain, Saudi Arabia and Qatar. It has an individual life and wealth-management insurance policy. They advise on the suitable life insurance policy one need that fits his or her budget.
Crescent Global Insurance Services is a privately owned and accredited international insurance and reinsurance group. It was founded in 1998 and offers specialist reinsurance, risk consulting and insurance services. In their personal life insurance they tailor designs that safeguard ones health and their family’s during their lifetime. The term life covers up to $ 20,000,000 USD per life. This may arise from death due to any given cause. They also provide international health insurance plans that are underwritten by the global insurers association providing worldwide cover. This means that wherever one is in the world He or She is insured. Their life insurance policy also has personal accident insurance for every family member. This compensates any family member in the occurrence of both total and partial disablement or even death caused by an accident be it while travelling abroad or locally. The limits are up to $10,000,000 USD per member of the family. This includes critical illness cover.
Islamic Arab insurance is another insurance company based in the Middle East that provides insurance and brokerage services to its clients. Their life insurance policy is categorized as the Family Takaful service. In it one finds the following policies; Baity finance protection plan, Hemaya family takaful plan, Hyat universal takaful plan, Idikhar savings plan, Iqra child’s future plan, Istithmar investment plan and Maash retirement plan. The Hyat universal plan and the Hemaya family takaful plan are built for a lump sum payment if the member that is covered passes away during the plan term (Napotrova, 2008).
The Takaful plan also pays for terminal illnesses if the Covered Members are diagnosed with a terminal illness within the plan term and has a life expectancy of less than 6 months. The Family Takaful cover will be reduced by the amount paid if the terminal illness claim is paid. The waiver of contribution covers pays the remaining regular Contributions on behalf of member Holder. This happens only when it is as a result of an accident or sickness causing the member covered to become totally or permanently disabled for a period of 6 months and is unable to work.
New India Assurance Co. Ltd is a government owned insurance company that was founded in 1919 and operates across 22 countries. Its headquarters are in Mumbai, India. They offer personal insurance policies, industrial insurance policies, liability insurance policies, commercial insurance and social insurance. In their personal insurance policies, they have a variety to choose from, namely, New India Floater Mediclaim Policy, Mediclaim policy 2012, Mediclaim 2007 policy, Family Floater Mediclaim Policy, Senior Citizen Mediclaim, Personal Accident Policy, Overseas Mediclaim Policy, Householder’s Policy and Group Mediclaim Policy (Napotrova, 2008)
Bahrain commercial facilities company BSC better known as ‘Bahrain credit’ was established in 1975 under the Bahrain commercial company law. It was a closed company and later turned into a public shareholding company. Bahrain credit’s life insurance policy outsets outstanding loan payments. Their product is known as ‘credit life insurance’ and is mandatory for secured loans and mortgages. The policy insures against such loans in case the borrower dies. They also have a life insurance policy known as the Tas’heelat Insurance under the Shari’a compliant life product whereby the members’ children education plans are taken care of.
In Bahrain, other much smaller insurance firms offer life insurance, but at lower premiums and less detailed policy terms. These firms ensure that the policy matures only when the member passes on. They also compensate immediate family heirs. Some of the firms in Bahrain include; Bahrain insurance brokers, Bahrain insurance services, Target insurance brokers, Gulf warranties and Alwazzan insurance brokers. There are also some factories in Bahrain that offer their employees life insurance policies. They include Bahrain polystyrene factory and Ematco factory.
Napotrova, J. (2008). Insurance in the emerging markets: overview and prospects for Islamic insurance. Zurich: Swiss Reinsurance Co., Economic Research Consulting.