Health Insurance

Life is a surprise package of joys, happiness, challenges and setbacks. Sudden illness, accidental injuries and medical emergencies can throw us off guard anytime. While they drain us emotionally, owing to the soaring prices of medical services, the hospitalization and medicinal expenses can burn a big hole in your pocket. A good health insurance policy is mandatory to combat these tough times as it covers you and your loved ones completely against sudden financial burden caused by medical emergencies. Having a good health insurance plan ensures an immense peace of mind and assurance that you can focus on the healing and recuperation of your loved ones, instead of financial worries.

With Health Insurance by your side, you can get access to the best medical care and treatment while being financially protected. In case of medical emergency, health insurance policy guarantees peace of mind and ensures that you and your family will receive the best treatment at a hospital of your choice. Al Faris offers a range of affordable health insurance plans. Medicare or medical costs are rising year on year. As a matter of fact, inflation in medicare is higher than inflation in food and other articles. While inflation in food and clothing is in single digits, medicare costs usually escalate in double digits. Our vision is to provide innovative and customer-centric insurance plans that can help our customers secure their family's future as well as to protect them against the rising health care costs. We have the highest claim settlement ratio among private insurers. This includes health insurance products designed to meet specific requirements, such as individual health insurance, family health insurance, health insurance for senior citizens, and top-up health insurance cover.

Its often said that your health is your wealth. And with the same belief, we make it our mission to ensure that your health is never compromised. Thats why we offer you an array of flexible plans to protect your health.Be it for yourself or your near and dear ones, health shall never come second with Al Faris Health Insurance by your side. With health insurance, you are assured of a more secure future both health-wise and money-wise. This makes health insurance critical for individuals, especially if they are responsible for the financial well-being of the family.

Our Capabilities

Individual Health Insurance Policies

This health insurance policy offers coverage to an individual against several illnesses, offering benefits like cashless hospitalization and various add-ons. The entire sum assured is available for only an individual and the premium is determined by the age of the insured. Under this policy, each insured member is entitled to receive the entire amount separately.

Family Health Insurance

With this health insurance policy, you can cover all your family members against multiple diseases under a single cover. Family Insurance cover offers a fixed sum assured for the family members that can be availed either by an individual or as a lump sum for treatment of one person. Floater benefit means that the sum assured, as specified for the proposer under the policy, is available for any one or all members of his/her family for one or more claims during the tenure of the policy. As compared to individual plans, family floater Mediclaim plans come at a marginally incremental premium.

Senior Citizen Health Insurance Plans

This health insurance plan is designed particularly for senior citizens, offering protection from health issues during old age. Every insurer must provide cover for people up to the age of 65 years.

Life Insurance


Who will take care of my family if tomorrow something unfortunate happens to me? If this question bothers you, then Life Insurance is the answer. Of course, under any circumstances, the loss of a loved one is a traumatic experience. But, if your family is also left without sufficient money to meet basic living needs or prepare for future goals, they will have to cope with a financial crisis at the same time. A Life Insurance plan ensures that your family is financially secure even if tomorrow you are no longer around to care for them.

Al Faris Life Insurance Company Limited is one of UAE's leading Life Insurance companies. We all care about our family a lot and wish to ensure their financial security in the best possible way if we're suddenly not around to fulfill our responsibilities towards them. A suitable life insurance policy is an ideal way to secure our family's future. Millions of people buy life insurance every year in the world for reasons such as ensuring family security, availing tax benefits etc. If you're the sole bread winner of the family then your untimely demise can cause financial distress. But, having a suitable life insurance cover helps your family to clear off your existing debts or loans, medical expenses, liabilities, etc. So that they don't cause an additional burden on them. Thus, Life insurance becomes a financial backbone to fulfill the financial needs of your family members in your absence.

Life insurance, especially tailored to meet your financial needs. Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets.

Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence.

Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage. Life insurance is the only investment option that offers specific products tailormade for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

Life insurance enjoys favorable tax treatment unlike any other financial instrument. Death benefits are generally income-tax-free to the beneficiary. Death benefits may be estate-tax free if the policy is owned properly. Cash values grow tax deferred during the insured's lifetime.

Term insurance

Term plans are the most basic form of life insurance. They provide life cover with no savings / profits component. They are the most affordable form of life insurance as premiums are cheaper compared to other life insurance plans. Online term insurance plans provide pure risk cover, which explains the lower premiums. A fixed sum of money - the sum assured-is paid to the beneficiaries if the policyholder expires over the policy term. If the policyholder survives, there is no pay out.

Endowment plans

Endowment plans differ from term plans in one critical aspect i.e. maturity benefit. Unlike term plans which pay out the sum assured, along with profits, only in case of an eventuality over the policy term, endowment planspay out the sum assured under both scenarios - death and survival. However, endowment plans charge higher fees / expenses - reflected in premiums - for paying out sum assured, along with profits, in either scenario - death or maturity. The profits are an outcome of premiums being invested in asset markets - equities and debt.

Unit linked insurance plans

ULIPs are a variant of the traditional endowment plan.They pay out the sum assured (or the investment portfolio if its higher) on death/maturity. ULIPs differ from traditional endowment plans in certain areas. As the name suggests, performance of ULIP is linked to markets. Individuals can choose the allocation for investments in stock/debt markets. The value of the investment portfolio is captured by the NAV (net asset value). To that end, there are many similarities between ULIPs and mutual funds. ULIPs differ in one area, they are a combination of investment and insurance, while mutual funds are a pure investment avenue

Whole life policy

A whole life insurance policy covers a policyholder over his life. The main feature of a whole life policy is that the validity of the policy is not defined so the individual enjoys the life cover throughout his life. The policyholder pays regular premiums until his death, upon which the corpus is paid out to the family. The policy expiresonly in case of an eventuality as there is no pre-defined policy tenure.

This plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.

Money back policy

A money back policy is a variant of the endowment plan. It gives periodic payments over the policy term. To that end, a portion of the sum assured is paid out at regular intervals. If the policy holder survives the term, he gets the balance sum assured. In case of death over the policy term, the beneficiary gets the full sum assured.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.

Vehicle Insurance


Vehicle insurance is designed to cover risk of financial liability or the loss of a motor vehicle the owner may face if their vehicle is involved in a collision resulting in property or physical damages. Some states require a motor vehicle owner to carry some minimum level of liability insurance. States that do not require the vehicle owner to carry car insurance, where an uninsured motor vehicle fee may be paid to the state; New Hampshire, and Mississippi which offers vehicle owners the option to post cash bonds. A motor vehicle owner typically pays insurers a monthly fee, often called an insurance premium. The insurance premium a motor vehicle owner pays is usually determined by a variety of factors including the type of covered vehicle, the age and gender of any covered drivers, their driving history, and the location where the vehicle is primarily driven and stored. Most insurance companies offer premium discounts based on these factors.

Your Vehicle insurance policy is the most important document in your vehicle because it protects you against financial loss and legal issues. Millions of vehicle owners across world trust us to insure their car since we provide package policies that would protect them against physical damage, bodily injury / death and cover against third-party liability, bringing them security and peace of mind. All this is backed by our advanced claims servicing capability and fast settlement record for vehicles insured with us. Our insurance policy includes more than just coverage for your vehicle. It may also include some added benefits that can help make your insurance experience as hassle-free as possible.

A comprehensive Car Insurance policy for your car that keeps it secure against damage caused by natural and man-made calamities, including acts of terrorism. Avail of Own Damage, Personal Accident and Liability cover all in one policy. Choosing the right car insurance is as important as choosing of the right car. At Al Faris, we make this process simple for you. Key benefits.

  • Hassle free claim settlement
  • Quick and easy online purchase process
  • 24x7 claims support

A comprehensive Car Insurance policy for your car that keeps it secure against damage caused by natural and man-made calamities, including acts of terrorism. Avail of Own Damage, Personal Accident and Liability cover all in one policy. Choosing the right car insurance is as important as choosing of the right car. At Al Faris, we make this process simple for you. Key benefits

  • Instant policy
  • 24 X 7 Claims help
  • Get Cashless claims at 2700+ garages
  • Get No Claim Bonus up to 50%
  • 12 Add on covers to choose from
  • Road side assistance

Third Party Vehicle insurance

This type of policy is very basic. Third party cover simply agrees to pay for damage caused to other people's property, or compensation or costs related to injuries they sustain, in an incident adjudged to be the fault of the covered driver. So this cover would pay out if you caused an accident and injured another driver - or their passenger.

Third party motor liability insurance is usually part of the main vehicle insurance policy. An important clause, some insurers may also offer this as a standalone add-on cover. This works out well for the penny conscious customer as the cost of a comprehensive car insurance policy is always much higher than a stand-alone third party cover.

Third Party Fire and Theft Insurance

If you are looking for a greater layer of protection than that offered by third party only cover, you could consider third party fire and theft vehicle insurance. This type of policy offers the same level of cover as that offered by third party only policies, but in addition, it also offers protection against loss or damage if your own car is burnt or stolen.

Our Third Party Fire and Theft Insurance:

  • Provides market value cover for your vehicle where the accident wasn't your fault.
  • Provides cover for your legal liability for property damaged by your vehicle.
  • Fully Comprehensive Vehicle Insurance

    This includes cover for damage to your own vehicle as well as any damage suffered by others from a range of causes, including accident, fire and theft. This is a greater level of protection than the cover offered by both third party only and third party fire and theft vehicle insurance.

    Fully comprehensive vehicle insurance policies offer the most complete level of vehicle insurance protection available. With fully comprehensive vehicle insurance, however, your own vehicle is also insured against fire, theft and accidental damage, while most policies cover personal effects such as sat nav systems. What's more, as the policyholder, you will generally be insured (at least third party) to drive another vehicle with the owner's permission.

    Corporate Insurance

    Al Faris offers a wide range of employee benefit solutions which helps organizations to retain, reward and encourage the best talent in the industry. It also provides a host of corporate solutions to both statutory needs as well as voluntary needs of the employers and hence ensures to strengthen the employer -employee relationship in the long run.

    Being part of a world class mixture ourselves we understand that a company's insurance requirements are very specific and widely differ depending upon the nature of your business. Our team of specialist Risk Engineers and Underwriters have put together a range of commercial insurance solutions to suit your business needs.

    We have a comprehensive set of products designed to protect your business, assets, liabilities, vehicles, construction/engineering/marine cargo/logistics activity & employees against sudden and unforeseen loss or damage.

    While your day-to-day operations are complex, understanding Business insurance doesn't have to be. There are coverage options available to protect just about every aspect of your business from employee injury to natural disasters. Some insurance is required by law and others by business associates, such as lenders and landlords. Obtaining the right type and amount of insurance for your business will help you avoid gaps in coverage where you need it most.

    Business insurance can protect the equipment and machinery you need to stay in business. It can ensure that you, your employees and any members of the public with whom you interact in your business are protected from the risk you face as a business owner.And it may also provide financial support if your business is unable to operate following an unexpected event such as a fire or natural disaster.

    Property Insurance

    Property insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can purchase additional coverages for business property,including Boiler and Machinery , Debris Removal Insurance, Builder's Risk Insurance etc.

    However, our properties can be threatened with burglary, damages caused by natural and man-made disasters. To secure your properties of any threat, it offers you Property Insurance Policy, which will provide security to the structure and/or contents of your properties against unforeseen calamities.

    Liability Insurance

    Liability insurance covers injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy. A general liability policy will cover you for common risks, including customer injuries on your premises. More specialized varieties of liability insurance include: Malpractice Insurance, Automobile Insurance etc.

    Irrespective of the size of business, it is pivotal to consider liability insurance. It is prudent to cover your business against all kinds of liabilities -- public liability (third party injury or property damage) from industrial and non-industrial operations, product liability, professional indemnity, D&O liability and E&O liability. Al Faris offers wide array of liability products to suit your business needs.

    Public Liability insurance is your protection if you are found to be legally responsible for personal injury to a third party or damage to their property. It is one of the most important covers you can get, that's why liability cover comes as standard with all our business insurance package

    Global Transaction Service Banking Overview

    Global Transaction Banking (GTB) incorporates all areas of expertise and services aimed at facilitating the transactional activities of major economic and financial players, both domestically and globally.


    A global and efficient offer

    Whether your activities are domestic or international, you get to benefit from services and products that we continually develop and adapt to your specific requirements. Operating in more than 50 countries, we provide you with the international expertise of a major banking group and over twenty years of experience across our various business lines.

    The responsiveness and dynamism of our teams, the solidity of our networks and the diversity of our product range allow you to optimize the day-to-day management of your commercial operations and transactions.

    Global transaction banking is the division which provides cash management, custody services, lending, and securities brokerage services to institutions. Prime brokerage with hedge funds has been an especially profitable business, as well as risky, as seen in the bank run with Bear Stearns in 2008.

    Transactional Banking with the provision of online banking services accessible 24 hours a day, 365 days a year to the customers worldwide. As the world reeled from the financial crisis brought on by the reckless behavior of Wall Street, and a profusion of toxic investment instruments in the market, one area of finance was on the rise – Transaction Banking. This low risk, high profit business has gained even more attention in recent years as banks have been forced to look for capital sources outside of traditional markets.

    Among the various functions adhered to by Transaction banking, the main operations are its presence behind the scenes and offering solutions to treasury. In the broadest definition, transaction banking allows for the safe and efficient movement of cash and securities around the global financial system.

    Our Capabilities

    Making Staff Superannuation Payments

    Superannuation, often called super, is money saved in a fund over a person’s working life to live on when they retire from work. As an employer, you’re required to contribute money to your employee’s super fund.

    You’re considered an employer if you employ a person under a verbal or written employment contract on a full-time, part-time or casual basis. A basic guide to what superannuation is, your superannuation obligations as an employer and how to meet these obligations.

    Offering solutions for staff’s superannuation payments through Quick Super

    Electronic Solutions


    Our mission is to help businesses become more profitable by providing technology based solutions that reduce costs, increase throughput,improve data gathering, and eliminate errors.

    Al Faris creates value for clients, using innovation, design and technology to bring new products to market and to extend the life-cycle of existing products.

    We combine leading edge thinking and product innovation with our rapid electronic product design methodology and technology solutions to maximise return on investment for our clients.

    With the advancement in technology assisting the customers’ with their financial reporting through electronic banking facilities
    Risk And Compliance Overview

    The intensity of change in today’s business environment requires new ways of thinking about risk. Facing an interconnected vortex of disruptive technologies, cyber-threats, complex business ecosystems, globalizing markets, and amplified regulatory scrutiny, businesses need proactive, innovative governance, risk, and compliance (GRC) strategies to seize competitive opportunities and meet stakeholder expectations.

    Compliance risk is the current and prospective risk to earnings or capital arising from violations of, or nonconformance with, laws, rules, regulations, prescribed practices, internal policies, and procedures, or ethical standards. Compliance risk also arises in situations where the laws or rules governing certain bank products or activities of the Bank’s clients may be ambiguous or untested. This risk exposes the institution to fines, civil money penalties, payment of damages, and the voiding of contracts. Compliance risk can lead to diminished reputation, reduced franchise value, limited business opportunities, reduced expansion potential, and an inability to enforce contracts.

    Our Capabilities

    Strong

    Management fully understands all aspects of compliance risk and exhibits a clear commitment to compliance. The commitment is communicated throughout the institution.

    Authority and accountability for compliance are clearly defined and enforced.

    Management anticipates and responds well to changes of a market, technological, or regulatory nature.

    Compliance considerations are incorporated into product and system development and modification processes, including changes made by outside service providers or vendors. .

    Satisfactory

    Management reasonably understands the key aspects of compliance risk. Its commitment to compliance is reasonable and satisfactorily communicated.

    Authority and accountability are defined, although some refinements may be needed.

    Management adequately responds to changes of a market, technological, or regulatory nature.

    While compliance may not be formally considered when developing products and systems, issue are typically addressed before they are fully implemented.

    Problems can be corrected in the normal course of business without a significant investment of money or management attention. Management is responsive when deficiencies are identified.

    Weak

    Management does not understand, or has chosen to ignore, key aspects of compliance risk. The importance of compliance is not emphasized or communicated throughout the organization.

    Management has not established or enforced accountability for compliance performance.

    Management does not anticipate or take timely or appropriate actions in response to changes of a market, technological, or regulatory nature.

    Consulting


    ALFARIS enables leading global insurers with business transformation, customer experience and operational efficiency needs. Our full services portfolio and unmatched track record make us a trusted advisor and partner of choice for the industry. .

    Insurers continue to face a challenging environment on the account of rising operating costs, significant losses from ruinous events, reduced demand, decreased growth in developed markets and low investment yields. The situation is compounded by the rapidly changing customer buying behavior and ever-widening regulatory landscape.

    Health Insurance


    Al Faris offers a range of affordable health insurance plans. Our health plans are custom made to protect you against the rising health care costs. We have the highest claim settlement ratio among private insurers.

    Online Vehicle Insurance


    Your Vehicle insurance policy is the most important document in your vehicle because it protects you against financial loss and legal issues. Millions of vehicle owners across world trust us to insure their car since we provide package policies that would protect them against physical damage.

    Our Products
    ...

    Health Insurance System

    Al Faris offers a range of affordable health insurance plans. Our health plans are custom made to protect you against the rising health care costs. We have the highest claim settlement ratio among private insurers.

    ...

    E-learning For All

    Meeting the learning needs of the millennial generation won’t happen using yesterday’s methods. Partner with our award-winning interactive learning team to create compelling training programs that adapt to the virtual workplace and lay the foundation for the Future of Work.

    ...

    Online Vehicle Insurance System

    Your Vehicle insurance policy is the most important document in your vehicle because it protects you against financial loss and legal issues. Millions of vehicle owners across world trust us to insure their car since we provide package policies that would protect them against physical damage.

    Site Map