National Bank of Abu Dhabi Insurance Review – Cover More for Less

National Bank of Abu Dhabi Insurance Review – Cover More for Less

National Bank of Abu Dhabi
Screenshot of Life Cover Home Page National Bank of Abu Dhabi

Although customers don’t have any desire to purchase insurance, there is no getting along without it. This is especially true for those who don’t have the financial means to cover losses in the event of an emergency or disaster. Furthermore, it allows customers some peace of mind that the items can be replaced, or in the event of death, that their loved ones are provided for. This review takes a closer look at National Bank of Abu Dhabi Insurance to see how it compares on a global playing field.

We recently did a review on the investments offered by National Bank of Abu Dhabi. Read here to find out what the final score was.

About National Bank of Abu Dhabi

National Bank of Abu Dhabi
Screenshot of the History of the National Bank of Abu Dhabi

Considered one of the new kids on the banking scene, National Bank was founded under 50 years. Despite its age, the bank has managed to climb the ladder and is now considered one of the top banks in the world. This can be attributed to the fact that it doesn’t have ancient banking ideologies and bureaucracy holding it back from growth opportunities. This bank can see the financial world through fresh eyes, and apply strategies that are long-term and steady.

After its expansion to Egypt in the seventies, the bank experienced bursts of growth largely attributed to stock exposure. It wasn’t long before its conservative strategies started paying off, as the bank soon had a spot on the World’s 50 Safest Banks by Global Finance list. This was followed by a spot in the Global Financial Markets Forum.

When the markets crashed across the world in 2008, the bank held firm and managed to increase its profit margins. This is thanks to its sound fiscal policies. The profit levels soared to greater heights in 2010, when it broke the $1 billion profit mark. This was the first time a bank in the UAE achieved these levels of profit.

Currently, the bank is regarded as the safest bank in the Middle East. It is also expanding into emerging markets while still following a conservative approach.

For a full review on National Bank of Abu Dhabi, read here.

Key Points to Remember when Purchasing Insurance

Insurance is one of the last products customers wish to buy, however, it carries a lot of weight in a moment of crisis.

Upfront Disclosure

This is possibly one of the most important aspects of insurance. Customers need to provide the insurer with enough information upfront in order for this insurer to accurately calculate their risk profile. This will determine the premium of the policy, as well as any exclusions the insurer may have. Failure to provide the information up front may result in the insurer refusing to pay the claim.

Risk Profile

This is about more than just the age and gender of the policyholder. Other aspects that influence this, include the area, the security of the item, whether it is used outside the regular environment often, who uses it, and more.

Payment of Premiums

Customers are required to pay their premiums on time. Many insurers can refuse payment of a claim if customers are not up to date with their premiums. Some insurers do give customers a one premium leeway, with the option to pay that installment as soon as possible in order for them to process the claim.

Correct Cover Amounts and Types

This may seem obvious to those in the industry, but many customers are not sure whether they have the right type of insurance. Customers are unaware that cover for the building itself does not include cover for the contents. Many customers only find this out when a claim even arises, and they’re unable to claim. It’s also important to cover the items for the right amounts as over and under insurance can result in the claim not paying out.

National Bank of Abu Dhabi Insurance Product Offerings

National Bank of Abu Dhabi
Screenshot of Insurance Options National Bank of Abu Dhabi

Life Insurance

International Protector Middle East

With this cover, customers benefit from worldwide coverage that also offers stand-alone critical illness cover. Furthermore, the life cover is up to US$ 10 million and up to the age of 80.

  • Customers enjoy minimal contributions that start from as little as US$17.50 per month.
  • The payments and cover amounts are available in major currencies, including USD, AED, GBP, and EUR.
  • Furthermore, customers decide whether to pay their premiums monthly or annually.
  • Customers have the option to make payments through their NBAD account or any major credit card.
  • Also, the NBAD account used to pay for the plan has no minimum balance requirement on it while the plan is still in force.
  • Finally, the cover options are: Life Cover Only, Life and Permanent Disablement Cover, Life and Critical Illness Cover, Critical Illness Cover Only.

NBAD Secure Life

This product offers comprehensive life cover in association with ADNIC. Furthermore, there are a number of plans that offer a wide array of cover options.

  • Customers receive a lump sum in the event of a claim.
  • The plan provides worldwide coverage with a range of different sums insured.
  • Also, Secure Life is available for those aged 16 to 60 who are resident in the UAE.
  • Secure Life Plan 1 is a cover type that covers accidental death and partial or total disability due to an accident.
  • Secure Life Plan 2 offers natural or accidental death cover and partial or total disablement due to an accident.
  • Finally, customers enjoy competitive premiums that offer customers value for money. They have the choice to pay half-yearly or yearly. They also decide whether to sign up for worldwide cover if they’re a GCC resident and can spread the cost with the Easy Payment Plan.

NBAD Car Insurance

This is a comprehensive insurance product that holds many benefits.

  • Once customers complete their application, the cover is in place straight away.
  • Customers enjoy cover even when they go off the road.
  • The cover includes road trips in the region which include UAE, Oman, and Qatar.
  • Furthermore, the plan covers medical expenses in the event of an accident and also takes care of personal belongings.
  • Customers enjoy complimentary 24-hour roadside assistance.
  • Finally, accidents caused by 3rd parties are covered up to AED 3.5 million.

Travel Insurance

Travel Smart Insurance

This is a simple travel insurance plan that covers medical expenses, trip cancellation fees, and more.

Travel Family Insurance

Customers enjoy cover on their next family holiday which takes care of medical emergencies, trip cancellation fees, and more.

Travel Schengen Insurance

This product offers the compulsory cover needed to gain a travel VISA for any Schengen country.

Property Insurance

Property Secure

This cover is ideal for those who rent out their properties. It covers a variety of different events, including: malicious damage, natural disasters, fire, and more.

Property Secure Plus

This insurance is designed to cover the needs of UAE property owners. Furthermore, this covers apartments or villas. Warehouses are not covered under this policy. Finally, the Property Secure Insurance Policy is mandatory for Escan NBAD mortgage loan applications.

NBAD Home Contents Insurance

This is a simple, yet comprehensive cover for the household contents, building, and more.

  • Customers enjoy the benefit of flexible policies and policy additions.
  • They also choose cover that suits their needs.
  • Finally, the option includes contents and personal possessions insurance.

What We Like About National Bank of Abu Dhabi Insurance

With such a large variety of options, customers won’t need to go anywhere else in order to satisfy their cover needs. Whether they need to cover personal risk matters or their possessions, there is a product for every need. The cover options also carry a host of other benefits that make them hard to resist. Customers will find it tough to find better insurance options out there.

We also did a review on the current account range with National Bank of Abu Dhabi. Read here to find out whether they managed to keep ratings up.

What We Don’t Like About National Bank of Abu Dhabi Insurance

Each product is carefully crafted to offer the right cover for the right situation. There is nothing to dislike about this range.

Critical Reviews Rating National Bank of Abu Dhabi Insurance – 10 of 10

National Bank of Abu Dhabi
Screenshot of Ways to Apply National Bank of Abu Dhabi

From the very first insurance product on offer, customers have the peace of mind that they’re in good hands. They don’t need to scurry about looking for solutions, as these are all right there. The majority of the policies offer comprehensive cover, which is important to ensure all aspects are covered.

The cover options range from personal risk situations such as life, disability, and critical illness. Customers have the option to incorporate all these risk items into one plan or to have them individually. This provides great flexibility for the client.

Not all travel situations are the same, therefore, it’s important that there are different cover options. For instance, a lone traveler won’t have the same risk as a family. Furthermore, the Schengen option is perfect for those who need to meet all the criteria before traveling to those areas.

Finally, when it comes to possessions, customers have various options again. Apart from offering the standard covers that include building, contents, and vehicles, customers also have the option to insure their personal possessions. This allows them to enjoy their time traveling, without worrying about their things.

Read here to see how the savings products at Abu Dhabi rate.