UAE: Insurers ready to offer health cover for more UAE Golden Visa holders
Source: Middle East Insurance Review | Oct 2022
Some of the leading Dubai-based insurers could soon introduce medical insurance packages tailored to fresh waves of Golden Visa holders and their dependents.
Some pre-testing has been done by a couple of the insurers to gain feedback from potential clients and healthcare providers, reported Gulf News.
In the next few months, the rush for Golden Visas will begin anew, as word of the initiative reaches more potential investors/residents planning to base themselves in the UAE. Health insurance is mandatory for all visa issuance/renewals in the UAE.
As of now, more than 65,000 Golden Visas have been issued. In the next few weeks property owners who have assets of AED2m ($544,500) and more too will be eligible for these visas. And they will need supporting medical insurance.
The Golden Visa, introduced in 2019, is a long-term residency visa that permits foreign talents to live and work or study in the UAE for up to 10 years. New visa regulations that came into effect last month also aim to support the real estate sector and double real estate investment in the country. In line with these goals, real estate investors can obtain a Golden Visa when they purchase a property worth AED2m or more. Investors can also obtain the Golden Visa when buying one or more off-plan properties of no less than AED2m from approved local real estate companies.
Insurers are also waiting to take their cue from the way Abu Dhabi’s health insurer Daman is handling its dedicated Golden Visa medical package.
“There will be first-to-market advantages for those insurers who can launch these Golden Visa packages – but they will have to show these are different from the typical health insurance policies in the market,” said an insurance industry source.
Insurers are trying to design tailored medical insurance plans, some of which could carry a higher premium. Given the demographic mix of the current Golden Visa holders (and of their dependents), insurers are most likely to have policies that are linked to customers’ ages. Actual pricing would be based on the age of the insured. M