This article will review Daman Insurance, which was created in 2006, in Dubai. It is a joint initiative between the government and a private insurer.
Who does Daman Cover?
They cover individuals and families within the UAE. Who they cover depends on the visa status and a few other things, including salary.
For example, for lower-income workers, who hold Dubai resident visa, and who are earning less than AED4,000, they offer very limited coverage. Typically the coverage is only for $40,000 (or AED 150,000) of coverage.
What about the chrome and premium plans?
Daman insurance has different plans including; Care Essential Plan, Care Chrome Plan,Care Bronze Plan, Care Silver Plan, Care Gold Plan, Care Platinum Plan and the most extensive coverage (Premier Plan).
How much coverage you will get will depend on each plan. For example, on the Care Essential Plan, you only get local coverage, AED 160,000 total coverage expenses, 80% coverage for inpatient services and subsidized medicines.
In comparison, the premium plan (Premier Plan) offers worldwide coverage, has an AED 20,000,000 limit, pays medicines that are prescribed in full and covers inpatient, outpatient, infertility, dental and many other procedures.
How about corporate medical insurance plans?
Daman insurance does offer corporate plans, and again, that depends on many factors.
What are the positives and negatives with the plan?
The plan is well-regulated by the government and covers both high and low-income households.
However, the plan is mainly focusing on companies, so doesn’t focus on individuals so much and is expensive relative to the benefits.
As insurance is a dead-money product, meaning you get nothing back if you don’t get sick, it is best to pay the least possible, for the most benefit.
What if I am looking for new insurance and want to contact you?
My contact details are firstname.lastname@example.org
If you are living in the UAE, or beyond, and have an insurance-investment scheme offered by the likes of Zurich, RL360, OMI and so on, you may find this article useful.