Welcome to HAYAH Insurance Company P.J.S.C.

May 2024

The United Arab Emirates (UAE) has an estimated population of 9.1 million, with approximately 8 million (88%) being foreigners, primarily temporary contract workers. The remaining 12% are UAE nationals. Despite efforts to "emiratize" the private sector workforce, UAE nationals are still predominantly employed in the well-paying public sector. In contrast, over 90% of the private sector labor force consists of expatriates. The majority of the population, more than 80%, falls within the working age group of 15-64 years.

In terms of social security, the UAE has a social security rate of 20% for qualifying UAE and other Gulf Cooperation Council (GCC) national employees. Of this, 5% is paid by the employee, 12.5% is paid by the employer, and the government contributes an additional 2.5%. In Abu Dhabi, the rate is higher at 26%, with the employer contributing 15% and the government's contribution increasing to 6%. 

Additionally, the Sheikh Zayed Housing Programme provides grants and loans to meet the housing needs of UAE nationals, including construction, completion, maintenance, and additions to their homes. 

The UAE also has comprehensive programs to support individuals with disabilities in areas such as education, healthcare, training, and rehabilitation.

Offering attractive employee benefits in the UAE and GCC can provide businesses with a competitive edge in attracting and retaining top talent. The job markets in these regions are constantly evolving, with a growing demand for skilled workers. In this competitive landscape, employee perks have become a crucial factor in attracting and retaining high-quality personnel. 

In addition to group healthcare benefits, it is also important that employees are well protected during difficult periods in their life through a group life insurance.

A typical group life plan in the UAE usually covers:

• Death due to any cause, including natural causes, accidents, or illnesses. Typically, the coverage amount is a multiple of the employee's annual salary, such as two or three times their salary.
  
• Disability due to accident or sickness
  
• Critical illness

The premiums for group life plans are typically paid by the employer, although some employers may require employees to contribute a portion of the premium. 

It is important for companies to continually assess and improve their employee benefit programs to meet the evolving needs and expectations of their workforce in the UAE and GCC.

In addition, the introduction of the corporate tax in the UAE presents an opportunity for businesses to leverage insurance solutions as a tax-saving mechanism, potentially saving up to 15% on their taxes. This financial incentive is likely to drive an increase in insurance penetration among companies, as they seek to optimize their tax liabilities while safeguarding their assets and operations. Moreover, this will also raise awareness about the importance of life insurance and other protective measures, prompting both businesses and individuals to consider comprehensive insurance coverage for financial security and risk management.

Group life plans and customary riders placed with HAYAH Insurance Company P.J.S.C. can be included in IGP accounts per April 1, 2024. In combination with group health plans (which are offered by National Health Insurance Company – Daman, the IGP Network Partner for group health coverage in the UAE), IGP can now offer a full group employee benefits solution in the UAE. 

In addition to providing group life and customary riders for employee benefits plans in the UAE, HAYAH Insurance Company P.J.S.C. can also cover plans in the region including Bahrain, Egypt, Jordan, Kuwait, Oman, Qatar and Saudi Arabia – the policy will be underwritten in the UAE and subject to UAE legislation. 

HAYAH Insurance Company P.J.S.C., formerly known as AXA Green Crescent, offers comprehensive solutions for end-of-service benefits, pensions, life insurance, and health insurance. With a strong local presence and a team of experts in the field, HAYAH is committed to providing affordable insurance solutions in the UAE by leveraging cutting-edge technology. They cater to the insurance needs of over 300 companies and 150,000 employees across the UAE. 

As a regulated entity, HAYAH Insurance Company P.J.S.C. operates under the supervision of the Central Bank of the United Arab Emirates. Additionally, the company is listed on the Abu Dhabi Securities Exchange, further demonstrating its commitment to transparency and accountability.

HAYA offers two types of group plans:

Employee Protect

Ensure your employees are well protected during difficult periods in their life.

What's included:

A range of covers for death (due to natural, sickness cause or to accidental causes), critical illness (covering the essential 33 illnesses) and/or disability due to accident or sickness (permanent total disability, permanent partial disability and temporary total disability)

• Loss of income, repatriation and medical reimbursement covers available.
  
• Expedious quotations and claims, supported by their UAE-based team of experts with proven experience in employee benefits and risk management.
  
• HAYAH’s Priority Screening brings medical tests to your home or office for your convenience.
  
• Access to 40,000 partners across five continents if your employees are travelling with AXA Assistance.
  
• Partnership with MediGuide, permitting MSO (Medical Second Opinion)

Eligibility

• Your business and most of your employees should be located in the UAE.

Employee Secure Saver

Workplace savings with a guaranteed investment solution.

What’s included:

• Customise your Employee Secure Saver to meet your specific needs:
  
  • Give your employees a cost-effective workplace savings solution.
    
  • Provide enhanced benefits to your employees.
    
  • Ringfence your end-of-service gratuity liabilities.
    
  • Define eligibility to contributions, benefits and the available investment options.
    
• HAYA’s guaranteed investment option, the AXA USD General Account, is fully liquid and is able to maintain its value.
  
• Savings held in a secure currency, US dollars (USD).
  
• Dedicated, secure portals for both your HR team and your employees, available 24/7.
  
• Contractual arrangement provided by a Central Bank of the UAE regulated insurer. 
  
• Paperless employee onboarding and ongoing management.
  
• Coming soon: AI-powered developments to unburden your administration – no more spreadsheets.
  

Eligibility

• It is recommended that your business has at least 20 employees and is seeking to provide enhanced benefits.
  
• Your business and most of your employees should be located in the UAE or wider GCC.
  

• Innovative – In a rapidly evolving world, HAYAH harnesses the potential of Artificial Intelligence and modern technology to provide efficient, innovative, and user-friendly insurance solutions. By staying at the forefront of technological advancements, HAYAH strives to ensure that their customers enjoy a seamless and convenient experience.
  
• Empowering – Knowledge is empowerment. HAYAH is committed to educating society about insurance, personal risk, and financial planning. Through events, online resources, and partnerships, HAYAH strives to empower individuals and businesses to make informed decisions that secure their future.
  
• Inclusive – HAYAH is dedicated to making insurance accessible to all, fostering diversity, equity, empowerment, and community collaboration in their everyday activities. HAYAH seeks to transform the insurance landscape, ensuring everyone can benefit from cutting-edge solutions.
  
• Sustainable – HAYAH is committed to environmental, financial and social responsibilities. They actively seek eco-friendly practices, support sustainable initiatives, and encourage their customers and partners to do the same. HAYAH’s aim is to contribute to a more sustainable future while ensuring their business operations align with their community’s values. 
  
• Tribe by HAYAH - The first financial planning app by a life insurer in the region, set to redefine the way you experience insurance, pensions, savings and financial well-being. Tribe offers a comprehensive platform to track expenses, set budgets, and watch savings.