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Well Recognized Top 5 Best Life Insurance Companies in Saudi Arabia

Health Insurance, Car or Motor Insurance, and Medical Insurance are some of the most popular insurance services available in Saudi Arabia. But if you're searching for the best Saudi Arabian Life Insurance Companies, there aren't so many of them.

Hence, finding the best life insurance companies in Saudi Arabia isn't an easy task for the local people in some cases and also for those who usually go there for jobs or some other important purpose and stay there for a longer period.

Though there are a good number of insurance companies in Saudi Arabia, for Islamic law most of them don't provide life insurance policies. Instead, they offer some other beneficiary insurance policies following Islamic law. You'll also get group life insurance policies for corporate companies and their employees.

So, it's quite obvious now that there aren't enough insurance companies to look at before you can make your decision about going with the best life insurance company in Saudi but we found that those aren't quite open enough with the things that must be considered to bring up the best life insurance companies of a country.

You can also read our another article regarding the best life insurance companies in the USA ▶ Top 5 Best Life Insurance Companies in the USA for Customer Satisfaction and Protection.

So we'll exclusively try to help you find Saudi Arabian Top 5 best life insurance companies explaining their financial coverage, yearly turnover, rate of returns, overall financial strength, etc.

1. Al Rajhi Takaful's "Islamic Life Insurance"

Al Rajhi Takaful is one of the finest and quality insurers in Saudi Arabia. They had a turnover of 2,732,873 SAR in 2020 which made them the 3rd most earned insurance company in Saudi after Bupa Arabia Insurance Company and Tawuniya Insurance Company.

The Islamic Life Insurance Policy from Al Rajhi Takaful will provide financial coverage to the insured persons for their death, total permanent disability, and any other conditions mentioned in the policy.


  • A well-established insurance company
  • More than 93.07% payout rate
  • Grabbed more than 7.05% shares of the insurance market
  • Excellent financial strength and customer-friendly policy


  • No age range is mentioned. Depends on the insurer
  • Fewer options for life insurance policies

2. Allianz Saudi Fransi's "Waad Al Ousra"

Allianz Saudi Fransi is another highly reputed insurance company in Saudi Arabia and they offer a wide range of insurance policies including Travel Insurance, Motor Insurance. They usually remain at 9th or 10th position in terms of yearly turnover.
You might be thinking why do we talk about the 3rd and the 10th position, where are the others. Actually, we already mentioned that all of them don't offer life insurance policies particularly.

The Waad Al Ousra policy provides its customers with convenient financial security for their loved ones and family when they meet uncertain death.


  • Longterm plans for good coverage
  • A customer-friendly policy with a variety of portfolio
  • Provide a big amount of return to the family for the death of the insured person. (depends on policy)
  • Financial coverage for Total Permanent Disability (PTD)


  • Can't maintain the old reputation
  • losing market shares

3. ALAHLI TAKAFUL COMPANY's "AlAhli Protection Plan"

"AMAN" or AlAhli Protection Plan from ALAHLI TAKAFUL COMPANY is found as a truly great policy within Saudi Arabia when there aren't enough life insurance providers. AlAhli Protection Plan (Aman) comes out with a lucrative motto,

"Aman" One Riyal a Day... Will Keep Bigger Risks at Bay!

AlAhli Protection Plan is concerned about the financial protection of their customers' families with their modern complicated lives and burdens. So they're offering the "AMAN" insurance policy with a cost of a small amount of annual fees or premium.


  • 365 Riyals Annual Premium, automatically renewable Islamic law-compliant policy
  • Policy for 18 to 65 years old
  • Up to SR 100,000 financial coverage for accidental death
  • Medical coverage of SR 10,000 at maximum
  • No medical check-up required for health declaration


  • Not like universal life insurance
  • Not an old and established insurance company like other best ones.

4. AXA Cooperative's "Group Life Insurance"

AXA Cooperative is also a renowned insurance company in Saudi Arabia, but unfortunately, they don't provide life insurance policies to individual persons. They only provide group life insurance to the employees of corporate organizations. And it's always smart and wise to check whether your employer has you covered with life insurance or not.

5. SAICO's Group Life Insurance

Saudi Arabian Cooperative Insurance company also provides life insurance policies to corporate organizations. But they're not like AXA Cooperative. Where AXA Cooperative issues both Group Life and Credit Life Insurance Policies, in place of that SAICO provides only Group Life Insurance Policies to corporations for covering their employees' death for any cause and total or partial permanent disability or injury.

So thanks for staying with us this long and hopefully you'll find our other articles informative and helpful. If there's anything on your mind you guys can tell us in the comment section or you can contact us using the contact form.