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Dubai-based price comparison platform Yallacompare is coming up with a new product to give users an affordable alternative to most insurance schemes currently offered by most insurers. The planned product, according to the company, will offer up to AED 1 million (USD $272,255) in life insurance.

However, the most charming feat about this new product, dubbed Smart Term Life Insurance, is the fact that it will cost you only AED 3 (approximately $0.82) per day. It’s the cheapest plan one can find in the Middle East’s insurance market, Yallacompare says, adding that the premiums will remain unchanged throughout the lifetime of the policy (10 years).

Additionally, the company claims that buyers can finalize the purchase within 5 minutes without requiring to undergo any medical test or elaborate questionnaires.

Commenting on the objective of the new product, Yallacompare CEO Jon Richards, said: “Yallacompare has helped to transform the way financial products are sold in the Middle East and we are now bringing that spirit of positive change to the region’s life insurance sector.”

Richards added that special care has been taken to ensure that the insurer and their dependents don’t have to go through any complicated procedure or disputes while claiming the amount payable under the insurance policy.

“In the unfortunate event of a policy holder’s demise, their family is guaranteed a financial cushion at a difficult time in their lives,” he stated.