Products > Insurance > Life Insurance > Whole Life Plan

At different stages in life, one has different financial priorities like spending, savings, paying back or investing. To meet these constantly evolving requirements, it is essential to plan. A Whole Life Plan is an ideal insurance policy, designed to cover an individual for lifetime and payback money as planned.

What is a Whole Life Plan?

A Whole Life Plan is an insurance policy that offers lifetime coverage. The sum assured and the bonus arising from this policy are payable either to thelife assured orto the beneficiary (after the death of the life assured.)

A Whole Life Plan builds fiscal value, which is a return on your premium that the insurance company invests. One can avail, flexibilities such as increasing death benefit without raising the premiums, altering investment type depending on the market outlook.

Types of Whole Life Plans

There are a variety of Whole Life Insurance Plans available in the market. These are stated as below

  • Non-participating
  • Economic
  • Interest Sensitive
 
  • Participating
  • Limited Pay
 
  • Indeterminate Premium
  • Single Premium

How does it work?

For a Whole Life Insurance Plan, the premiums would normally be payable until the sum assured becomes payable or a claim arises. In case of Non-participating Whole Life Insurance, the policy has fixed costs due to which the premiums are not high. However, it does not pay any dividend after the death of the policyholder.

A Whole Life Plan endows you with a lifetime security. In case an unfortunate event occurs, this plan guarantees that your family leads a financially comfortable life.

Points to remember about a Whole Life Plan

  • Some insurance companies allow partialwithdrawal after a certain age
  • Regularly paid premiums ensure some amount of profit or bonus
  • A person can avail a loan against the value of the policy
  • Few companies offer survival benefits, if the policyholder lives up to the age of 80
  • The sum assured is payable only on death
  • Since the term of such insurance is longer, the premiums are also paid for longer terms
  • Some insurance companies provide flexible premium paying terms
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