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What Is Whole Life Insurance?

In exchange for regular, level premium payments, whole life insurance guarantees payment of a death benefit to beneficiaries. Along with the death benefit, the policy provides a savings component known as the "cash value." Interest may accumulate on a tax-deferred basis in the savings component. Whole life insurance has a cash value that grows over time.

1 Crore Life Cover starting from just ₹16/Day*
1 Crore Life Cover starting from just ₹16/Day*
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**Tax benefits are subject to changes in Income Tax Act.

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What Is Whole Life Insurance?

The Straight Life Plan, also known as the Ordinary Life Plan, is another name for the Whole Life Plan.In the case that the insured passes away, the nominee receives the specified sum. The policyholder can cancel or borrow against the policy at any moment. This policy has a 100-year maturity period. The policy will become a matured endowment if the insured survives past the maturity age. This plan provides a tax-free death benefit.

If the policyholder survives to be 100 years old, the policyholder receives matured endowment coverage as a maturity bonus under whole life insurance in India.

How Does It Work?

Whole life insurance is a type of life insurance that aims to provide whole life coverage to the insured so that they can live a financially secure life and build a financial safety net for the future in the event of an accidental death.

A whole life plan can be purchased for a one-time payment, a monthly or yearly payment, or a combination of the two. If you purchase a unit-linked whole life policy, your funds will be used to purchase life insurance and pay the sum assured amount, with the remaining funds being invested in an investment fund.

In the case of unit-linked/flexible whole life policies, the insurer will examine the policy on a regular basis to see if the value of the policy is comparable to the cost of the life insurance it is providing. If the remainder of the money is put in an investment fund that is not doing well enough to cover the cost of benefits, your insurer may suggest you to either reduce the amount of your sum assured or increase your regular contribution.

Customers can also get protection for specific illnesses or disabilities with certain whole life insurance policies.

Key Features Of Whole Life Insurance

The policy protects the policyholder for the rest of his or her life. The following features are included in the policy:

1. Death Benefit

The death benefit is given to the nominee in the case of the untimely death of the insurance holder within the term of the policy. The insurance company pays the death benefit to the beneficiary of the policy as a total sum assured amount if all of the premiums of the policy are paid on time.

2. Guaranteed Premium

The premium interest rate of the life insurance policy is fixed for the duration of the policy and does not increase or decrease over the term period of the policy. So, if a policyholder pays a monthly premium of Rs. 25000, he or she will pay the same premium for the duration of the policy.

3. Tax Benefit

Sections 80C and 10(10D) of the Income Tax Act 1961 exempt the premium paid for the policy as well as the maturity proceeds from taxation.

4. Protection For Life

Whole life insurance is designed to offer life insurance to the family of the insured in the form of a certain sum assured, including any bonuses, if any, in the event of the death of the policyholder.

5. Loan Facility

The insurance holder can take out a loan against the policy after the policy has been active for 3 years.

Benefits Of Whole Life Insurance

1. Coverage For Life

It provides death benefits to the policyholder up to the age of 100. It protects the policyholder until he or she dies. A lump sum tax-free amount is provided to your nominee if you die.

2. Serves As A Cash Source

Individuals should have funds for the future, according to experts, so that they can deal with unexpected events in their life. However, establishing a significant corpus in a short period of time is not a simple process. However, with the help of a whole life insurance plan in India, one may financially secure their future and fulfill their long-term economic goals.

3. Your Whole Life Plan Policy Has a Loan Option

Whole life insurance covers you for the rest of your life, up to the age of 100. The policyholder has the option of getting a loan against the plan. However, a loan can only be granted if the insured has completed 3 policy years and has paid all of the premiums of the policy in advance.

4. This Plan Will Benefit Your Dependents

The return will provide the household with additional cash options. This plan is ideal for estate planning people who wish to leave their property to their personal representatives because it helps them build income.

5. Payments On A Regular Basis

The policyholder can receive a lump-sum payment as a maturity benefit, as well as bonuses, when the policy expires. As a result, when the policy expires, the insured can choose to receive the maturity benefit as a lump-sum payment or as a regular income source at certain intervals.

Who Should Opt For Whole Life Insurance?

A whole life insurance policy is an ideal type of life insurance plan for most people who want to offer financial security to their family and loved ones.

  • This plan is a great investment option for people who wish to get a return on their money while still getting term life insurance.
  • This plan is a good investment because it allows you to save money on taxes while still offering term insurance.
    Individuals who want to save for retirement might think about buying this life insurance policy.

Eligibility Criteria For Whole Life Insurance:

The eligibility criteria, such as minimum/maximum entry age, premium payment term, and so on, will differ by insurer. To learn more about the eligibility criteria for your chosen policy, you should contact your insurer directly, as they will be able to help you better.

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