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Whole Life Plan Compare

Whole Life insurance Policy


Whole life insurance policy exactly means what the name indicates. It is designed to offer life long insurance coverage to the policyholders. On the death of insured person under this policy, sum assured plus bonus will be paid to the nominee/beneficiary. These plans do not have survival benefits, as the term of the policy is not fixed. Person holding perilous risks on his life and that can affect the standard of living of dependents in case of his death. In this situation, whole life plans can be valuable to reduce the burden of financial losses after the death of key member.

It will provide death benefits as well as saving element. The policyholder has option to avail loan or make withdrawal under this policy.

Whole life policy can be useful to create an estate for heirs after the death of policyholder. Individual should select fitting sum assured, which will be valuable to beneficiary in future. Keeping in mind, the needs and requirements of your dependents, policy should be designed because policy proceeding will be available to them. It will allow the affected family to maintain financial consistency when you are not near them.

Some insurance companies also provide maturity benefits considering the longevity of the Indian population. Thus, it will provide maturity benefits as sum assured with bonus on completion of insured age of 80 years or 40 years from the date of commencement, whichever is later. Premium is payable for 35 years or up to 80 years of insured life whichever is later.

Policyholder typically pays premium till the claim arises. Many insurance companies provide options in premium payment like limited payment policy and single payment policy. Term of the policy is not fixed. Therefore, the premium paying term will be long.

Policy proceedings can be utilized to meet daily household expenses, maintain similar standard of living, repayment of debts, expenses related to education and marriages and so on after the demise of key/sole earner. insurance is must for every individual with dependents and have availed loans against property or car. Whole life insurance policy will play significant role to repay debts and provide financial stability upon the death of key member.

Individual should carefully read the form and policy documents before paying the first premium. Policy features and advantages/coverage should be cleverly understood by the insured. Any default in submission of documents related to health history or details about the previous policies can create problem for the claimant at the time of claim.