Whole Life Insurance Policy

Imagine a safety net that protects your loved ones and grows with you, offering lifelong financial security. Whole life insurance is a powerful financial product designed to provide you with peace of mind and a lasting legacy. Whether planning for your family’s future, securing an inheritance, or ensuring lifelong coverage, the best whole life insurance stands as a reliable cornerstone in your financial planning. Embrace a lifetime of protection, stability, and growth with life insurance for your whole life, and take a confident step towards a secure and prosperous future. 

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What is Whole Life Insurance?

A whole life policy is a type of life insurance that offers permanent protection to the policyholder for his/her whole life and guaranteed benefit amount to the nominee of the policy in case of the policyholder’s untimely death during the policy term. The plan offers financial protection for the family via the tax-free death benefit in your absence. It provides wealth creation through the accumulation of whole life insurance cash value that helps you fulfill any financial goals you have for the future. 

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

How Does Life Insurance Whole Life Work?

Whole life policy works by requiring fixed premium payments from the policyholder. In exchange, the insurer guarantees coverage until death, providing a tax-free death benefit to beneficiaries. Additionally, the policy accumulates whole life insurance cash value over time, which can be accessed through loans or withdrawals for various needs. This structured process ensures financial security and peace of mind for the policyholder and their loved ones.

What are the Whole Life Insurance Benefits and Features?

 Here is a list of all the whole life insurance benefits and features:

  • Guaranteed Death Benefit: Since the whole life policy covers you for your whole life, your family will receive a guaranteed death benefit in your absence.

  • Income Replacement: The death payout can help your family replace your income in your absence and help them pay off any remaining loans like mortgage or business that you may have taken out. 

  • Leave a Legacy: A life insurance whole life plan allows you to leave a legacy for your future generations and can help them pay for their higher education or fund their business endeavors.

  • Wealth Creation: The policy has a whole life insurance cash value component that allows you to grow your wealth over time, which can be withdrawn as a loan in the event of an emergency.

  • Flexible Premium Payment Options: Premiums can be paid in single, limited, or whole life (regular) premium pay terms. However, it is important to keep in mind that the policy provides cover for as long as you live and the premiums should be duly paid to keep the policy in force.

  • Rider Benefits: Some whole life insurance companies offer rider benefits, which are optional benefits that can be added to the base policy to enhance the policy’s base coverage. The common life insurance whole life riders a waiver of premium on disability, chronic care, living benefits, purchase paid-up additions, and accidental death benefits. 

  • Tax Benefits and Dividends: The policy is eligible for yearly dividends and offers tax-free death benefits.

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What is the Whole Life Insurance Cash Value?

The cash value of life insurance whole life usually works like a traditional savings account. The money grows overtime, but details like rate and other factors differ between companies and policies. 

In a whole life policy, a portion of the whole life insurance cost or premium is invested into this account, and accumulated interest ultimately increases the policy's cash value. Once the policy has accrued enough cash value, you can also request a loan against this whole life insurance cash value and withdraw money in case of an emergency. You should thoroughly check the policy details and consult your financial advisor for a better understanding of the benefits and features offered.

Who Should Consider Buying Life Insurance Whole Life Policy?

People looking to get lifelong coverage want to create wealth in the long run. People who want

  • Cover for their whole life

  • Constant Whole life insurance cost

  • Guaranteed and tax-free death benefit

  • To leave a legacy for their family

  • Liquidity during the policy term

How to Compare: Whole Life Insurance vs Term Life Insurance Policy?

Here is a table giving a brief comparison of benefits and features between term life policy and life insurance whole life policy:

Parameters Whole Life Policy Term Life Policy
Premiums Premiums remain fixed for the entire policy term Premiums can vary depending on the type of term life policy you opt for
Premium Amount Slightly higher than term life policy Premiums are lower than most types of life insurance
Cash Value Cash value gets accumulated as per the policy and the insurer’s T&Cs No cash value accumulation is offered
Policy Term Covers for the whole life Covers for the chosen policy term
Death Benefits Guaranteed throughout the policy term Not payable in case the policyholder outlives the policy term

What Factors Affect the Whole Life Insurance Quotes?

The factors that affect the cost of whole life insurance quotes are as follows:

  • Age of the Policyholder: The younger the policyholder, the lower the life insurance cost. 

  • Existing Health Conditions: The insurer will charge higher premiums if the policyholder has pre-existing health conditions. 

  • Opted Coverage Amount: The larger the cover amount, the higher the whole life insurance cost. 

  • Cash Value Accumulation: Policies with higher whole life insurance cash value have a higher premium.

  • Dividend Options: If the whole life policy offers dividends, the whole life insurance cost will be affected.

How Can I Get Life Insurance Whole Life Cover From Indian Insurers?

You can contact Policybazaar’s customer support executives to get more information on the types of term life insurance for NRIs you can buy from Indian insurers. Policybazaar is an online insurance aggregator that allows individuals to buy insurance plans from the comfort of their homes in just a few minutes. You can call on the following number 

Policybazaar’s NRI Helpline

Call at +91-124-6656507

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