Whole Life Insurance

Whole life insurance plan are a type of life insurance policy which provides insurance coverage to the policyholder for the entire life i.e. up to 100 years of age, provided the policyholder pays the premiums of the policy on time. It offers guaranteed death benefit to the beneficiary of the policy in the event of unfortunate demise of the policyholder during the tenure of the policy. The insurance holder can decide the sum assured amount at the time of policy purchase.

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Under whole life insurance in India, if the policyholder survives up to 100 years of age, then matured endowment coverage is provided to the policyholder as maturity benefit.

This policy covers as long as you live. As it offers risk cover for the entire life, it is also called permanent life insurance policy. It offers dual benefit of life cover and bonus. The premium is paid for the first 10-15 years and the insurance cover is extended till the entire life of the policyholder. For instance, if you are 30 years old and you opt for the whole life plan whose sum assured is Rs 30 lakh, then you would stop paying premium when you are 45 years of age but the death benefit coverage would last for your complete life. The premium is paid only for a limited duration and therefore, it is high.

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How Does Whole Life Insurance Works?

Whole life insurance is a specifically designed life insurance plan which aims to provide whole life cover to the insured so that they can live a financially secured life and create a financial cushion for the future, in case of accidental death.

These life insurance plans provide death benefit along with maturity and survival benefit to the policyholder. According to the one’s own requirement and suitability, the policyholder can choose from different types of whole life insurance offered by the life insurance companies.     

Every year, insured pays a premium. Out of this, a portion is used for providing protection and the remaining stays invested in the company. If a profit is earned, policyholder is entitled to get the bonus on the invested amount. The investment grows in value and is returned to the policyholder if he chooses to withdraw or lives till the maturity of the plan.

To sum up, whole life plans give life cover for the entire life and help build a corpus. It is good to include this option in your investment portfolio.

Features of Whole Life Policy

The policy provides insurance coverage to the policyholder for the complete life. Upon death of a policyholder, insurance payout is made to the nominee. It comes loaded with following features:

  • Death Benefit

    In the event of the uncertain demise of the insurance holder during the tenure of the policy, the death benefit is paid to the nominee. The death benefit is paid as a total sum assured amount to the beneficiary of the policy by the insurance company, provided all the premiums of the policy are dully paid.

  • Guaranteed Premium

    The premium interest rate of this life insurance policy is set for the entire tenure of the policy and does not increase or decrease throughout the term period of the policy. So, if the policyholder pays a premium of Rs.2500 per month, then he/she will continue to pay the same premium for the whole tenure of the policy.

  • Protection for Life

    Whole life insurance is specifically designed to provide life protection to the family of the insured in the form of payment of guaranteed sum assured along with bonuses if any in the of policyholder’s demise.

  • Tax Benefit

    The premium paid towards the policy and maturity proceeds is tax exempted under section 80C and 10(10D) of Income Tax Act 1961.

  • Loan Facility

    After the completion of 3 years of policy, the insurance holder can avail loan against the policy.

Benefits of Whole Life Insurance Policy

  • Whole Life Coverage

    It provides death benefit cover to the policyholder until 100 years of age. It provides protection to the policyholder until death. 

  • Guaranteed Life Coverage

    It provides the financial security of the family and the loved ones even in the absence of the breadwinner of the family.

  • Periodic Payments

    At the time of policy maturity, the policyholder receives the lump-sum amount as maturity benefit along with the bonuses, if any. Moreover, some of the life insurance policies also offer maturity benefit in form of regular income. Thus, at the time of maturity of the policy, the insured can choose the avail the maturity benefit as a lump-sum amount at one go or as regular income at specific intervals of time.

  • Tax Benefits

    The insured can avail tax exemption under section 80C on the premium paid towards the life insurance policy. Moreover, the maturity claims are also tax exempted under section 10(10D) of ITA 1961.

  • Serves as a Source of Cash

    According to the experts it is suggested that the individuals should save funds for future so that they can deal with the eventualities of life. However, creating a large corpus at a small span of time is not an easy task, with the help of whole life insurance plan in India one can secure their future financially and can achieve their long-term economic goals of life. 

  • Offers Loan Facility

    As whole life insurance provides protection up to 100 years of age, the policyholder can opt for loan facility against the plan. However, loan can only be availed if the insured completes 3 policy years and if all the premiums of the policy are dully paid.

  • Benefits the Dependents of the Plan

    Whole life insurance plan is a great option of investment in order to provide economic security to the family. For example, if an individual opt a whole-life plan then both the spouse will get an extra financial protection that can be used at the time of retirement as retirement fund. In case, of decease of one of the partner, the policy will provide death benefit to the beneficiary of the policy. 

    Further, the policy of the spouse will works as a financial backup for the children after the demise of the insured person. Thus, whole-life insurance is a great option of insurance cover in terms of wealth creation and future planning, so that one can provide financial security and good lifestyle to their family.

Types of Whole Life Insurance Plans

A whole life insurance policy is a type of life insurance plan that protects the insured against death, whenever it may happen. It means that there is no fixed term under whole life insurance. Most policies provide a dividend to the policyholder which helps with retirement. These life policies provide insurance until the death of the insured person. Whole life policies are classified into.

  • Non-Participating Whole Life Insurance

    This is a low-cost life insurance plan which offers the feature of face amount and level premium. As a non-participating policy, the plan does not pay any dividend and nor does receive any bonus facility.

  • Participating Whole Life Insurance

    On contrary to the non-participating whole life insurance plan, participating life insurance policy offers the benefit of bonuses. Under this plan, the premium paid by the insured is invested by the company; the profit earned through the investment is paid as bonuses to the insured.

  • Pure Whole Life Insurance

    Under this plan option, the premiums are paid continuously throughout the life of the insured until death. Risk benefit is for the entire duration of life and the sum assured is paid after the death of the insured.

  • Limited Payment Whole Life Insurance

    Under this plan option, the policyholders are required to pay the premium of the policy regularly for the entire tenure of the plan. The premium of the policy remains constant for the whole tenure of the plan.

     Where the insured pays a fixed number of premiums for a specific number of years or till he/she reaches a specific age. Risk cover is however throughout the life of the insured.

  • Single Premium Whole Life Insurance

    Under this plan option, the entire premium of the policy is paid at one go. Under this plan option, a large sum assured amount is paid as a guaranteed payment to the beneficiary of the policy.

Best Whole Life Insurance Policies in India

Plans Entry Age (Minimum to Maximum) Maturity Age Policy Term Sum Assured
Aegon Life Guaranteed Income Advantage Insurance Plan 20-55 years 85 years 85-entry age Minimum- Rs. 1,00,000 Maximum- No Limit
HDFC Life Sampoorn Samridhi Plus 30-60 years 75 years 15-40 years Minimum-Rs.65,463 Maximum- No Upper Limit
IDBI Federal  whole Life Insurance 18-55 years 100 years 100 years Minimum- Depending upon the age at entry and PPT Maximum- No Limit
IndiaFirst CSC SubhLabh Plan 18-55 years 65 years 10 or 15 years Depending upon the age of the insured
Kotak Premier Life Plan 3- For 8-year PPT-55 years For 12-year PPT-53 years For 15-year PPT-50 years For 20-year PPT- 45 years 99 years 99 years less entry age Minimum (On Maturity)- Rs. 2,00,000
Max Life Whole Life Super 18 - 50 years 100 years Up to 100 years of age. Minimum-Rs.50,000 Maximum- No Upper Limit
PNB MetLife Whole Life Wealth Plan 30 days-65 years 99 years 99 years minus age at entry Multiples of the sum assured cover: When age at entry is under 45 years- 0.5*(70-age at entry), subject to at least 10 When the age at entry is over 45 years- 0.25* (70-age at entry), subject to at least 7
Pramerica Sahaj Suraksha 18-50 years 75 years 15 and 20 years Minimum- Rs. 1,00,000 Maximum- No Limit
Reliance Life Long Savings 15-30 years 70 years 15-30 years  Minimum- Rs. 80,000 Maximum- No Limit
SBI Life Subh Nivesh 18- 60 years 65 years 15 years ( Extended life cover up to 100 years) Minimum-Rs.75,000 (x1000/-)Maximum- No upper limit
Star Union Da-ichi’s Jeevan Ashray 8-50 years 70 years 15-25 years Minimum- Rs. 2,00,000 Maximum- Rs. 50,00,000
TATA AIA Life Insurance Fortune Maxima 30 days-60 years 100 years 100 minus issue age Single Pay- 1.25 times the Single Premium Limited Pay- Higher of 10*AP or 0.5*Policy Term*AP

Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.”

  • Aegon Life Guaranteed Income Advantage Insurance Plan

    This plan ensures that one has a comfortable life even after retirement. At the end of the policy term, the insured obtains guaranteed yearly payouts. The plan also offers additional rider benefit options and one can make the most of it depending upon the requirements.

  • HDFC Life Sampoorn Samridhi Plus

    This plan provides an option to the policyholder to choose between endowment and endowment whole-life insurance policy. As a limited premium payment endowment policy, the plan provides the option to extend the life cover up to 100 years of age. Along with the benefit of life cover the policy also offers the facility to save on taxes.

  • IDBI Federal Whole Life Insurance

    This is a whole life policy, which provides term life coverage to the insurance holder up to 100 years of age. Under this plan option, a lump sum amount is paid to the insurance holder as maturity benefit at the end of the policy tenure. Along with the benefit of life protection, the plan also offers bonuses as guaranteed additional bonus or reversionary bonus, if any.

  • IndiaFirst CSC SubhLabh Plan

    A plan, which makes it sure that even with smaller savings and low premium one can easily grow the investment and shield the future of the family. Through the facility of partial withdraw one can easily have access to the fund after the completion of five years. Buying this plan ensures that every bit of it is worth it.

  • Kotak Premier Life Plan

    This plan will let the insured enjoy the comforts and that too at the convenience. Moreover, it will bring in the sense of the responsibility herein help the one to secure the future of self and family. This plan will shield life until the 99th A whole life plan with limited premium payment wherein one chooses to obtain bonus payout once the premium payment period expires. These payouts will help to fulfill the planned objectives and commitments and enjoy the golden period of life.

  • Max Life Whole Life Super

    This is a participating whole life insurance plan, which provides whole life cover to the policyholder up to 100 years of age.  The plan also offers bonus facility to the insured. With higher insurance coverage, this plan is suitable for individuals who want to secure the financial future of the family and loved ones.

  • PNB MetLife Whole Life Wealth Plan

    A plan that ensures that wealth is created even during critical illness. A whole life cover even up to years of age and that allows one to save without any interruption. It enables one to manage the financial portfolio and likewise is rewarded with some fun boosters. Achieve the economic objective with tailor-made solutions just a few clicks away and give shape to the future of the family.

  • Pramerica Sahaj Suraksha

    This plan helps one to keep the finances in order so that one need not worry about the same in case of any emergency specifically during the golden period of the life, child education or even marriage, and so forth. Investing in this plan will be the wisest choice as it will let one create a financial cushion and create an enormous corpus for the coming times that will help the family even if the insured passes away.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
  • Reliance Life Long Savings

    A plan that inculcates the habit savings in one’s lifetime and offers a comprehensive life cover and creating a legacy for the family. This plan enables one to achieve the milestones that have been long planned for such as buying a house, the future of the child, an international family trip, and so much more. Well, achieving these milestones involves good financial planning. This plan can be tailored to the premise of the needs ensuring that the family receives the benefits and the future is likewise protected in case of any unforeseen event.

  • SBI Life Shubh Nivesh

    This is a non-linked with profit endowment assurance plan that offers full life cover to the insurance holder. The plan allows the policyholder to save regularly to create a financial cushion for the future. The plan also provides maturity benefit along with bonuses, if any if the insured survives the entire tenure of the policy.

  • Star Union Da-ichi’s Jeevan Ashray

    This plan will let one plan today for a bright future. In case of any uncertainty, the small savings will allow one to shape the future and grant peace of mind and less of financial stress so that a family gets a secure future for the prospective times. A plan that will help one to save and protect simultaneously besides providing comprehensive financial security from the peril of any untimely demise.

  • TATA AIA Life Insurance Fortune Maxima

    This plan ensures the financial safety of the loved ones and is one non-participating unit-linked policy that will on fulfil every need with much effectiveness. This plan will enable to maximize corpus alongside the market-driven development. Investing in this plan is beneficial and helps one to achieve long-term objectives such as retirement planning, child education, and so forth. This plan will help one to secure the dream over a lifetime

Difference between Term Insurance and Whole Life Insurance

Whether to buy term plan or whole life insurance is a personal decision and should be done on the premise of the requirements and financial objectives.

However, the prime aspect of choosing a life insurance plan has to be the life cover necessities, which stems from any manner of economic planning. Let us take a brief understanding of the difference between a whole life insurance policy and term insurance policy.

Whole Life Insurance Policy Term Insurance Policy
It has the dual benefit of both savings and protection It is a pure life insurance policy,  which has no additional benefits apart from the death benefit
The tenure within this is flexible and applies to the policyholder when reaching 100 years of age. When the policyholder turns 100 years the benefits will be paid The tenure offered within this is fixed and the benefits are likewise applicable
The premiums are invested in the protection fund and different investment options. So when a profit is made by the policyholder upon these a bonus is declared Term insurance has no such feature
Through the premiums, a cash value is built that can be used to obtain loans and that too at low-interest rates. While the base loan sum is deducted from the sum assured, the interest is collected and kept with the insurance company, which does not affect the insurance premium Term insurance has no such benefit
In comparison to term insurance premium whole life insurance policy premium is more It can be availed by paying the low-premium amount
The premium is fixed throughout the policy period It employs a dynamic premium specifically when during the term insurance policy renewal
It offers premium payout wherein the policyholder survives the policy period No refund of premium until a claim made against the demise of the policyholder wherein a sum assured will be paid

Now, depending upon the preferences, one can choose the life insurance plan accordingly.

Whole Life Insurance Riders

Today most of the insurance companies in India offer different rider benefit options that help to make the whole life insurance policy more enhanced, which are optional.

Listed below are some of the rider options available within the policy:

  • Premium Waiver Rider:

    Within this rider, if the policyholder passes away or has a disability the future whole life insurance premiums will be waived off and the policy will remain active until the policy term ends.

  • Accidental Death Benefit Rider:

    This rider offers additional economic advantages to the nominee when the policyholder passes away untimely. The nominee will receive an accidental death sum assured that is extra to the base sum assured of the plan.

  • Partial/ Permanent Disability Rider:

    In case of partial or permanent disability that can be caused due to any sickness or accident having this rider benefit will provide you with the income for a certain time-frame. The payout will vary on the premise of the disability that occurs.

  • Critical Illness Rider:

    This rider will be helpful and will take care of the medical expenses that might incur due to any critical illness that include an organ transplant, any severe heart ailment, etc. These diseases could lead to a temporary or even a permanent loss of regular income.

  • Income Benefit Rider:

    Within a whole life insurance plan, the benefits are provided to the beneficiary as one-time lump sum amount; however, when opted this rider, the beneficiary can easily receive the benefits as one guaranteed income through installments. This helps to take care of the everyday expenses when the policyholder is not around.

    The rider benefit options might vary from one insurer to the other. Therefore, in case of any clarifications get in touch with the insurance company.

Who Should Opt for Whole Life Insurance Policy?

Whole life insurance policy is an appropriate form of a life insurance plan for most of the individuals. Every salaried individual should plan to provide financial security to their loved ones and family.

  • Individuals who want to create a financial cushion for the future.

  • This plan is a great option of investment for individuals who want to gain a return on investment along with the benefit of term life coverage.

  • The individuals who want to accumulate wealth for retirement should consider buying this life insurance policy.

  • This plan is a good investment option of investment as it provides an opportunity to save on taxes along with the benefit of term cover.

FAQ – Whole Life Insurance

  • Ans: A whole life insurance policy is a good investment avenue when one wants to leave a corpus for the family. This life insurance plan provides a cover to the life assured until the insured passes away or is alive up to 100 years of age. As an investor, it is important to have a diverse portfolio.
  • Ans: When it comes to buying a whole life policy, it is compared with other insurance products available in the market and the decision is taken on the premise of the premium amount. The key advantage of buying the policy is creating a wealth corpus for the family at an affordable price.
  • Ans: Anyone who is economically independent can buy the insurance policy and should be minimum of 18 years of age. The maximum age is somewhere between 60 to 65 years of age mostly. However, it is advised to check with the insurance company as it may vary from insurer to the other.
  • Ans: Both a term insurance plan and whole life insurance plan has its set of advantages. To choose between the two, it is essential to assess the requirements. When one is clear about the requirements and needs, any of the insurance policies can opt respectively.
  • Ans: To know the time-frame that the whole life insurance policy will take to build the cash value it is better to get in touch with the insurance provider or any financial advisor. However, a minimum of 10 years will be taken into account to build the cash value.
  • Ans: When it comes to a whole life insurance policy a limited amount can be withdrawn, however, it depends upon the type of plan one has purchased. Moreover, the plan mustn't be taken lightly.
  • Ans: A whole life insurance policy essentially matures at the demise of the policyholder or reaches the maturity age. Post this the policy turns into a matured endowment plan wherein the policyholder has survived the stated maturity age. In such a scenario, the face sum will be received.
  • Ans: Mostly the term insurance plans are convertible. Anyone who wishes to convert a term insurance policy to a whole life insurance policy can do so, however, the premium amount for a whole life insurance plan is expensive comparatively. Moreover, the payment of the premiums has to be done timely.
  • Ans: When it comes to a whole life insurance policy, it provides cash value with no expiry date that helps you to borrow within such a policy. However, it is recommended to get in touch with the insurance provider for further clarification and they can guide in a better manner.
  • Ans: The prime intent of buying a these insurance policies is to offer the death risk coverage to the earning member of the family that can happen at any point in time, which could easily put the family into different financial obligations and liabilities.
  • Ans: Yes, It is beneficial for retirement as it allows for partial withdrawal at any point in time once the premium payment term is completed. Most likely the withdrawals do have bonuses and that helps to a great extent to plan retirement.
  • Ans: It is of not much help to the senior citizens rather the early one buys will be of much help when it comes to retirement planning.
  • Ans: When cancelling a whole life insurance policy, the cash value will be returned.
  • Ans: Before one buys the whole life insurance policy, it is better to assess the requirements. It is better to go with a coverage that is 15-20 times of the yearly income.
  • Ans: The different insurance companies in India offer different additional rider benefit options such as income benefit rider, critical illness rider, and so forth. It is not necessary to include all the additional riders, however, choose as per the requirement and preference. The rider options will vary from only insurance company to the other.
  • Ans: Yes partial withdrawals are allowed.
  • Ans: Generally a death benefit is paid to the nominee after the demised of the policyholder. Likewise, under whole life insurance, the nominee will obtain the sum of the life insurance policy either through a lump sum or constant payments after the passing away of the insured.
  • Ans: No, it will not change and the policy premium will remain the same until the policy expires.
  • Ans: The surrender value will be paid to the policyholder that may differ from one insurance company to the other.
  • Ans: Any withdrawal from the cash value is not entertained. However, it is recommended to check the provision for the same with the insurance company respectively.
  • Ans: Well mostly one will not need to make any premium payment as, by the period one retires, the premium payment term will be over mostly.
  • Ans: Yes, one can do so in return to the cash value but then the life insurance section goes invalid that implies that the nominee will not receive the death benefit.
  • Ans: Within the Income Tax Act as per Section 80C, the premiums paid towards the life insurance policy is tax exempted. The highest amount that can be availed is Rs 1, 50,000.

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