Prices Increasing soon Prices Increasing Soon

Whole Life Insurance

A whole life insurance plan provides financial protection and coverage to the policyholder for the rest of their life. This type of life insurance plan secures you and your family members by offering a life cover up to 99 years of age, provided the policyholder pays the policy premiums on time. It offers a guaranteed death benefit to the beneficiary in case of the life assured's unfortunate death during the policy term. 

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

What is a Whole Life Insurance Plan?

Whole life insurance is a type of insurance plan that offers financial security to the family of the policyholder in the event of the policyholder’s unfortunate demise. It aims to provide whole life cover to the assured and create a financial cushion for future generations.

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

Simply put whole life plans provide life cover for the entire life and help build a corpus. It is a good investment option to include in your investment portfolio.

Best Whole Life Insurance Policies in India 2023

Here is a list of best 4 whole life insurance plans in India 2023:

Best Whole Life Insurance Plans Entry Age (Minimum to Maximum) Maturity Age Policy Term Sum Assured
Tata AIA Sampoorna Raksha Supreme 18 - 60 years 100 years 10 - 67 years 50 Lacs - 20 Crores
ICICI Pru iProtect Smart 18 - 65 years 99 years 5 - 81 years 50 Lacs - 20 Crores
Canara HSBC Young Term Plan 18 - 45 years 99 years 10 - 81 years 25 Lacs - 20 Crores
Edelweiss Tokio Life Zindagi Protect 18 - 65 years 100 years 5 - (100 - entry age) years 50 Lacs - No Limit

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

  1. Tata AIA Sampoorna Raksha Supreme

    • The plan offers 4 death benefit options and you can choose the most suitable option as per your preference

    • The plan’s life stage benefit option allows you to increase the life cover at important milestones like marriage and childbirth

    • You can also increase your sum assured using top-ups

    • On diagnosis of a terminal illness the plan pays 50% of the base sum assured 

    • You can choose for the death benefit to be paid in a lump sum or regular income paid over 5 years 

  2. ICICI Prudential iProtect Smart

    • You can choose to pay the premiums all at once, for limited premiums, or regular policy term

    • Select the payout to be made in a lump sum, monthly income for 10 years, or a combination of both

    • The plan offers accidental death benefits or accelerated critical illness benefits as additional riders

    • You can get comprehensive coverage against death, terminal illness, and disability 

    • Get tax benefits as per the prevailing tax laws u/s 80C and 10(10D)

  3. Canara HSBC Young Term Plan

    • The plan offers two options: Level and Increasing term plans

    • The plan offers various add-on riders that you can add to the base plan at nominal premiums

    • With the plan’s special exit benefit, you can exit the plan early and receive all the premiums paid until that point

    • You can choose for the death benefit to be paid in a lump sum, monthly income, or a combination of both

    • The plan offers a block your premium benefit through which you can fix your premiums at policy inception and increase the sum assured in the next 5 years

  4. Edelweiss Tokio Life Zindagi Protect

    • You can choose from the Life cover option or the Return of Premium options

    • The plan provides a 6% discount on the first-year premiums if the medical test is completed within 7 days of policy initiation

    • You can skip premium payments upto 8 times depending on your premium payment term, with the plan’s Premium Break benefit

    • The plan offers the Child Future Protect Benefit, through which you can increase your life cover till your child turns 25 years old

    • You can cover your spouse within the same plan with the Better Half Benefit

*All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C Apply

How Does Whole Life Insurance Work?

Let us understand with an example:

Suppose you are a 30-year-old individual looking to secure your family against an eventuality for your whole life. You can buy a whole-life policy (till 99 years of age) for as low as Rs. 2,168 payable monthly. This way in case of your death during the policy term, your nominees will receive the death benefit amount to take care of their financial needs like paying off any remaining debts or loans or funding the child’s higher education or wedding.

one crore term plan

Term Plans


Life Cover

@ Starting from ₹ 16/day+


Life Cover

@ Starting from ₹ 8/day+


Life Cover

@ Starting from ₹ 12/day+

Features and Benefits of Whole Life Policy

Let us see the various features and benefits of whole life insurance that you should know before buying the best whole life insurance plan in India.

  • Whole Life Coverage
    These plans provide coverage against death for the policyholder’s whole life i.e., till 99 or 100 years of age. This guaranteed life cover (sum assured) is paid to the nominee of the policy in case of the policyholder’s death, during the policy term.

  • Death Benefit
    In the event of the unfortunate demise of the life assured 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/nominee of the policy by the insurance company, provided all the premiums are duly paid. This benefit amount will be paid along with the accrued bonuses (if applicable).

  • Fixed Premium
    The premium rate of a whole life insurance plan is fixed and does not increase or decrease throughout the term period of the policy. So, if the policyholder has to pay a premium of Rs. 2,168 per month for a specific policy, he/she will continue to pay the same premium regularly for the entire premium payment term.

  • Protection for Life
    Whole life insurance is designed to provide life protection to the family of the assured during the policy term. It is done in the form of payment of a guaranteed sum assured along with bonuses if any in the case of the policyholder’s unfortunate demise.

  • Tax Benefits
    The life assured can avail of tax exemption as per the prevailing tax laws under section 80C on the premium paid towards the whole life insurance policy. Moreover, the maturity claims are also tax exempted under section 10(10D) of ITA 1961.

  • Offers Loan Facility
    As whole life insurance provides protection up to 100 years of age, the policyholder can opt for a loan facility against the plan in times of emergency. However, the loan can only be availed if the policy has completed 3 policy years if all the premiums of the policy are duly paid.

Further, the policy of the spouse will work as a financial backup for the children and the grandchildren after the demise of the policyholder. Thus, whole life insurance is a great insurance solution for wealth creation and future planning, so that one can provide financial security and a good lifestyle to their family.

Types of Whole Life Insurance Plans

A whole life policy provides protection to the life assured 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 assured. 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 it receive any bonus facility.

  • Participating Whole Life Insurance
    In contrast 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 assured is invested by the company; the profit earned through the investment is paid as a bonus at the end of the policy term.

  • Pure 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.

  • Limited Payment Whole Life Insurance
    In this plan option, the policyholder has to pay the premium for a limited term like for 10 or 20 years, and have the policy continue its cover for the whole policy tenure. Due to the premiums being paid for a limited tenure, the premium rates for this plan are slightly higher than the pure whole life premium rate.

  • Single Premium Whole Life Insurance
    Under this plan option, the entire premium of the policy is paid in one go at the time of policy purchase. Since the premium is paid all at once, no other premium payments have to be made throughout the policy tenure.

one crore term plan

Secure Your Family Future Today


Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

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 main reason behind opting for an insurance plan is wealth creation and financial security for family members. Let us take a brief understanding of the difference between a whole life insurance policy and term insurance policy.

Parameters Whole Life Insurance Policy Term Insurance Policy
Policy Term The whole life plans offer policy cover till 99/100 years of age i.e., for the policyholder’s whole life Term plans provide coverage for a limited period i.e., ‘term’ which is usually between 5 to 40 years 
Coverage The plan offers a chance to create wealth to fulfill future goals The plan only offers death benefits on the unfortunate death during the policy term
Premium Rates Since the policy provides cover for a longer term, the premiums are higher than a regular term plan These plans offer the most affordable premium rates of any life insurance plan
Maturity Benefit These plans provide a maturity benefit in case the policyholder outlives the policy tenure Term plans don’t offer any maturity benefit unless you have chosen the TROP plans
Loan Benefit You can avail of a loan against the cash value in whole life policy Since there is no cash value in term insurance, you cannot avail of any loan under these plans
Additional Bonuses In case you have opted for a participating whole life insurance plan, the accrued bonuses will be paid along with the benefit payout There are no bonuses offered under term insurance plans
Who Should Buy? You can buy a whole life insurance if you have financial dependants who may remain dependent for your whole life, like your dependant spouse or child with special needs. You should buy term plan if you have dependants who might not be financially dependent on you anymore in a few years. For eg: for children

Whole Life Insurance Riders

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

  • Waiver of Premium Rider:
    Within this rider, if the policyholder is diagnosed with a critical illness or is permanently disabled due to an accident, 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:
    Under this rider, the insurer will pay the additional rider sum assured to the nominee in case of the policyholder’s accidental death during the policy term. This payout can help the family take care of their monthly expenses and other financial obligations.

  • Accidental Total Permanent Disability Rider:
    In case of total or permanent disability caused due to an accident, this rider will provide the rider sum assured to the policyholder. This payout can be used to pay any of the medical costs required for the suitable treatment of the disability.

  • Critical Illness Rider:
    On the diagnosis of a critical illlness during the policy term, this rider can help take care of the medical expenses that might incur due to any critical illness that is included in the plan, including life-threatening illnesses like an organ transplant, any severe heart ailment, etc. These diseases could lead to a temporary or even a permanent loss of regular income, and the rider sum assured can help take care of these expenses in a time of financial crisis.

  • HospiCare Benefit Rider:
    Under this rider, if the policyholder is hospitalized in the general or the ICU ward, a fixed percentage of the basic sum assured is paid to help the policyholder take care of the medical bills and treatment costs.

  • Terminal Illness Benefit
    With this rider, the insurer will payout the entire or a part of the sum assured in case the policyholder is diagnosed with a terminal illness during the policy term. In case the rider pays a part of the sum assured at terminal illness, the remaining part will be paid to the nominee at the policyholder’s unfortunate demise.

Who Should Opt for Whole Life Insurance Policy?

Whole life insurance is a type of life insurance that offers policy coverage for a longer term than a regular term plan and secures the nominee in the event of the policyholder’s unfortunate absence. Every salaried individual should plan to provide financial security to their loved ones and family.

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

  • Individuals who want to secure their family financially and want to create a corpus in the long run.

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

  • Individuals who want to save on their yearly taxes.

Factors to Consider when Selecting Whole Life Insurance Plan

Here is a list of factors you should consider while selecting the best whole life policy for yourself:

  • Adequate Life Cover: You should always assess your life cover by taking your family’s requirements into account. Since this amount will be paid to your family in the event of your unfortunate death, the life cover should be enough to cover your family’s financial obligations. The payout can be used by your family to fund your child’s higher education or future wedding or can be used to secure your spouse's life post-retirement.

  • Potential Inflation: Since whole life insurance provides policy cover for the whole life, you should take the rising costs and inflation into account while selecting a life cover amount for your family. For example, a cover of Rs. 1 Crore might be enough to cover your family’s needs today, but the amount might lose its value in the next 40 years.

  • Early Investment: The premium rate for whole life insurance depends on the age of the policyholder at the time of policy purchase. Since the premium rates are low for young individuals, therefore you should always try buying a whole life policy as early as possible to secure a large life cover for your family at low premiums.

  • Select Suitable Add-ons: You should always go through the list of available add-on benefits in the whole life insurance plan. You can include these riders in the base plan to enhance its coverage. 

  • Choose the Right Insurer: The Indian regulatory body, IRDAI releases its annual report mentioning the CSR of each insurer for every financial year. CSR is the ratio of the number of claims received to the number of claims settled by a company in a financial year. You should compare the CSR values of insurance companies online and go with an insurer with a high CSR value. This ensures that your family’s claim will be settled in your absence.

  • Read the Policy Documents: You should always go through the policy documents to understand the details, inclusions, and exclusions of the whole life policy. This avoids any future confusion during claim settlements.


  • Is a whole life insurance policy a good investment?

    Ans: A whole life insurance policy is a good investment option if 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.
  • Is buying a whole life insurance plan costly?

    Ans: The premium rate for whole life insurance is slightly more than a regular term or life insurance policy. This is because a whole life policy provides coverage for the policyholder’s whole life. The key advantage of buying the policy is creating a wealth corpus for the family at an affordable price.
  • At what age should I buy a whole life insurance plan?

    Ans: Anyone who is financially independent and is between 18 to 65 years of age can buy a whole life insurance plan. However, it is advised to check the entry age for different insurance companies as it may vary from one insurer to the other.
  • Which is a better whole life insurance plan or a term life insurance plan?

    Ans: Both a term insurance plan and a whole life insurance plan have their set of advantages. You should assess your lifelong goals and requirements before choosing the most suitable option.
  • Should I buy a whole life insurance policy for my child?

    Ans: The main reason for buying a whole life insurance plan is to secure the financial future of your loved one in your absence. This is done by providing your nominee with the death benefit in case of your unfortunate death during the policy term. Therefore if you think your child might need the financial support of an insurance plan, you can buy a whole life policy and select your child as your nominee.
  • Is a whole life insurance policy a good investment for retirement?

    Ans: Yes, a whole life policy can be a good investment plan for retirement. In case you have financial dependents, during retirement, like a spouse or child, then you should buy a whole life insurance plan so that your dependents can use this amount to take care of any medical emergencies, pay off remaining loans, or other unexpected expenses.
  • Is whole life insurance good for senior citizens?

    Ans: Yes, whole life insurance plans are good for senior citizens. They can buy whole life insurance to leave a legacy for their future generations or secure the financial independence of their dependant spouse in retirement.
  • Are there any riders available with the whole life insurance policy?

    Ans: The different insurance companies in India offer different additional rider benefit options such as hospicare benefit rider, critical illness rider, waiver of premium, accidental death benefit rider, and accidental total and permanent disability benefit rider. You should always go through the list of available riders and their inclusions and exclusions and add the most suitable riders to your base plan.
  • What is the death benefit under the whole life insurance policy?

    Ans: In case of the policyholder’s unfortunate death before the end of the policy term, the sum assured on death will be paid to the nominee of the policy. This death benefit payout can be made in a lump sum, monthly installments, or a combination of both as per the selection of the policyholder at the time of policy purchase.
  • Will the whole life insurance policy premium change as I grow older?

    Ans: No, it will not change and the policy premium will remain the same until the policy expires.
  • If I surrender the whole life insurance policy, what will happen?

    Ans: In case of policy surrender, the entire surrender value of the whole life policy applicable at the time of surrender will be paid to the policyholder.
  • How to make the premium payment after I retire?

    Ans: Most whole life policy have a limited premium payment term that ends before the age of retirement. However, there are some plans that offer the option to pay the premiums for the whole policy term.
  • Can I get tax benefits with my Whole life insurance policy?

    Ans: You can avail of tax benefits under sections 80C and 10(10D) of the Income Tax Act of 1961 as per the prevailing tax laws.
  • How much coverage should I get while buying whole life insurance policy?

    Ans. The ideal coverage when buying whole life insurance can be calculated using a human life value calculator. All you need to enter is your age, annual income, and existing life insurance cover. Ideally, your whole life insurance should be at least 10 to 15 times your current annual income.
  • Can you create a financial legacy with a whole life policy?

    Ans. Yes, you can create a financial legacy with a whole life insurance plan, as these plans cover the policyholder for the long term. This ensures the family’s financial stability for their whole life and provides them with a tax-free benefit amount in case of the policyholder’s unfortunate death.

Different types of Plans

Premium By Age

Life insurance articles

Recent Articles
Popular Articles
What High Net Worth Individuals (HNIs) Do To Secure Their Family?

09 Aug 2023

High net worth individuals often opt for life insurance plans to
Read more
A Review Of ICICI Prudential Life Insurance

28 Jun 2023

“Policy Bazaar insurance clarified the term policy for me, so
Read more
A Review Of HDFC Life Insurance

27 Jun 2023

“I recently bought an HDFC term plan and it is the best
Read more
Best Life Insurance Policy in India with High Returns

20 Jun 2023

The best life insurance policy in India is a type of life
Read more
Which Insurance is Best in India?

20 Jun 2023

Insurance is a financial product that transfers the risk to a
Read more
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However
Read more
SBI Life Insurance 50,000 per year Plan for 5 Years
Life insurance is not only about the financial protection of the family but also about working for life’s
Read more
PLI Surrender Value Calculator
PLI Surrender Value Calculators have proven to be one of the simple tools for digitally savvy customers. PLI
Read more
SBI Life Insurance Policy Surrender Value Calculator
Are you planning to surrender your SBI life insurance plan? But, are you aware of the amount attached to the
Read more
LIC Login: LIC Customer Login Process at Online Portal
LIC Customer Login portal allows the policyholder to easily avail the online facilities at the comfort of their
Read more

View Plans
Download the Policybazaar app
to manage all your insurance needs.