The Whole life insurance plans are a type of life insurance plan that provides insurance coverage to the policyholder for the whole life, i.e., up to 100 years of age, with a limited premium payment period. A whole life insurance plan offers a guaranteed death benefit to the policy's beneficiary in the event of an unfortunate demise of the policyholder during the policy's tenure. The insurance holder can decide the sum assured amount at the policy purchase.

A whole life insurance policy covers as long as you live, and the paid premium with bonus gets payable on maturity. Thus it gives the dual benefit of life coverage and returns in a reward. For instance, if you are 30 years old and opt for the whole life plan for 15 years, whose sum assured is Rs 30 lakh; you would stop paying a premium when you are 45 years of age. One would receive a lump sum amount at 45 years, but the coverage would last for your entire life. The premium is paid only for a limited duration; therefore, the premium is higher than any endowment plan. The plan is suitable for all bread earners who want security for their family in a situation of any eventuality. The plan gives the comfort of accumulating savings payable on maturity with the bonus. And the amount could link to any financial goal- retirement, Children's education or marriage, and any other.