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Whole Life Plan

Whole life insurance plans are a type of life insurance plan which provides insurance coverage to the policyholder for the whole life i.e. up to 100 years of age, provided the policyholder pays the premiums of the policy on time. A whole life insurance plan offers guaranteed death benefit to the beneficiary of the policy in the event of an 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.

A whole life insurance policy covers as long as you live. As it offers risk coverage for the entire life, It offers the dual benefit of life coverage and bonus. The premium is paid for the first 10-15 years and the insurance cover is extended till the entire life of the insured. 

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 a premium when you are 45 years of age but the coverage would last for your entire life. The premium is paid only for a limited duration and therefore, it is high. By without having proper insurance coverage one can always be exposed to financial uncertainties of life. Thus, to safeguard the family financially it is very important to have a life insurance plan.