Whole Life Plans

A whole life policy provides a set amount of coverage for your entire life. The beneficiary will receive the benefit amount upon the death of the Life Insured. This policy also builds up "cash value" from part of the premium being paid. This policy covers your whole life maximum of up to 99 years. As it offers risk cover for the entire life, it is also called a permanent life insurance policy. It offers the dual benefit of life cover and bonus. The policy holder has an option to pay a reduced premium by adjusting bonuses in the premium. This option of taking a bonus is known as a premium offset. 

1. Whole Life Coverage: It provides death benefit cover to the policyholder until 99 years of age. It provides protection to the policyholder until death.
2. 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.
3. Periodic Payments: At the time of policy maturity, the policyholder receives the lump-sum amount as maturity benefit along with the bonuses, if any. 
4. Tax Benefits: Policy Holder gets income tax benefit on premiums paid under Section 80C and also on the maturity/ death claims under Section 10(10D)
5. Offers Loan Facility: As whole life insurance provides protection up to 99 years of age, the policyholder can opt for a loan facility against the plan. However, the loan can only be availed only after the policy acquires surrender value and the loan amount can go maximum of up to 80% of the surrender value.