Fixed premium rate: Under this policy, the premium rate is fixed for the entire term of the policy irrespective of time. This means if a policyholder is paying a certain amount of premium at a given period then he/she has to pay that amount till the maturity period without any increase or decrease in premium. Death Benefit: With untimely death, the policyholder receives a death benefit and the entire sum assured is paid to the nominee. Security for entire life: The policyholder receives a secured amount under this plan with the benefit of a bonus.
WHOLE LIFE PLAN
This plan is made for those who want to be financially free for their entire life because this policy ensures financial security till the age of 100 years which is more than enough for an individual of this generation and also the insured is entitled to get a bonus if the money invested earns profit.
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A whole life plan is a category of an insurance plan which offers insurance coverage to a policyholder till his/her entire life i.e. 100 years of age. It provides insurance to a policyholder as a guaranteed death benefit which means after his death the nominee will receive the entire amount of the policy. This policy offers double benefits to a policyholder i.e. insurance for the entire life and also a bonus. The premium paying duration lies between 10-15 years and after that, the policyholder enjoys benefits for the entire life.
This plan is made for those who want to be financially free for their entire life because this policy ensures financial security till the age of 100 years which is more than enough for an individual of this generation and also the insured is entitled to get a bonus if the money invested earns profit.
A Whole Life Insurance Policy is recommended for the following Individuals
- A person who wants to be financially free for the future.
- The individual who wants to receive bonus and dividend with sum assured.
- The individual who wants to gather money after his or her retirement.
- The individual who is looking for tax exemption on his income can go for this policy.
F.A.Q
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WHAT ARE THE FEATURES OF A WHOLE LIFE PLAN?
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WHAT ARE THE BENEFITS OF A WHOLE LIFE PLAN?
Tax Benefit: Under this plan, there is tax exemption on premiums paid for the policy under sections 80c and 10(10D) of the Income Tax Act 1961. Availability of Loan: The policyholder will receive a loan with the completion of 3 years under this plan. Entire Life Coverage: The policyholder will receive coverage for his or her entire life till the age of 100 years which is a great benefit under this plan.
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WHAT ARE THE TYPES OF WHOLE LIFE INSURANCE POLICIES?
Participating Whole life policy: Under this policy, the insurance company invests money in the market and the profit earned from that investment, a certain portion of the profit is given to the policyholder in form of a bonus. • Non- Participating Whole life policy: Under this plan, only the sum assured is paid to the policyholder and no dividend and bonus is paid because it is a low-cost policy plan. • Complete life policy: The plan provides a premium to the insurer till his entire life with the benefit of the untimely death of the policyholder, the entire amount is credited to the nominee. • Single Premium: The policyholder can pay the entire premium at a single premium. • Periodic Premium: The insurer can also pay a premium on a regular basis i.e. monthly or annually.