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Whole Life Insurance Plans Review
Whole life Insurance is a term insurance plan with an unspecified period. Some plans also have a savings element to them. The Lic company declared bonuses for these plans based on the returns earned on investments. As the name of the plan specifies, this plan covers the individual throughout their entire life. Lic Whole life insurance is a life insurance policy. If required premiums are paid, it is guaranteed to remain in force for the entire lifetime of the insured.
In Whole Life Insurance plans premiums are fixed, based on the age of issue. Usually they do not increase with age. Under Lic Whole Life Insurance, on the death of the life insured, the nominee/beneficiary is paid the sum insured along with the bonuses accumulated up until that point in time. During the individual’s lifetime they can make partial withdrawals to meet emergency requirements. An individual can also take out loans against the policy.
Whole Life Insurance Features
- Whole Life Insurance plan covers the individual throughout their entire life.
- In Whole Life plans premiums are fixed, based on the age of issue.
- They do not increase with age.
- Whole life Policy is a term insurance plan with an unspecified period.
- A whole life insurance is said to mature at death or at the age of 100, whichever comes first.
Lic Whole Life Insurance Plan Benefits
Death Benefit:
In case the death of the life insured occur during the policy tenure, then sum insured along with the accumulated bonuses up to that date are paid as death benefit to the nominee / beneficiary.
Maturity Benefit:
A whole life insurance is said to mature at death or at the age of 100, whichever comes first. In short, the maturity date will be the policy anniversary nearest age 100. At the time of maturity, sum assured along with bonuses (if any) are paid to the life assured as Maturity Benefit.