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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.
I have endowment 14 number policy
police amount- 5lakh
policy term-25year
policy premium- 18900 per year
Policy at 2008 (when iam 21 year old)
How many maturity amount
EXPECTED MATURITY AMOUNT IS 13,25,000 RS./-
Sir my mom age is 50 year and her policy is whole life (5 number plan) is at 2012and policy amount is 600000 and12 year term policy and premium is 39674 per year after maturity how many maturity amount lic give her
Sir
I have taken 2 whole life policies each in the amount of Rs.25000/- in 1985. NOW I am 69.
I paid primiums for 25 years and I am not required pay any premium since 2010
I am told that maturity amts will be paid to nominees only after my death.
The amount is unnecessarily blocked with lic.
Only bonus is added. If i get the money back now and invest somewhere the returns wiil be much more.
How can i get the money back now ? Surrender policies? Kindly advise
sorry to say you cannot able to get back the money. Only Nominee get that money. as whole life policy policy holder cannot enjoy the benefits only nominee can enjoy the benefits of whole life policies.