Whole Life Insurance Policy India

Whole life insurance policy means it runs with the life of policyholder and gives advantage to his family after his death.

In this policy, the holder of the policy has to pay premium for his whole life and the insured amount and bonus pay to the nominee of the beneficiary after the death of the policyholder.

There is no benefit for the policyholder during his life, so this is very strict policy, which attach to the death of the policyholder.

The main benefit of the policy is to protect your family from any unexpected surprise in life at anytime. The premium of the policy is payable on monthly, quarterly and yearly basis and through the salary deduction also.

You can also pay the premium in single amount means you pay the whole money at once. The bonuses come with the profit plan, so if you join the profit plan then the policy pay the bonus and final bonus after the end of the policy.

This whole life policy has not any maturity date, so you get back your money along with all bonuses at anytime after 40 year from the date, which decided at start of the policy. There are some optional plan and benefit, which added in your basic policy such as extra protection.

In case you select this option, you have to pay additional premium for these benefits. This is long-term policy, which end with your life. However in case of surrender the policy also pay satisfactory amount to gives you relief.

The surrender value paid back to you only in one condition if you pay the premium almost 3 year. Then his policy gives you the 30% of surrender value with first year premium. On the other hand, if you have the policy with extra features then the surrender amount is 90%.

The policy benefits you only when you become 80, then the term of 40 year are over and you claim for your policy. This amount become your pension and makes your old age easy, comfortable and tension free, so you can stand on your foot again at age of 80.

You can enjoy the remaining life without depending on your spouse. This is best policy not only for you but for your family also. Because in case of your sudden death and no body left to save you family at the time of need this policy come forward and gives a supporting hand to your family and stand them again on their feet.