Whole Life Insurance
A whole life insurance policy can help you protect your family in case of an unfortunate event, while also growing your funds. With a death benefit, as well as maturity and life benefits, the plan is a comprehensive solution for safeguarding your finances.
Types of whole life insurance policies
There are six main types of whole life insurance policies:
Riders for whole life insurance
As is the case with many types of life insurance policies, whole life insurance can also be enhanced with the help of riders3. Riders are basically add-ons that provide additional coverage to the policyholder in exchange for added premium amounts. The riders3 applicable for whole life insurance include:
Frequently Asked Questions on Whole Life Insurance
- Accidental death benefit
- Premium payment waiver
- Permanent/partial disability benefits
- Income benefits
- Critical Illness Cover
- You are the sole breadwinner in your family and have many dependents
- You want to ensure financial security in your future in the form of dividends or a lump sum amount
- You want to secure your retirement period and live independently
- You want to save on taxes
- You can pay higher premiums.
- The minimum entry age can be as low as 30 days old (this can depend on the policy under evaluation)
- The maximum entry age is 60 years old, with a premium payment period of 10 years.
- The policy can be purchased by Citizens of India.
- Policyholders can enjoy tax benefits2 on premiums under Section 80C of the Income Tax Act.
- Further tax benefits² are applicable on the maturity amount as well, under Section 10(10D).
¹ Provided all due premiums are paid.
² Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
³ There are exclusions attached to the rider. Please refer to the brochure.