Is it good to invest in a whole life insurance plan?

Investing in a whole life insurance plan is a wise option if you want to ensure lifelong protection for your family against financial insecurities. With a whole life cover, you do not have to worry about renewing your policy since the coverage lasts until 100 years of age.

Is purchasing whole life insurance affordable?

Yes, whole life insurance rates can be affordable if you select a suitable policy term and a premium paying term. Hence, even if your sum assured is high, you can calculate your whole life insurance premium with an online life insurance premium calculator and pay a reasonable amount.

Can I avail of a loan against my whole life insurance plan?

Many whole life insurance plans offer a loan facility against the policy. However, there may be certain terms and conditions attached, such as the loan limit that you can avail of or at what point in time during the premium paying term you can get the loan.

What should be the sum assured for the whole life insurance plan?

The sum assured of your whole life insurance plan will depend on your family’s needs. Ensure that the sum assured is adequate enough to take care of their financial obligations and goals in your absence. Determining the life cover amount is important, especially if you have been the sole earning member of your family and your absence leads to a loss of income.

Is it necessary to purchase a whole life insurance plan for my child?

You can buy whole life insurance and nominate your child as the beneficiary if you want to secure their future against financial uncertainties. In the event of your death, your nominee will receive the sum assured under the policy. If your child is a minor during this time, you can appoint someone to handle the policy benefits on behalf of your child.

Is whole life insurance a good plan for retirement?

Yes, if you have a whole life insurance policy that offers maturity benefits along with death benefits, you can consider such a life insurance plan for your retirement. The life cover offered by a whole life policy can be especially beneficial for your family after your retirement as they can enjoy uninterrupted life insurance coverage until you are 100 years old.

What is a death benefit in whole life insurance?

The death benefit in whole life insurance is the sum assured that is predetermined at the time of policy inception. The life insurance coverage is offered to your family throughout the policy term, and after your death during the policy term, they receive the sum assured that will help them sustain their livelihood and fulfill any financial obligations.

Can a whole life insurance plan help you leave a legacy for your family?

Yes, if you want to ensure complete financial security for your loved ones in the event of your death, you can plan your whole life policy such that the sum assured will be a legacy in your absence. Not only will the sum assured cover their daily needs but can also act as a trust fund that can finance their future endeavors.

What happens if I survive the policy term for the whole life insurance plan?

If you have a provision under your whole life insurance plan where your premiums will be returned to you on maturity, then you will receive the total premiums paid if you survive the policy term. However, the maturity benefit may not be payable in the event of your death during the policy term where the death benefit will be payable.

How long does it take to build a cash value for the whole life insurance?

A whole life insurance plan gains cash value after the premiums for the first few years during the premium paying term have been paid in full. Once a policy gains cash value, the insured can choose to surrender their policy, though it is advisable to always continue the policy coverage.

How long should I pay the premium for a whole life insurance plan?

You can choose the premium paying mode for your whole life insurance plan as per your preference. Under Single Pay, you pay only one lump sum premium for the whole policy term, while under Regular Pay, you pay the premiums for the entire policy term. With Limited Pay, your premium paying term will be shorter than your policy term.

Can I cash out from a whole life insurance plan?

Whole life insurance offers a death benefit or maturity benefit, depending on the nature of the policy. Generally, by surrendering the policy, one can receive the cash value or the surrender value of the policy. However, it would be advisable to continue the coverage and avail of the death/maturity benefit, as per the situation.

Are early withdrawals permitted in a whole life insurance plan?

No, there is no provision for making any early withdrawals in a whole life insurance policy unless you choose to surrender the policy. In that case, you will receive the surrender value of the policy, and the coverage will be terminated.

Does a whole life insurance plan provide a retirement income?

A whole life policy can offer maturity benefits on your survival if you opt for return of premium plan option and on policy maturity. However, your spouse can utilize the death benefit as a retirement income in case of your demise within the whole life policy term.

Can I convert my term insurance plan to a whole life insurance plan?

If you have a convertible term insurance plan that is about to expire, you can choose to have it converted into a whole life plan. However, this will be subject to your life insurance provider’s terms and conditions and the availability of a convertible term plan in their offerings.

Does the premium increase for the whole life insurance if I get older?

If you purchase whole life insurance at a young age or at the minimum entry age of 18 years, for most popular plan you can be assured of low premium rates throughout the policy term. But if you buy the policy in your 40s or 50s, your policy premiums will be much higher, owing to the increased health risks to your life.

Is whole life insurance beneficial for senior citizens?

Yes, whole life insurance can be especially beneficial for senior citizens as one need not worry about their insurance plan expiring. With coverage of up to 100 years of age, the premium payment options are also convenient and affordable for retired senior citizens.

How can I pay the premium for the whole life insurance plan after retirement?

If you are concerned about being able to pay your whole life insurance premium after retirement, you may want to opt for a single premium or limited premium plan under your policy. This way, you can either make a one-time investment in your policy or keep the premium paying term shorter than your policy term. As a result, after retirement, you needn’t worry about your policy premiums.

Should I get term insurance or whole life insurance?

Whether you buy a term insurance plan or a whole life insurance plan will depend on your insurance needs. Since term plans offer life insurance coverage for a specified term, you can choose a flexible policy term for which your family needs life cover. With a whole life plan, you needn’t worry about having to renew the policy coverage as the policy covers you till 100 years of age.

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Whole Life Insurance

A whole life insurance policy provides financial protection for the policyholder's entire lifetime, up to age 100. The nominee receives the benefit when the claim arises, as per the policy. It is also Read more called permanent life insurance since it provides lifelong coverage as long as premiums are paid. There are several benefits of this policy, including the tax-free5 death benefit, which provides your family with long-term financial security.

Further, a portion of the premium creates a savings fund that can be used for retirement, emergencies, or major life goals. In addition, premiums remain fixed, resulting in budget stability and the accumulation of cash values. Read less

A whole life insurance policy provides financial protection for the policyholder's Read more entire lifetime, up to age 100. The nominee receives the benefit when the claim arises, as per the policy. It is also called permanent life insurance since it provides lifelong coverage as long as premiums are paid. There are several benefits of this policy, including the tax-free5 death benefit, which provides your family with long-term financial security.

Further, a portion of the premium creates a savings fund that can be used for retirement, emergencies, or major life goals. In addition, premiums remain fixed, resulting in budget stability and the accumulation of cash values. Read less

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What is Whole Life Insurance?

A whole life insurance policy is a type of life insurance policy that provides coverage for the entire lifetime, up to the age of 100¹. When the policyholder passes away, their beneficiaries receive a death benefit, ensuring their financial security.

This type of insurance not only provides coverage but also acts as a savings tool and provides tax⁵ benefits. This plan offers both death benefits and maturity benefits, allowing individuals to accumulate funds for achieving financial goals. By buying whole life insurance, you can develop saving habits and also secure the future of your loved ones.

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Types of whole life insurance policies

There are different types of whole life insurance policies with different features. Whole life policies can be classified into the following types based on your financial goals and needs:

Limited payment of whole life insurance:

When you buy limited payment whole life insurance, you pay premiums for a fixed period, such as 15 or 20 years, while coverage continues for the rest of your life. Because payments are compressed, premiums are higher than for regular policies, but this option may be suitable for individuals looking for lifelong protection with early premium completion. By paying early, you can enjoy premium-free years later, financial relief, and tax advantages.
Single premium whole life insurance policy:

A single premium whole life insurance policy requires only a one-time payment to ensure lifetime coverage. Once this payment is made, there are no further premiums to be paid, and the policy becomes "paid up" immediately.

It is suitable for those with surplus funds seeking both insurance and savings benefits. Over time, the premium builds cash value, offers borrowing options, and helps with inheritance and legacy planning, asset protection planning, succession planning, and tax-efficient wealth transfers.
Modified whole life insurance:

If you purchase a modified whole life insurance plan, your premiums will be lower for the first few years, then increase to a higher amount. However, the death benefit stays the same.

Individuals expecting future income growth can benefit from this plan, which offers affordable premiums at an early stage of their careers. In the event of a premium increase later, it can be challenging if you experience a financial shift. Hence, insurers provide clear information on premium amounts and schedules in policy documents.
Variable whole life insurance:

A variable whole life insurance policy allows the policyholder to invest premiums in stocks and bonds. Death benefits and cash value fluctuate with investment performance, providing growth potential and tax⁵ benefits.

For people with a higher risk appetite and a flexible outlook for better returns, this type of life insurance is suitable. Poor performance may reduce cash value, but policyholders can switch funds. Moreover, the coverage stays active as long as you pay the premiums.
Participating in a whole life insurance policy:

Participating policies offer dividends and bonuses that represent a share of the insurer's profits. You may use these dividends to reduce premiums, take them as cash, or leave them to earn interest.

They add extra value beyond the death benefit, potentially increasing cash value and benefits. This option is suitable for those looking for possible additional returns since dividends aren't guaranteed.
Non-participating whole life insurance policy:

If you purchase a non-participating whole life insurance policy, you will not receive dividends or share in the insurer's profits. Instead, they ensure stable premiums and fixed death benefits.

In comparison with participating plans, these insurance plans have lower premiums. It appeals to individuals who are looking for straightforward coverage and predictable returns.

Since these policies are simple and certain, they are well-suited to conservative policyholders who prefer guaranteed protection over bonuses that are uncertain.
Pure whole life plan:

A pure whole life insurance policy requires regular premium payments throughout the insured's lifetime. A fixed death benefit is paid to the nominee upon the untimely death of the policyholder.

It is suitable for individuals looking for simple, essential life insurance without investment or bonus features.
Level premium whole life insurance:

With a level premium whole life policy, premiums stay the same throughout the policy, providing stability for long-term planning and budgeting. If the insured dies, beneficiaries will receive a fixed sum.

It offers predictable costs that do not increase with age or health. Despite slightly higher initial premiums, it is a preferred choice for lifelong financial protection and consistent expenses.
Indeterminate premium:

The premiums for intermediate premium whole life insurance vary over time depending on the insurer's costs and claims experience. In spite of the change, the premium remains within a defined range. Thus, the policy could be continued systematically without causing financial strain.

This structure allows insurers to manage risks by balancing fixed and flexible premiums. As a result, policyholders should expect adjustments to their premiums yet remain confident that they will continue to receive lifelong coverage.

How Does a Whole Life Insurance Plan Work?

A whole life insurance policy gives you protection for your whole life, usually up to the age of 100. If you pass away during this time, your family gets a payout (death benefit). To stay insured, you pay regular premiums. A portion of your premium is allocated to savings. This amount grows over time, and you are eligible to access it later. It is also called cash value.

If you outlive the whole life insurance policy, you get the sum assured plus applicable bonuses, subject to the policy terms. The policy helps your family financially if something happens to you and can also help you reach goals like buying a house or paying for your children’s weddings.

The following example can help you better understand the workings of this policy:

Ravi, aged 30, buys a whole life insurance policy with a sum assured of ₹1 Crore. He pays regular premiums every year. The policy covers him till the age of 100.

If Ravi passes away at any time before the age of 100, his family will receive ₹1 Crore as the death benefit.
If Ravi lives till the age of 100, he may receive the sum assured amount if he has chosen the return of premium³ plan option.

Key Features of Whole Life Insurance Plans

Financial Protection

Whole life insurance policies provide financial protection for the entire lifetime of the policyholder, usually up to 100 years of age.

Sum Assured

Offers lifetime coverage so that your family can be secured under the policy until you are 100 years of age. The death benefit is paid on your death, securing your family's needs and covering potential emergencies.

Whole Life Coverage

Whole life insurance plans provide uninterrupted coverage until age 100, provided the premiums are paid on time, keeping your loved ones secure.

Fixed Premiums

Apart from receiving lifetime coverage, the major benefit of a lifelong insurance plan is the steady premiums. By buying a whole life policy early in life, you may secure your premium payment at a lower rate, even with a high sum assured.

Optional Riders

Adding an optional rider⁴ to your life insurance policy can enhance the plan coverage since riders are designed to cover specific risks such as critical illness, accidental death, and so on.

Tax Benefits

The premium paid towards the policy qualifies for tax⁵ deductions under Section 80C of the Income Tax Act, 1961. Whereas the death benefit paid out to the beneficiaries is exempt from tax under Section 10(10D) of the Income Tax Act, 1961.

What is the Difference Between Term and Whole Life Insurance?

Feature	Term Insurance	Whole Life Insurance
Coverage Duration	Provides coverage for a specific period based on the policy term chosen.	Offers lifelong coverage up to 100 years.
Dependants	Suitable if your dependants will eventually become financially independent.	Suitable if dependants may remain financially dependent for life.
Premium amount	Lower premiums for temporary coverage.	Relatively higher premiums for lifelong protection and benefits.
Purpose	Suited for temporary financial responsibilities (e.g., loans, children’s education).	Suitable for lifelong financial security and legacy planning.
Cash value	It does not offer cash value	It offers cash value that grows with time
Wealth creation	It does not contribute to wealth creation.	It helps you build wealth.
Lapse of policy	After a certain period of time, the policy expires.	As long as you keep paying premiums, the policy will not expire.
Suitability	It's suitable for people who just want insurance.	It’s suitable for individuals seeking both insurance and investment/savings.
Legacy	For building/leaving a legacy, it might not be the best option.	You can leave a legacy and create wealth for your children.

Benefits of buying a Whole Life Insurance Plan

If you pay regular payments to your whole life insurance policy, you'll receive death benefits. The following are some of the benefits of buying a whole life policy:

Lifetime financial security and protection:

Having whole life insurance ensures your family's financial needs are met even after the insured passes away. The benefits provide stability and peace of mind to dependants, who can pay for daily expenses, outstanding debts, and essential costs.

The coverage never expires, so it offers guaranteed financial protection. Moreover, it ensures your family's long-term safety.
Dual benefits of death and maturity payouts:

It offers death benefits to nominees and maturity benefits to policyholders. The combination of protection and savings ensures financial continuity for family members.

Furthermore, maturity benefits encourage long-term saving habits. It combines protection with wealth building for financial security.
Tax benefits for better financial planning:

The Income Tax Act, 1961, allows you to claim tax⁵ benefits for whole life policy premium payments and payouts under sections 80C and 10D. Thus, it contributes to long-term financial planning.
Steady wealth creation over time:

As premiums accumulate over time, a whole life insurance policy builds up a financial corpus. You can use the corpus amount for retirement, legacy planning, or achieving life goals such as an education for your child.

Life insurance calculators can help policyholders optimise coverage and benefits. Additionally, guaranteed payouts ensure future milestones are met.
Loan facility for quick financial support:

You can borrow against your whole life insurance during financial emergencies, so you don't have to liquidate other investments. While retaining the core benefits of the policy, this facility helps meet urgent needs.

The terms of a loan against policy are typically more favourable than those of unsecured credit. As a result, it is a practical and low-risk solution for meeting short-term financial needs.
Family support and long-term stability:

By purchasing a whole life insurance policy, policyholders can ensure that their dependants can maintain their standard of living even after they die. The money can be used to fund children's education, support elderly parents, or cover household expenses.

Financial stability helps reduce emotional and financial stress for your loved ones during difficult times.

What are whole life insurance riders?

The following are some of the riders⁴ available with the whole life insurance policy:

Waiver of Premium Rider:

Under this rider, the policy will remain in effect until the end of the policy term, and future whole life premiums will be waived if the policyholder is diagnosed with a critical illness or becomes permanently disabled.
Accidental Death Benefit Rider:

In the event that the policyholder passes away due to accident during the policy's term, this rider gives the nominee an extra amount as per policy. These kinds of payouts can help the family pay their bills each month and take care of other financial commitments.
Accidental Total Permanent Disability Rider :

This rider will provide the sum assured if a policyholder becomes permanently disabled as a result of an accident. It can be used to cover any medical costs for the treatment of the disability.
Critical Illness Rider:

When a critical illness is diagnosed during the policy term, this rider can assist with medical expenses incurred due to a critical illness that is included in the policy, such as an organ transplant or a serious heart condition. These diseases could lead to a temporary or even permanent loss of income, and the sum assured can help cover these costs.
HospiCare Benefit Rider:

This rider pays a fixed sum if the policyholder is hospitalised in general or in the intensive care unit. In addition to the basic sum assured, a percentage is paid to help the policyholder pay for medical bills and treatment expenses.
Terminal Illness Benefit:

If the policyholder is diagnosed with a terminal illness during the policy term, the insurer will pay out the entire or part of the sum assured. If the rider pays part of the sum assured during terminal illness, the remaining part will be paid to the nominee upon the policyholder’s death.

Key Factors to Consider When Buying Whole Life Insurance

Consider these factors when choosing a whole life insurance policy in India:

01

Ensure adequate life cover

Consider your family's needs when assessing your life insurance. As your family will receive this amount in the event of your unfortunate death, it is important to ensure your life insurance policy covers your family's financial obligations. If you want to find out how much life insurance you can afford, use a human life value calculator.
02

Account for inflation

Take rising costs and inflation into consideration when selecting a life cover amount. For example, an amount of Rs. 1 crore may cover your family's needs today, but it might lose its value after 40 years.
03

Invest early

The premium rate for a whole life policy depends on the policyholder's age. Because the premiums are low for young individuals, you should try to purchase a whole life policy as early as possible to ensure your family has adequate life insurance coverage at a low cost.
04

Choose suitable riders

Check out the list of add-on benefits in the whole insurance policy. To enhance the coverage of the base plan, you can add these life insurance riders. These riders offer protection for specific needs, such as critical illness, accidental death, or waiver of premium, providing comprehensive financial security for your loved ones.
05

Choose a reliable insurer

The Insurance Regulatory and Development Authority (IRDAI), the Indian regulator, releases its annual report, mentioning the Claim Settlement Ratio (CSRs) of all insurers. CSR measures the ratio of claims received to claims settled by a company over a financial year. You should compare the CSR values of different insurance companies and choose an insurer that has a high CSR value. It makes sure that your family's claim gets settled in your absence.
06

Read policy documents carefully

You should always read through the policy documents to understand the details, inclusions, and exclusions. In the future, this will avoid confusion during settlements of claims. It also helps ensure that the policy aligns with your financial goals and provides the required protection.

Eligibility Criteria to Purchase Whole Life Insurance

There are different types of whole life insurance policies that come with their own policy terms and premium paying terms. Depending on the features and benefits of the policy, the eligibility criteria may differ for each plan. However, here is a broad outline of the eligibility criteria of our bestselling term insurance plan – Tata AIA Sampoorna Raksha Promise (Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V09)

Minimum Entry Age	18 years
Maximum Entry Age	60 years (For most term insurance plans)
Maximum Sum Assured	Subject to the company’s underwriting guidelines.

Though there may not be any restrictions or requirements for medical check-ups for purchasing whole life insurance, one may be advised to provide health and medical certificates in case of any past or potential health risks or family medical history.

Who should purchase a whole life lnsurance plan?

Whole life insurance plans are flexible and designed to meet the varying needs of different policyholders. These are a few categories of policyholders for whom whole life insurance can be beneficial:

Individuals Seeking Future Security

If your family currently depends on your income for their sustenance, a whole life plan can be a good option to secure their future in case of an unfortunate event leading to the loss of income. The sum assured should be adequate to meet their future financial needs.

Individuals Seeking Future Security

If your family currently depends on your income for their sustenance, a whole life plan can be a good option to secure their future in case of an unfortunate event leading to the loss of income. The sum assured should be adequate to meet their future financial needs.
Investors Creating a Financial Plan

A whole life policy is an important part of your financial plan, where you can invest in the policy through premium payments and secure your family’s financial future. Once you plan the premium payments, you can then allocate your resources to other investments as well. With the Return of Premium feature, you can get your premium amount back.

Investors Creating a Financial Plan

A whole life policy is an important part of your financial plan, where you can invest in the policy through premium payments and secure your family’s financial future. Once you plan the premium payments, you can then allocate your resources to other investments as well. With the Return of Premium feature, you can get your premium amount back.
For Security Against Life-Threatening Diseases

If you or your family have a medical history of critical illnesses, or if you think a serious health condition may threaten your life in the future, consider getting a whole life insurance plan. This can help ensure your family maintains financial stability in the event of an unfortunate incident.

For Security Against Life-Threatening Diseases

If you or your family have a medical history of critical illnesses, or if you think a serious health condition may threaten your life in the future, consider getting a whole life insurance plan. This can help ensure your family maintains financial stability in the event of an unfortunate incident.
Those Seeking Tax Benefits

Whole life insurance offers tax⁵ benefits under various sections of the Income Tax Act, such as Section 80C, Section 10(10D), and Section 80D if you add an optional health rider to your base policy. With these tax5 benefits, you can secure greater tax savings and life insurance coverage.

Those Seeking Tax Benefits

Whole life insurance offers tax⁵ benefits under various sections of the Income Tax Act, such as Section 80C, Section 10(10D), and Section 80D if you add an optional health rider to your base policy. With these tax5 benefits, you can secure greater tax savings and life insurance coverage.

How to Purchase Whole Life Insurance Online?

Here’s how you can purchase whole life insurance online:

01

Provide Essential Details

To start your online purchase, fill in the online form with your contact details and other required information. When you use the life insurance premium calculator, your age and smoking habits will be two important factors for determining the premium amount.
02

Calculate the Sum Assured

Determine the sum assured of your online life insurance as per your family’s current and future financial needs, annual income, and other factors. Once the sum assured is determined, you can check a few plan options and policies that comprise the features and benefits you need.
03

Customise your Policy

Each life insurance policy offers a flexible choice of policy terms (PT) and premium paying terms (PPT). Choose a PT and PPT based on your preference. You can further customise your policy by adding an optional rider, such as an accidental death benefit or a similar add-on, by paying an additional premium.
04

Pay the Premium Amount

When you check out online, you will be required to pay the first premium instalment to complete the purchase. Select any one of the online payment options to complete the policy purchase, after which you can receive an email confirmation of the purchase.

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Frequently Asked Questions

What is the meaning of whole life insurance?

Whole life insurance is a type of permanent life insurance where the life assured is covered for the entire life (up to the age of 100 years), as long as premiums are paid on time.
What’s an example of a whole life insurance policy?

If a 30-year-old person purchases a whole life insurance policy, then the coverage lasts till 100 years of his age. In case of any unfortunate event during the policy term, the nominee will receive the sum assured amount. If the life insured has chosen a plan with the Return of Premium option, then on survival, he will get his premium amount back³.
What are the different types of whole life insurance?

The major types of whole life insurance policies are Traditional Whole Life Insurance, Limited Pay Whole Life Insurance, Single Premium Whole Life Insurance, Variable Whole Life Insurance, and Universal Life Insurance plans.
How long does it take to build cash value for whole life insurance?

A whole life insurance plan builds cash value after premium payments for the initial years. Once this value accumulates, the insured can surrender the policy as per the policy terms and conditions, though continuing coverage is generally recommended.
What is a death benefit in whole life insurance?

The death benefit in whole life insurance is the sum assured, fixed at policy inception. It provides lifelong coverage, ensuring your family receives financial support and can meet essential expenses after your death.
Who is eligible for whole life insurance?

Anyone who meets the insurer’s age and citizenship criteria can buy whole life insurance. Typically, eligibility includes Indian citizens aged from 18 to 60 years, depending on the policy.
Who needs whole life insurance?

Whole life insurance is well-suited for individuals who need long-term financial protection or want to build a cash value component alongside life cover.
Does the premium increase for whole life insurance if I get older?

Buying whole life insurance at a young age, like 20, ensures lower premiums. Purchasing later in your 40s or 50s leads to higher premiums due to increased health risks and age factors.
Is purchasing whole life insurance affordable?

Whole life insurance can be affordable if you choose the right policy and premium payment terms. Even with a high sum assured, you can use an online premium calculator to find a reasonable payment amount.
How long should I pay the premium for a whole life insurance plan?

You can choose the premium paying mode for your whole life insurance plan as per your preference. You can choose single pay, regular pay or limited pay option as per your needs.
How can I pay the premium for the whole life insurance plan after retirement?

If you want to avoid paying premiums after retirement, you can choose a single premium or a limited pay plan. This lets you pay the required premium at once or for a shorter term, so no premiums are due during retirement.
What should be the sum assured for the whole life insurance plan?

You need to choose a sum assured that covers your family’s financial needs. It should be enough to support them and pay for their expenses and goals, especially if you are the family’s only earning member. Ideally it should be 10 to 12 times your annual income.
How much does whole life insurance cost?

The cost of whole life insurance generally depends on factors like your age, health, sum assured, and premium payment term. Buying at a younger age usually means lower premiums, while higher coverage or older age can increase the cost.
How much whole life insurance coverage do I need?

To choose the right coverage, assess your family’s expenses, loans, and inflation. As per experts, the coverage must be equal to 10-12 times your annual income. You can use a human life value calculator to estimate the right amount.
Are there any riders available with the whole life insurance policy?

Yes, whole life insurance policies often offer riders⁴ such as critical illness cover, accidental death benefit, waiver of premium, along with accidental total and permanent disability cover to enhance your protection.
Can I avail of a loan against my whole life insurance plan?

Many whole life insurance plans offer a loan facility against the policy. However, there can be certain terms and conditions, such as a limit on the loan amount or a time point during the premium-paying term when you can get the loan.
Can I cash out from a whole life insurance plan?

Yes, you can cash out from a whole life insurance plan by surrendering it and receiving the cash value as per the policy terms and conditions. However, continuing the policy is advisable to get full coverage and maturity benefits.
Are early withdrawals permitted in a whole life insurance plan?

No, there is no provision for making any early withdrawals in a whole life insurance policy unless you choose to surrender the policy. In that case, the coverage is terminated, and you receive the surrender value of the policy.
What happens if I surrender my whole life insurance policy?

If you surrender your whole life insurance policy, you will receive the applicable surrender value of the policy at that time as per the policy terms and conditions.
What are the tax implications of whole life insurance?
The following are the tax implications of whole life insurance:
- Premiums paid are eligible for tax⁵ deductions under Section 80C of the Income Tax Act, subject to the prevailing tax laws.
- Additionally, the maturity amount is tax-free under Section 10(10D), subject to conditions.
Is it good to invest in a whole life insurance plan?

Investing in a whole life insurance plan is a suitable option if you want to ensure lifelong financial protection for your family. With this plan, you do not have to worry about renewing your policy, as the coverage lasts until 100 years of age.
Does a whole life insurance plan provide a retirement income?

A whole life policy offers maturity benefits on survival if you choose a return of premium³option or upon policy maturity. In case of your death during the policy term, your spouse can use the death benefit as retirement income.
Is whole life insurance a good plan for retirement?

Yes, whole life insurance with maturity and death benefits can support you after retirement. It offers lifelong coverage, ensuring you and your family remain protected even after retirement.
Is whole life insurance beneficial for senior citizens?

Yes, whole life insurance is beneficial for senior citizens because the coverage lasts a lifetime, so there’s no concern regarding policy expiry. With coverage up to 100 years of age¹, the premium payment options are also convenient and affordable.
Can a whole life insurance plan help you leave a legacy for your family?

Yes, whole life insurance can provide complete financial security for your loved ones. The sum assured acts as a legacy, covering daily needs and serving as a trust fund for their future goals.
Is it necessary to purchase a whole life insurance plan for my child?

You can buy whole life insurance and nominate your child as the beneficiary to secure their financial future. If your child is a minor, you can appoint a guardian to manage the benefits until they are 18 years of age.
What happens if I survive the policy term for the whole life insurance plan?

If you survive the policy term with a return of premiums³ option, you will receive the total premiums paid as the maturity benefit.
Can I convert my term insurance plan to a whole life insurance plan?

If you have a convertible term insurance plan that is about to expire, you can choose to convert it to a whole life plan. However, it is subject to your insurer’s terms and conditions and the availability of a convertible term plan in their offerings.
Should I get term insurance or whole life insurance?

Choosing term or whole life insurance depends on your needs. Term plans cover a specific period, while whole life plans provide lifelong coverage, usually until age 100, without needing renewal.

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Whole Life Insurance

Experience lifelong financial protection with Tata AIA Whole Life Insurance plans.

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What is Whole Life Insurance?

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Types of whole life insurance policies

Limited payment of whole life insurance:

Single premium whole life insurance policy:

Modified whole life insurance:

Variable whole life insurance:

Participating in a whole life insurance policy:

Non-participating whole life insurance policy:

Pure whole life plan:

Level premium whole life insurance:

Indeterminate premium:

How Does a Whole Life Insurance Plan Work?

Key Features of Whole Life Insurance Plans

Financial Protection

Sum Assured

Whole Life Coverage

Fixed Premiums

Optional Riders

Tax Benefits

What is the Difference Between Term and Whole Life Insurance?

Benefits of buying a Whole Life Insurance Plan

Lifetime financial security and protection:

Dual benefits of death and maturity payouts:

Tax benefits for better financial planning:

Steady wealth creation over time:

Loan facility for quick financial support:

Family support and long-term stability:

What are whole life insurance riders?

Waiver of Premium Rider:

Accidental Death Benefit Rider:

Accidental Total Permanent Disability Rider :

Critical Illness Rider:

HospiCare Benefit Rider:

Terminal Illness Benefit:

Key Factors to Consider When Buying Whole Life Insurance

Ensure adequate life cover

Account for inflation

Invest early

Choose suitable riders

Choose a reliable insurer

Read policy documents carefully

Eligibility Criteria to Purchase Whole Life Insurance

Who should purchase a whole life lnsurance plan?

Individuals Seeking Future Security

Individuals Seeking Future Security

Investors Creating a Financial Plan

Investors Creating a Financial Plan

For Security Against Life-Threatening Diseases

For Security Against Life-Threatening Diseases

Those Seeking Tax Benefits

Those Seeking Tax Benefits

How to Purchase Whole Life Insurance Online?

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Frequently Asked Questions

What is the meaning of whole life insurance?

What’s an example of a whole life insurance policy?

What are the different types of whole life insurance?

How long does it take to build cash value for whole life insurance?

What is a death benefit in whole life insurance?

Who is eligible for whole life insurance?

Who needs whole life insurance?

Does the premium increase for whole life insurance if I get older?

Is purchasing whole life insurance affordable?

How long should I pay the premium for a whole life insurance plan?

How can I pay the premium for the whole life insurance plan after retirement?

What should be the sum assured for the whole life insurance plan?

How much does whole life insurance cost?