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Whole life insurance, as the name suggests, is a type of life insurance plan that offers a protective life cover to your family for up to 100 years or whole life. When you purchase a whole life insurance policy, you can protect your family for your entire life without having to worry about the policy expiring after a limited term or renewing the insurance plan midway.
Tata AIA
Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V01)
Whole life insurance, as the name suggests, is a type of life insurance plan that offers a protective life cover to your family for up to 100 years or whole life. When you purchase a whole life insurance policy, you can protect your family for your entire life without having to worry about the policy expiring after a limited term or renewing the insurance plan midway.
Since whole life insurance policies can have a longer premium payment term compared to other policies, it is always advisable to use a life insurance premium calculator to find affordable premiums and secure your family with a high sum assured.
How Does a Whole Life Insurance Plan Work?
Whole life insurance is designed to keep your family or dependents financially secure in case of a future unfortunate event that may lead to a financial crisis. If you plan to buy a whole life insurance policy, here is a basic outline of how the policy works.
A whole life insurance plan offers a flexible choice of sum assured, policy terms, premium paying terms, modes, and a range of optional riders. Depending on how basic or extensive your sum assured, you should be able to select a policy term and premium paying term that allows you to pay affordable premiums. You can also pay your premiums as a one-time lump sum, as a limited pay, or throughout the policy term.
Ensure that the sum assured can cover your family’s financial needs in your absence. In the event of your death during the policy term, your appointed nominee will have to file a claim to avail of the death benefit sum assured. In case you survive the policy term till 100 years of age, you can either receive a maturity benefit in the form of savings or as a return of all the paid premiums, subject to the terms and conditions of the whole life policy and your life insurance provider.
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
TERM
CALCULATOR
Premiums are affordable, especially when purchased early, with some term plans offering potential maturity benefits if you survive the policy term that can support your family’s financial goals.
The life cover offered by a whole life plan secures your family with a financial safety net in the form of a predetermined sum assured under the policy.
Offers lifetime coverage, so that your family can be secured under the policy until you are 100 years of age. The sum assured death benefit to be paid on your death, securing your family's needs and covering potential emergencies.
Whole life cover plans provides uninterrupted coverage until age 100, provided the premiums are paid on time, keeping your loved ones secure.
Apart from receiving lifetime coverage, the major benefit of a life-long insurance plan is the steady premiums. By buying a whole life policy early in life, you can secure your premium payment at a lower rate, even with a high sum assured.
Adding an optional rider5 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.
The premium paid towards the policy qualifies for tax6 deductions under Section 80C of the Income Tax Act, 1961, while the death benefit paid out to the beneficiaries is exempt from tax under Section 10(10D) of the Income Tax Act, 1961.
Choose between multiple premium payment options based on your financial requirements.
Whole life insurance is designed to keep your family or dependents financially secure in case of a future unfortunate event that may lead to a financial crisis. If you plan to buy a whole life insurance policy, here is a basic outline of how the policy works.
A whole life insurance plan offers a flexible choice of sum assured, policy terms, premium paying terms, modes, and a range of optional riders5. Depending on how basic or extensive your sum assured, you should be able to select a policy term and premium paying term that allows you to pay affordable premiums. You can also pay your premiums as a one-time lump sum, as a limited pay, or throughout the policy term.
Whole life insurance is designed to keep your family or dependents financially secure in case of a future unfortunate event that may lead to a financial crisis. If you plan to buy a whole life insurance policy, here is a basic outline of how the policy works.
A whole life insurance plan offers a flexible choice of sum assured, policy terms, premium paying terms, modes, and a range of optional riders5. Depending on how basic or extensive your sum assured, you should be able to select a policy term and premium paying term that allows you to pay affordable premiums. You can also pay your premiums as a one-time lump sum, as a limited pay, or throughout the policy term.
Ensure that the sum assured can cover your family’s financial needs in your absence. In the event of your death during the policy term, your appointed nominee will have to file a claim to avail of the death benefit sum assured. In case you survive the policy term till 100 years of age, you can either receive a term insurance maturity benefit in the form of savings or as a return of all the paid premiums, subject to the terms and conditions of the whole life policy and your life insurance provider.
Feature |
Term Insurance |
Whole Life Insurance |
| Coverage Duration | Provides coverage for a specific period basis the policy term chosen. |
Offers lifelong coverage up to 100 years. |
Dependents |
Suitable if your dependents will eventually become financially independent. |
Ideal if dependents 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, raising children). |
Suitable for lifelong financial security and legacy planning. |
Though term plans and whole life plans are both essentially life insurance policies, there are some stark differences in their features and offerings that help policyholders decide which life insurance plan they should opt for. Below are some of these points of distinction between term and whole life insurance:
|
|
This type of whole life insurance policy does not pay out any dividends or offer any bonuses on the sum assured or the maturity amount. A non-participating whole life insurance cost is generally low, and the policy premiums can be locked in at a lower rate if you purchase the whole life plan early in life.
Under this type of whole life policy, the policyholder pays all the premiums and receives extensive life insurance coverage in return. In the event of their untimely demise during the policy term, their beneficiaries can avail of the death benefits upon filing a claim with the life insurer.
Your life insurance provider allows you to pay your premiums as a one-time investment when you buy your life insurance policy. By doing so, you do not have to worry about paying your premiums for the rest of the coverage term. The single premium plan under whole life insurance enables this facility.
When you opt for the limited pay premium paying term (PPT), your PPT will be shorter than the policy term. That way, you need not pay your policy premiums for all the years but only until a limited tenure. Hence, even after the premium payments stop, your policy will remain active and offer benefits.
Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V01)
TATA AIA
Get whole life cover up to 100 years1
Return of 100% of premiums paid3
Get up to 15% discount on first year premium4
Get instant payout of ₹3 lakh on claim intimation7
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:110N176V01)
Minimum Entry Age |
18 years |
Policy Tenure |
100 years |
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 the family medical history.
Whole life insurance plans are flexible and are designed to meet the varying needs of different policyholders. Therefore, anyone can purchase a whole life insurance plan. These are a few categories of policyholders for whom whole life insurance can be beneficial:
Our experts are happy to help you!
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 fulfil 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 endeavours.
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 utilise 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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