A whole life insurance policy is designed to provide protection to the insured for Entire lifetime. It is the most common form of cash value life insurance. It serves as an investment option and offers protection for the entire life or up to 100 years whichever comes first. The primary advantages of whole life insurance plans are:
This policy is suitable for all individuals at any age group who wish to protect their families from any financial crises which may occur in case of the death of the policyholder.
How does the policy work?
The person who opts for this policy needs to pay a premium every year. Out of This a portion of the premium will be for protection purpose and remaining premium will be invested in the company. If there is any profit earned, the policyholder will get a bonus on the invested amount.
The investment generally grows during the policy period and is returned to the customer if he chooses to withdraw or surrender or lives till the maturity of the policy. But in case the insured dies before the maturity period, then the nominee would get the sum assured.
A whole life plan comes in different packages like:
Some of the riders available under the whole life plans are:
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