Whole Life Insurance

1. By – Neetu Marwah
Roll No. 1

2.  It is a tool in the management of risks – a
device through which the risks faced by the
individuals are pooled together and thereby
all the members of pool will share the
losses suffered by a few individuals.
 Insurance is mainly divided into two:-
 A) Life Insurance &
 B) General Insurance

4.  It is for the whole life and not just for a
specified period.
 As there is no fixed end date for the
policy, only the death benefit exists and is
paid to the named beneficiary.
 Earlier, the policyholder is not entitled to any
money during his or her own lifetime, i.e.
there is no survival benefit.
 But now many insurance companies pay the
sum assured, when the life insured reaches a
particular age.

5.  HDFC Single Premium Whole of Life Insurance
Plan
 LIC - The Whole Life Policy
 LIC - The Whole Life Policy- Limited Payment
 LIC - The Whole Life Policy- Single Premium
 LIC - Jeevan Tarang
 Max Life Whole Life Super
 Met 100
 Reliance Whole Life Plan
 Tata AIG Life MahaLife Gold

6.  Whole Life Plans :- There's no change in the
premium and the return is guaranteed.
 Universal Plans:- The insured can raise or
lower the premium.
 Variable Life Plans:- The choice of investing
cash remains with the insured and the return
is not guaranteed.

7.  Pay premiums for only a limited number of
years and enjoy protection up to the age 100
years.
 With the power of bonuses, life cover
continues to increase as your age increases.
 In case of one’s death, his family will get a
comprehensive death benefit that will take
care of all the financial needs and provide a
legacy for your family.
 Provides flexibility to withdraw money from
one’s policy to support major or minor events
without having to surrender one’s policy.

8.  1. Get guaranteed life time protection:-
Guaranteed protection for life till age 100
years with bonus.
 2. Flexible premium payment terms:- One
can choose either 10, 15 or 20 years as
premium payment term, depending on
financial goals.

9.  3. Flexible Bonus Option:-
 a) Paid in Cash – Bonus declared is paid to
you in cash.
 b) Premium Offset – Bonus declared is used
to offset future premiums payable by you.
 c) Paid Up Additions – Bonus declared is used
to purchase additional sum assured that
helps you boost the maturity value through
power of compounding.

10.  4. Customize Your Policy:- The plan offers
additional rider(s) that can be taken with the
policy to provide for additional protection as
per one’s need.

11. Point Explanation
Type of Plan Whole Life Insurance Plan
Policy Term 100 years minus the age at entry
of the life insured (age last birthday).
Premium Payment Term 10 Years, 15 Years or 20 Years
Maturity Age 100 Years
Minimum Premium Rs. 8,500 p.a. excluding extra
premium, service tax and education
cess.
Maximum Premium No limit
Guaranteed Maturity Sum Assured
Limits
Minimum : Rs. 50,000, subject to
minimum premium of Rs. 8,500
Maximum : No Limit

12. Premium Payment
Term
Maximum entry age
(age last birthday)
10 years 60 years
15 years 55 years
20 years 50 years

13.  Suited for Long Term Goals.
 Single Premium to be Paid.
 In case of death of the policyholder during
the policy term, his family will get Sum
Assured & Compound Bonuses which are
added annually.
 Money will be invested in a ‘With profits
Fund'.

14.  You can decide on the policy term by using a
feature build into it, for a period of 4 weeks,
after any one of the 10th, 15th, 20th and
subsequent Five-years anniversaries, you
choose to receive the sum assured plus any
attaching bonuses, in full. Once the money
has been received.
 Policy Loans are available post 6 months
provided the eligible loan amount is at least
Rs. 25,000

15.  Minimum Age at Entry – 18 years
 Maximum Age at Entry – 70 years
 Minimum Sum Assured – Rs 25,000
 Maximum Sum Assured – Rs 50,00,000
 Minimum Premium – Rs 23,750
 Maximum Premium – Rs 47,50,000
 Premium Rate – Rs 950 per Rs 1000 of Sum
Assured