A Quick Guide to Whole Life Insurance


Whole Life Insurance in insurance that serves you till your age touches 99. It differs from the term insurance as the term insurance provides a shorter beneficiary span of 10, 20 or 30 years.

When to choose Whole Life Insurance?

  • When you have someone dependent on you for your whole life, say a disabled family member, you may opt for Whole Life Insurance.
  • When you want to gift your family a burden-free life along with your prestigious assets, a Whole Life Insurance is all you need.

life insurance

When to choose a term life insurance instead of Whole Life Insurance?

  • You have dependents in your family.
  • You are not able to pay premiums for a more extended time period.

How does Whole Life Insurance Benefit You?

  • Secures For Lifetime: The significant benefit of Whole Life Insurance is that it covers 99 years of life that is much more than normal life expectancy and thus covers the crucial years of life securing you as well as the people dependent over you.
  • Affordable premium: The premium amount that you need to deposit is fixed according to your ability. This would ensure your premium planning and won’t give you a tension band headache due to hefty dues.
  • Cash Value: When you buy a Whole Life Insurance policy, you get a bonus “Cash Value”; i.e. an amount you get of your total deposits which you can borrow in need.
  • Death Benefit: Whole Life Insurance would take care of your loved once and would shed and nurture them after you pass away.
  • Tax Deduction: The insurance premiums are tax-deductible up to 1.5 lakh.

More about Whole Life Insurance:

  • You can buy a Whole Life Insurance policy at the minimum age of 18 years.
  • The maximum age is 65 years.
  • The insurance policy matures at the age of 99 years.
  • The premium can be as minimum as just Rs — 2400 per year.

Payment Options:

The payment duration for a Whole Life Insurance policy can be used in two forms depending on income and availability:

  1. Limited Payment Period:

In this option, you have to pay the premium for the initial ten years and get benefitted for your whole life.

  1. Regular Payment Period:

You can opt to pay the premium for your entire life at regular intervals.

Additional Features you find at ICICI Pru iPintect Smart:

  • Accidental death benefit: If you face an accidental death, your family or nominee would be able to get an additional amount over your initial deposit.
  • Critical Illness Support: You will immediately be paid back in case if you strike any critical illness.
  • Permanent Disability Benefit: If by the turn of fortune, you get the evil eye of disability, your further premiums would get omitted, and the benefits will remain the same as an initially brought plan.
  • Optional Retrieval: In the case, if your family suffer your death for sudden, your family would have a choice to either retrieve the total amount or in timely pension.

So opting for whole life insurance can be a lot more beneficial in today’s world.

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