Whole Life Plans are insurance policies that cover the insured throughout his or her life. This means that there is no fixed premium paying term. The payment is continuous throughout the life and in the event of death of the life assured; the sum assured is paid to the family (nominee). The payment under this policy is guaranteed.
Some whole life policies also fixed payout windows during, which the investors can opt to withdraw a certain amount.
- Limited Premium Whole Life Insurance Policy
This type of policy continues to provide insurance until death, but the premium payments are for a limited time period. Depending on the policy, the last premium-paying year can be decided at the beginning of the policy.
- Single Premium
A Single Premium Whole Life Policy is one of the most hassle free policies, as it requires an individual to pay only a single premium at the start of the policy. The individual does not have to worry about the premium payment throughout his life.
- Recurring Premium
A Recurring Premium Whole Life Plan (Level Premium Policy) is where the insured has to pay premium throughout his life. The amount of the premium is fixed through the concept of Human life Value (HLV) that calculates the financial value as well as the probability of the death of the insured.
- Modified Whole Life Insurance
In comparison with the term insurance the whole life insurance policy are more expensive because of the unlimited term. However, Modified Whole Life Insurance policies have a staggered premium payments option of low premium for the first initial year and higher premium for the remaining period.
Contact Us to know more about the various Whole Life Plans and to choose the best one for your requirements.