Whole Life Insurance Plans are those plans which provide you the insurance coverage for your entire life. In case of death of life assured the nominee gets the benefits as mentioned in the insurance contract. Now-a-days the whole life insurance schemes providing a maturity benefit on attaining a certain time such as attaining 80 years of age by life assured or completing 40 years of successful run of policy.
Whole Life Insurance Plans from LIC of India
- The Whole Life Policy The premium is to be paid throughout life and claim was only payable on death, but now LIC is settling claim as maturity claim if the life assured has survived upto 80 years of age and has paid premium for 40 years whichever is later.
- The Whole Life Policy- Limited Payment The premium paying term is limited to a convenient term. The maturity claim is settled on completing the premium paying period or on attaining age 80 years, whichever is later.
- The Whole Life Policy- Single Premium You need not to pay the premium throughout your life time, just pay once and get the benefits of of the plan for your entire life.
- Jeevan Anand Jeevan Anand is the LIC’s famous plan. It is not just a whole life plan but an endowment plan too. You have to pay premium till maturity but the risk coverage is till your lifetime. It provides sum assured + bonus at maturity and another extra amount on death of life assured.
- Jeevan Tarang The premium have to be paid throughout your desired accumulation period which is 10 years or 15 years or 20 years. Even single premium is available. After the accumulation period you get 5.5% of sum assured every year.