What is LIC Whole Life Plan?

  • A life insurance policy that provides coverage for the entire lifetime of the policyholder
  • Pays the sum assured plus bonuses to the nominee upon the death of the insured
  • Designed to offer lifelong financial protection and wealth creation

āœ… Key Features

  • Lifetime Coverage: Insurance protection continues till the policyholder’s death, even after premium payment term ends
  • Bonus Benefits: Eligible for simple reversionary bonuses and a final additional bonus (if declared)
  • Limited Premium Payment: Premiums are paid for a fixed period (e.g., 15, 20, or 30 years), but coverage continues for life
  • Loan Facility: Loans can be availed against the policy after a certain period
  • Tax Benefits: Tax deductions on premiums under Section 80C and tax-free maturity under Section 10(10D)

šŸ’” Benefits

  • Lifetime Security: Ensures financial support for family regardless of when death occurs
  • Estate Planning Tool: Helps in wealth transfer to the next generation
  • Financial Discipline: Encourages long-term saving and protection
  • Guaranteed Payout: Assured death benefit with bonus additions

šŸ“„ Eligibility Criteria

  • Minimum Age at Entry: 18 years
  • Maximum Age at Entry: 50 years
  • Sum Assured: Typically starts from 2,00,000 (no maximum limit, subject to underwriting)
  • Policy Term: Lifetime (with limited premium paying term)