Whole Life Insurance
Whole life Insurance is a Term Insurance Policy that covers you for 99 years. They are different from ordinary insurance policies which have a defined term of say 10, 20 or 30 years.
This protects your family for an extended period of time. Many people have financial dependents even in their old age, and such a policy can take care of their financial dependents
This policy covers as long as you live. As it offers risk cover for the entire life, it is also called permanent life insurance policy.
Benefits:
- It provides the financial security of the family even in the absence of the breadwinner of the family.
- Insurance premiums paid are deductible from taxable income under Section 80C.
- It provides death benefit cover to the policyholder until 99 years of age. It provides protection until death.
- Quick and hassle-free claim settlement
Features:
- The premium interest rate of this life insurance policy does not increase or decrease throughout the term period.
- Whole life insurance is specifically designed to provide life protection to the family.
- The policy holder can avail loan against the policy.