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- Whole Life Insurance
- What Is Whole Life Insurance
- Types Of Policies
- Benefits Of Buying A Plan
- Features Of Buying A Plan Coverage
- How Does it Work?
- Difference Between Term & Whole Life Insurance
- What Are Riders
- Is a Whole Life Insurance Plan Right for You?
- Who Should Purchase a Plan
- Eligibility Criteria For Buying
- How To Buy A Plan Online?
- Factors To Consider When Choosing a Plan
- Summary
- FAQs
- Related Articles
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
Reviewed By:
What Is Whole Life Insurance?
A whole life insurance plan provides coverage for the entire life of the policyholder, extending up to 99 years of age. It guarantees a death benefit for the policyholder's beneficiaries when they pass away, ensuring financial support for their dependents.
This type of insurance not only offers coverage but also acts as a savings option, helping with tax exemptions. It provides both death and maturity benefits, allowing individuals to build a growing fund that can be used to achieve financial goals.
Whole life insurance is a great choice for those looking to create a legacy for future generations and encourages saving habits among policyholders. Life insurance for NRI offers similar benefits, giving financial security and potential tax advantages for those working abroad.
Types Of Whole Life Insurance Policies
Whole life insurance policies can be further categorised into the following categories:
Limited payment of whole life insurance
In this type of life insurance, you need a premium amount for limited or certain years, let's say 15 or 20 years. After that, you can enjoy policy coverage for the entire lifetime. However, the premium charged may be higher as compared to other plans as the time span to pay premiums is limited.
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Single premium whole life insurance policy
In this whole life plan, you pay the premium in a single lump sum amount. For a one-time payment of a premium, you can enjoy financial coverage for the rest of your life. It can be an ideal option for those with extra funds to park and look for insurance, as well as an investment avenue.
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Modified whole life insurance
It is a type of whole life plan in which you pay low premium amounts for a few initial years. The premiums to be paid increase with time, and the coverage remains the same through the policy. This type of policy is advisable only if you are confident to pay high premiums in the future.
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Variable whole life insurance
This type of whole life insurance plan allows policyholders to invest money through premiums paid and meet investment goals. It offers tax deductions, wealth creation, cash value growth and financial protection for loved ones.
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Joint whole life insurance
This type of plan provides coverage to two individuals jointly under one plan. If one of the policies passes away, the other one can claim the benefit. These plans usually don’t offer survival benefits.
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Participating in a whole life insurance policy
Along with benefits, this type of policy offers variable bonuses that are linked to the company's profits. The benefits can be in the form of dividends or bonuses. The dividends can be used to offset future premiums or to earn interest.
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Non-participating whole life insurance policy
These policies do not offer an opportunity to participate in the company’s profits or earn dividends. It offers guaranteed maturity benefits irrespective of the amount of profits earned by the company.
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Pure whole life plan
Under this policy, you have to pay premiums, and in return, you receive financial coverage for your whole life. Upon your demise, beneficiaries or nominees can avail of death benefits.
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Level premium whole life insurance
In this, the amount of premiums remains the same throughout the policy tenure and doesn’t change for any reason. Upon the policyholder’s demise, the guaranteed sum assured is given to the nominee/beneficiary.
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Indeterminate premium
In this, there is no fixed premium amount across the policy term. The companies may change the premium amounts according to the costs.
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Benefits Of Buying A Whole Life Insurance Plan
The benefits of buying a plan for yourself are mentioned below:
Financial security
Whole life insurance policies provide financial coverage and bring comfort to life. In case of unfortunate events, your family is taken care of. This is similar to the benefits of term insurance.
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Death and maturity benefits
These plans ensure that at the end of the policy’s tenure, you get the sum assured. It builds a habit of saving and acts as an investment. Also, upon your sudden demise, it ensures your family’s life doesn’t get interrupted financially.
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Tax savings
Deductions under 80C and 10 (10D) of the Income Tax Act or ITA 1961 allow you to avail of tax benefits regarding whole life policy premium payments and payouts. Hence, it helps in long-term financial planning
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Wealth creation
Life insurance coverage plans accumulate wealth through the premiums you pay and thus help in wealth creation. You can use it to leave a legacy or fulfil retirement goals.
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Loan facility
During emergencies, you can use these policies to avail of a loan facility. Hence, it comes in handy in unexpected situations.
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Family support
A whole life insurance policy provides financial support to your family in your absence. It helps your children continue their studies, and your parents live a stress-free life without working during their old age.
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Features Of Buying A Whole Life Insurance Plan Coverage
Here are some primary features of the whole life policy:
Provides Financial coverage
These policies provide financial coverage for the entire life of the policyholder. These can extend up to 99 years of age. Whole life insurance is a type of term insurance that provides cover till 99 years.
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Cash Value
Whole life insurance plans usually include a cash value component that grows with time. It can be used to fulfil financial goals such as buying a home, etc. For example if you have opted for a 2 crore term insurance then the amount of the sum assured will be used towards fulfillment of your family’s financial goals.
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Dividend Features
Certain types of policies allow individuals to participate in the profits of the company and earn dividends.
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Riders/ Add-ons
Riders/add-ons : Life plans usually allow individuals to enhance the policy’s coverage by adding riders to the policy. For example with the critical illness rider you can avail critical illness insurance along with your term insurance.
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How Does Whole Life Insurance Work?
Here’s a detailed description of how it works:
1. It offers lifelong protection and can extend up to 99 years of age. If something happens to you, your nominees receive a death benefit.
2. You pay premiums at regular intervals to get yourself insured. A portion of your premium goes towards savings. The amount grows over time, and you are eligible to access it later. It is also called cash value.
3. If you outlive the whole life policy, you are rewarded with a sum assured and bonuses that accumulate with time as a reward.
4. It provides financial security to your loved ones in case of your unexpected demise and helps them live a comfortable life. Also, it helps them pay off your debts, if any.
5. You can use the cash value to fulfil your financial goals, like buying a home, marrying your children, etc.
What Is The Difference Between Term Insurance & Whole Life Insurance?
Parameters |
Term Insurance |
Whole Life Plan |
Time period |
Term insurance plan covers for a specific duration. |
Whole life insurance plan provides coverage for the whole life and can extend up to 99 years of age. |
Premium amount |
The premium amount is usually low. |
The premium amount is comparatively higher as it provides life-long coverage. |
Cash value |
It usually does not offer any cash value. |
It offers cash value that grows with time. |
Wealth creation |
It does not assist in building wealth. |
It helps in wealth creation. |
Suitability |
It is ideal for individuals who only want insurance. |
It is suitable for individuals wishing for insurance along with investment/savings. |
Lapse of policy |
The policy expires after a certain time period. |
The policy doesn’t expire as long as you keep paying premium amounts. |
Legacy |
It may not be an ideal option for building/leaving a legacy for your children. |
It is an ideal option to build a legacy and create wealth for your children. |
What Are The Whole Life Insurance Riders?
Riders can be termed as add-ons, which can enhance the coverage of the policy. These riders may add to the premium amount but always come in handy in uncertain times. A few of them are mentioned below.
Waiver of Premium Rider
In this rider, if the insured is diagnosed with a critical illness or met with an accident that left him disabled, the future premiums will be waived while the policy will still remain in force.
Accidental Death Benefit Rider
In this rider, the insurance company pays an additional payout to the nominees or beneficiaries in case the policyholder passes away due to an accident.
Accidental Total Permanent Disability Rider
In the accidental total permanent disability rider, if the policyholder is diagnosed with total permanent disability due to an accident, the insurance company will pay the rider the sum assured to him to cover the medical costs.
Critical Illness Rider
In this add-on, if the insured is diagnosed with a critical illness, the rider can take care of the financial expenses and obligations, including organ transplants, heart treatments, etc.
Terminal Illness Benefit
In this rider, the nominee or the beneficiary receives the sum assured on the insured’s demise after he’s diagnosed with a terminal illness.
Hospitalization Benefits
Under this rider, if you get hospitalized in general or even get admitted to the ICU, a fixed percentage of your policy's basic sum assured would be paid to help take care of your (the policyholder's) medical bills and treatment costs.
You must always select riders or add-ons based on your needs or requirements and must not hesitate to add them to your policy even if they add up to the cost.
Is a Whole Life Insurance Plan Right for You?
Buying a whole life insurance policy would be the right choice for you in the following cases/situations:
- If you want to leave a legacy for your children in the future
- If you want your term insurance coverage to continue even after retirement
- If you want a lifetime coverage against life-threatening diseases
- If you are planning to either get married or start a family soon
- If you want the twin benefits of investment and life insurance coverage
- If you want additional liquidity at the time of retirement
Who Should Purchase A Whole Life Insurance Plan?
While everyone is advised to buy a whole life insurance policy, it is a non-negotiable for salaried individuals. It is highly recommended for:
- Individuals who want a legacy for their future generations.
- Individuals who wish to create wealth and provide a corpus for their families.
- People who have dependents who rely on them for their financial needs.
- Individuals who wish to save for their post-retirement years and live a peaceful life.
- People who wish to save taxes and build a savings habit.
Eligibility Chart for Whole Life Insurance
However, insurers may have differences in specific terms, conditions, and the flexibility they offer. Common criteria include:
Parameters |
Minimum |
Maximum |
Entry Age |
18 years |
65 years |
Maturity Age |
23 years |
99/100 years |
Policy Term |
5 years |
(100 - entry age) years |
Sum Assured |
Rs 25 Lakh |
Rs 20 Crore |
Whole Life Insurance Premium Payment |
Monthly, Yearly, Quarterly, or Semi-Annually |
|
How To Buy A Whole Life Insurance Plan Online?
1. Give Key Details
When purchasing a whole life insurance policy online, you first need to fill out an online form with details such as your contact number, email- ID, name, gender, smoking habits, and other required information that would be required to calculate the premium and play a role in approval/rejection of your application.
2. Determine the Coverage Amount
You need to finalize the sum assured amount that would be enough for your family's current as well as future financial needs. Factor in your income, expenses, etc., when deciding the amount.
3. Personalize Your Policy
Most whole life insurance policies offer a degree of flexibility in choosing the policy tenure and premium payment options. So be wise and customize your policy, if needed, by adding optional riders, such as personal accidental death benefit, to enhance your coverage by paying a bit higher premium.
4. Make the Premium Payment
While checking out during the whole life insurance purchase process, you would be required to pay the first premium instalment in order to complete the policy purchase. You can choose any online payment option, such as UPI, Netbanking, etc., to complete the policy purchase, after which you shall get an email notification regarding the confirmation.
What Are The Factors To Consider When Choosing A Whole Life Insurance Plan?
Certain pointers you must keep in mind before buying a permanent life insurance policy are:
Coverage amount
It is a must to calculate life coverage after assessing family needs, expenses and goals to choose the right coverage amount. The amount should be enough to fulfil the family’s financial obligations and responsibilities.
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Inflation
Potential inflation, rising living costs and expenses must be considered while choosing a plan. For example, Rs 2 cores might be sufficient to live a comfortable life today, but after 25 years, it will lose its value.
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Early investments
It is crucial to note that early investments can buy you policies at much lower premiums. Hence, it is advisable to buy a plan while you’re young and healthy and have long years to pay premiums.
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Select add-ons
Add-ons are a great way to enhance the coverage of a permanent life policy. Hence, you can choose certain add-ons depending on your needs and requirements.
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Go through the policy document.
You must understand and go through the policy document to understand the terms, conditions, coverage and other details. Inclusions and exclusions must be carefully analysed to avoid chaos in the future.
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Pick the right insurance provider
India's insurance regulatory body, the IRDAI or Insurance Regulatory and Development Authority of India, publish an annual report every financial year that mentions the CSR (claim settlement ratio) of each insurer. Claim Settlement Ratio is the percentage of claims that an insurance company settles in comparison to the total number of claims it received over a specific period of time, like one year.
When picking an insurer for your whole life insurance policy, compare the Claim Settlement Ratio
of various insurers and ideally go for the one having a higher Claim Settlement Ratio, such as HDFC Life, as it ensures the likelihood of your family’s claim being settled in your absence.
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Summary
A whole life insurance policy provides you the twin benefits of investment as well as life insurance coverage (for your entire life span). With the policy offering coverage for as long as 99-100 years of the policyholder's age, you can live a financially stress-free life without thinking of what would happen to your family in case of your demise. But make sure you pick the right insurer that offers maximum coverage, benefits, and features at a lower premium.
FAQs On Whole Life Insurance
1 Is it good to invest in a whole life insurance plan?
Whole or permanent life insurance is worth investing in when you have dependents who rely on you financially. It ensures that your loved ones are taken care of when you are no more.
2 Should I buy a whole life insurance plan for my child?
It is a great option for your child as it protects them for your entire life span. The savings component grows with time and protects your child’s future if something unfortunate happens. So, if you believe your child may need financial support in the future, you can choose them as your nominee.
3 Is buying a whole life insurance plan expensive?
If you compare the premiums or costs involved with other policies like term insurance, then it is certainly costlier. But when you compare the benefits and features, you will find that it helps you leave a legacy for your dependents, which might make the investment worth it.
4 How much coverage should I consider while buying a whole life insurance plan?
You must assess your family’s future living costs, inflation, debts, cost of living, financial goals, etc., to calculate the exact coverage amount. Or you can multiply your annual income by 10 for a rough estimate. Certain online calculators can also make your job easy.
5 What are the 4 main types of whole-life insurance policies?
Whole life plans usually have various options such as single premium, variable, limited payment and modified whole life.
6 Can you develop a financial legacy with a whole life policy?
Yes, it is one of the reasons why individuals opt for a whole-life policy. Along with providing coverage for your whole life, which can extend to 99 years of age, it helps in wealth creation and leaving a legacy for your loved ones.
7 What is the right age to buy a whole life insurance plan?
The general rule of thumb is the earlier, the better. Hence, today is the right age to buy any permanent life insurance policy.
8 Which is better: a whole life insurance plan or a term life insurance plan?
While making a choice between the two, it is crucial to consider certain factors like your financial condition, goals, coverage, premium amounts, age, purpose, etc. Hence, there is no single policy that is suitable for everyone.
9 What is the death benefit under the whole life insurance policy?
The death benefit of a permanent life insurance policy is a predetermined amount or sum assured that is paid to the beneficiaries of the policyholder upon his demise.
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##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.
ARN -DM/09/24/15447