Whole Life Insurance Policy In Life Insurance Corporation (LIC)

Whole Life Plan Under Life Insurance Corporation Of India (Introduction):-

Generally speaking a whole life policy is one in which the premium is paid throughout life till death or there is a particular period on which such premium paying stops. It is the cheapest form of Life Insurance due to such large payment period. Here till the payment is made the policy is continued.

Whole Life Plan in LIC:- In LIC whole life plan has a maximum sum assured of Rs 5 Lacs. If premium is paid for at least 3 years then, if one stops premium payment. The policy will be supplemented with a free paid up policy of such reduced sum as may be allowed.

When Sum Assured is Paid :-

1. Attainment of age 80 or completion of 40 years from commencement of policy
2. In case of limited payment On attainment of Age 80 , provided premium is paid for at least agreed limited period.
3. In both cases option will be with the insured to take money on completion of (1) and (2) or on death.

What is the Benefit of Whole Life Insurance:-

1. Cheap Premium
2. Good Bonus
3. Proper Risk Coverage at Low Cost

What is Limited Payment Life Policy:-

It is covered under whole life policy of LIC, but here there is premium payment up to a defined period and coverage is till death. So it is the best form of policy to leave an estate after death. It is available in both Single Premium and Distributed Premium Mode.

Benefits of Limited Payment Life Policy:-

1. Easy Estate Creation tool
2. Death Benefit
3. Limited Payment Paying Term
4. Whole life cover

So from the discussion above it is clear that whole life policies are advantageous to those who are looking to leave something for their family. Its an important part of estate creation. It’s a must for all people portfolio as the bonus is very rich.