Benefits of Whole Life Insurance Explained

What Is Whole Life Insurance?

8 Benefits of Whole Life Insurance

Things to Keep in Mind When Buying Whole Life Insurance

Frequently Asked Questions

What is the Difference Between Whole Life Insurance and Term Life Insurance?

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The most prominent distinction between whole life insurance and term life insurance policy is that, while the former offers life coverage for the entirety of your life (i.e., 100 years), the latter offers protection for a specific "term", as suggested in its name.

In addition, whole life plans offer survival benefits if the policyholder survives the maturity period, but term plans only offer death benefits.

Who Should Opt for Whole Life Insurance?

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Whole life insurance plans are suitable for:

  • People who want to guarantee financial protection for their dependants in case of their unfortunate demise. 

  • Those who prefer having a single steady policy with a fixed premium without the hassle of renewals.

  • Ones who can afford a higher rate of premium.

Can I Avail Rider Options with Whole Life Insurance Plans?

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Yes, there are several rider options available to add to your whole life insurance plan with additional rider premiums. Some common riders include accidental death benefit rider, disability income rider, level term rider, living benefits rider or accelerated death benefit, long-term care (LTC) rider, etc.

What are the Different Types of Whole Life Insurance?

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The various types of whole life insurance plans include:

How many life insurance companies in India offer a Whole Life Insurance plan?

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Approximately 26 life insurance companies in India offer Whole Life Insurance plans. This type of policy provides lifelong coverage and is designed to support beneficiaries financially after the policyholder's demise, making it a sought-after option in the insurance market.

Do term insurance companies offer lifelong coverage, or do only whole life plans do that?

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Most term insurance companies provide coverage up to a certain age (upto 75 or 85), not lifelong. Only whole life plans offer coverage for your entire life, usually up to age 99 or 100.

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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