Life is unpredictable and uncertain in nature, which is why you need to get the life cover for your family to ensure that your family is not left stranded after the mishap. Whole Life Insurance Plan is a Life Insurance Plan that typically covers the policyholder for his/her entire lifetime, provided the policy is in force. The premium amount throughout the policy tenure remains fixed.
The Whole life insurance plan is a combination of insurance and investment component. It is a basic life insurance policy covering you for any uncertainties throughout your life span.Get Affordable Quotes
Following are the top reasons to buy a whole life insurance.
Following are the key factors that help determine the premium amount for the whole life insurance plan:
Following are the rider options to attach with your whole life policy:
This rider provides extra financial benefits to your nominee in case of your death due to an accident. Under this rider, an accidental death sum assured is paid to your nominee, which is additional to the base sum assured of the policy.
Under this rider, an additional death benefit is paid to your nominee additional to the base policy sum assured in case of any form of death. The assigned nominee can then receive the sum assured as specified under this rider.
This rider takes care of the medical costs involved due to severe illnesses such as a Major organ transplant, Coronary artery bypass, Heart attack, Cancer which may disable an individual temporarily or permanently that result in loss of earnings.
Under this rider, the future premiums for the whole life plan is waived off in the case of death or disability of the policy holder. The policy remains active till the end of the policy period.
In a whole life insurance, the policy benefits are provided to the nominee as a one-time lump sum amount, but by choosing this rider, the nominee can exercise the option to receive benefits in installments as a guaranteed income. It helps them take care of day to day expenses in the absence of the insured.
This rider replaces your income for the specified tenure in case of permanent or temporary total or partial disability arising due to an accident or sickness. The payout may differ depending on the type of disability occurred.Select from Top Insurer's
Your whole life insurance plan has the following exclusions.
This clause states that if the insured commits suicide within the first year of the commencement of the policy, the insurer is not liable to pay the policy proceeds.
This exclusion states that if the life insured dies as a passenger in a private plane, the insurer will not entertain the claim. The policy benefits are paid out only in when the life insured is died in a commercial plane crash while travelling.
This exclusion says that if the death of the insured occurs due to the involvement in dangerous adventure activities such as river rafting, para-gliding, skiing, rock climbing, etc, policy benefits will not be paid.
This exclusion provides that the insurer will not pay, if the death is occurred as a result of the war.