What do you understand by Whole Life Insurance?
In the old age people praises each other by saying “Let you live more than 100 years’. But what about today? Enjoying 100 years is possible only if your life is secured. Everyone has their long term plans like child’s education, vacations, second homes, retirement plans etc. and we work passionately to fulfill those dreams. But no one predict the sharp turns on the life’s journey which may affect your plans or imbalance your family’s financial structure. Whole Life Insurance is a best way to protect those long term dreams. It is the kind of policy in which insurance payout is made to the beneficiaries upon the death of policyholder if required premiums are paid or policy matures.
Advantages of Whole Life Insurance Policy
Whole Life Insurance Policy has following main benefits:
- It gives you an option to have your life secured up to 100 years by extending whole life coverage.
- Policy holder can choose a policy term from 15 to 40 years.
- Premium of the policy remains constant throughout the premium payment term.
- This policy gives you guarantee about the ‘Sum Assured’ and bonuses are given as per the performances of the premium investments.
- Tax benefits can be availed under section 80C and 10 (10D) of the Income Tax Act, 1961.
- This policy acts as an additional financial source when good returns on policy reflect over time.
Who Should Buy Whole Life Insurance Policy?
If you are a young professional on the right and stable career track, you must buy this policy for your long term future goals.
If you own an estate and wish to transfer your wealth to your beneficiaries, this policy is best suit fir such scenario.
Everyone plans their investments for secured and enjoyable retirement. This policy is best investment option towards your retirement plans.
