Life InsuranceWhole Life

Whole Life Insurance

Your steadfast partner for life's journey. With every premium, it builds a fortress of security, ensuring your legacy endures, and your loved ones thrive, offering a lifetime of protection and peace.

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1. About Term Life Insurance

Whole life insurance is a type of permanent life insurance policy that provides coverage for the entire lifetime of the insured, as long as premiums are paid. Unlike term life insurance, which provides coverage for a specified period, whole life insurance guarantees a death benefit to the beneficiaries upon the insured's demise, whenever it may occur. Additionally, whole life insurance policies accumulate cash value over time, serving as a savings component that policyholders can access during their lifetime.

2. Eligibility Factors

  • Age: Individuals typically need to be at least 18 years old to purchase a whole life insurance policy. The maximum age limit varies among insurers.

  • Citizenship: Whole life insurance is generally available to Indian citizens. Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) may also be eligible, depending on the insurer's terms.

  • Medical History: Applicants may need to undergo a medical examination to assess their health status. Insurers may consider pre-existing medical conditions during the underwriting process.

  • Financial Stability: Insurers may require applicants to meet certain income criteria or provide financial documents to ensure their ability to pay premiums

3. Premium Factors

  • Age: The age of the insured is a significant factor in determining the premium amount. Younger individuals typically pay lower premiums compared to older individuals.

  • Sum Assured: The sum assured, or coverage amount, chosen by the policyholder directly impacts the premium. Higher coverage amounts result in higher premiums.

  • Policy Term: Unlike term insurance, whole life insurance policies provide coverage for the entire lifetime of the insured, resulting in relatively higher premiums compared to term policies.

  • Gender: Insurers may consider gender-based mortality rates when calculating premiums, with females often paying lower premiums compared to males for the same coverage.

4. Coverage

  • Death Benefit: Provides a lump sum payout to the beneficiaries upon the insured's demise, ensuring financial security for loved ones.

  • Cash Value: Whole life insurance policies accumulate cash value over time, which can be accessed by the policyholder during their lifetime through policy loans or withdrawals

5. Add on Covers

  • Paid-up Additions: Allows policyholders to purchase additional coverage without undergoing medical underwriting, enhancing the death benefit and cash value accumulation.
  • Accidental Death Benefit: Offers an additional payout to beneficiaries if the insured's death is caused by an accident, providing enhanced financial security.

6. Exclusions

  • Suicide Clause: No benefit is payable if the insured commits suicide within a specified period after policy inception, typically within the first one or two years.
  • Misrepresentation: If the insured provides false information or conceals material facts at the time of policy application, the insurer may deny the claim.
  • War and Terrorism: Deaths resulting from acts of war, terrorism, or participation in hazardous activities may not be covered

7. Types of Term Life Plan

  • Traditional Whole Life Insurance: Provides a fixed premium, guaranteed death benefit, and cash value accumulation over time, offering stable and predictable coverage.
  • Universal Life Insurance: Offers flexible premium payments and adjustable death benefits, allowing policyholders to customize their coverage according to their changing needs and financial circumstances.
  • Variable Life Insurance: Combines life insurance coverage with investment opportunities in market-linked funds, offering potential for higher returns but subject to market risks

Why Choose PrishaPolicy

5 Reasons why you should choose us to be your policy issuing partner of choice. Allow us to tell you why we are one of the fastest growing insurance brokers.

Customer-Centric Culture

For us, you always come first. Our products and services are designed to find the best coverage for all.

A Decade of Market Leadership

Our teams expertise and experience makes them the perfect guides in choosing a policy that fits your needs.

Reliable and Consistent

Rest assured that everything will be taken care of without a glitch. From shortlisting to claims processing & delivering promises without a hitch.

Guided Policy Assistance

Our experts are forever ready to assist you through each policy detail with a fine-tooth comb.

Claims Assistance

Our DNA prompts - Sales is incomplete without timely support. From start to end, we facilitate smooth processing from lodging to settlement.

Still Thinking About It?

Get on a call with us. We take pride in being associated with you for competitively managing your risks with the best insurance covers and delivering a stress-free experience.

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Questions You Might Have

How much life insurance coverage do I need?

The coverage amount depends on factors like your age, income, liabilities, future financial goals, and your family's needs. A general rule of thumb is to opt for coverage that's at least 10 times your annual income. However, it's best to consult with a financial advisor for a personalized assessment.

What factors should I consider when choosing a life insurance policy?

Evaluate factors like premium affordability, coverage duration, payout options (e.g., lump sum or installments), additional benefits or riders (e.g., critical illness coverage), claim settlement ratio, and the insurer's financial stability. Choose a policy that aligns with your needs and financial goals.

How can I assess the reliability of an insurance company?

Research the insurer's claim settlement ratio, which indicates the percentage of claims settled against the total received. Additionally, check the insurer's financial strength ratings from agencies like ICRA, CRISIL, or CARE. This ensures the insurer can honor its commitments over the long term.

What documents are required to purchase life insurance?

Typically, you'll need identity proof (e.g., Aadhaar card, passport), address proof (e.g., utility bills, rental agreement), income proof (e.g., salary slips, ITR), and recent passport-sized photographs. Additionally, fill out the proposal form accurately, providing all necessary information truthfully.