LIC The Whole Life Policy Plan

• Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
• Claim up to Rs. 1,50,000 deduction under section 80C**
• Choose between annual and monthly premium payment options

LIC’s The Whole Life Policy Plan is a assurance plan for the lifetime that offers financial protection to the policyholder’s family in the event of his/her unfortunate death. Under this policy, the cover is applicable throughout the lifetime of the policyholder. The policyholder can choose to pay the premium in a wide variety of premium payment modes. Additionally, the plan enables the policyholder to earn other types of bonuses throughout the policy term.

Eligibility - Who is the LIC’s The Whole Life Policy Plan for?

In order to be eligible for the LIC's The Whole Life Policy Plan, the customer will need to meet the following eligibility criteria outlined by Life Insurance Corporation:

The age is based on the last birthday of the individual.

Sum Assured and Premium Range- What You Get and What It Costs

• Sum assured – The policy offers a minimum sum assured of Rs.50,000 with no limit on the maximum sum assured. In the event of the policyholder’s death, the sum assured along with the bonuses is payable to the beneficiary. The policyholder is provided the flexibility to choose the sum assured, premium payment term, and the premium payment mode which eventually determines the required premium for this policy.
• Premium – The policyholder can choose to pay the premiums in yearly, half-yearly, quarterly, or monthly intervals along with the flexibility of opting for salary deductions. Additionally, the policyholder can choose to pay the premium in one single premium. The premiums are payable for a maximum period of 35 years or till the policyholder attains 80 years of age, whichever is later.

Plan Coverage- What the LIC’s The Whole Life Policy Plan covers

Riders/Add-On Plans – Additional coverage under the LIC's The Whole Life Policy Plan

LIC’s The Whole Life Policy Plan offers optional supplementary/extra benefits. When these benefits are added to the basic plan, it enhances protection and coverage, however, the policyholder is required to pay an additional premium to take advantage of these supplementary benefits. Customers can contact the insurer to obtain further details of the supplementary/extra benefits.

Exclusions - What the LIC’s The Whole Life Policy Plan doesn’t cover

Suicide exclusion – If the policyholder commits suicide within one year from the commencement of the policy term, whether sane or insane, the policy will be considered as void and the nominee will be entitled to the total fund value accumulated till the date of death. Once the death benefit is paid, the policy will be terminated and no further benefits will be payable.

Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

Tax benefits – How you can save with LIC's The Whole Life Policy Plan

The LIC's The Whole Life Policy Plan offers tax benefits to the policyholder under the Section 80C and Section 10(10D) of the Income Tax Act,1961. Considering the fact that tax rules and regulations are subject to change from time to time, customers are advised to consult a qualified tax advisor before buying this plan.

Other benefits – How you can save with the LIC's The Whole Life Policy Plan

In addition to the features and benefits listed above, the policy also offers the following benefits to the customers:

• Policy information – Any customer or individual can contact Life Insurance Corporation in order to obtain more policy information. The insurer can be contacted through telephone, email, or any of the branches for policy related services.
• Policy notifications - The policyholders receive notifications pertaining to important events of their policy. Whether it’s the premium due date or policy renewal period, the insurer keeps them updated through a wide variety of communication channels.
• EMI calculator – The insurer’s website offers an EMI calculator to help the customers in making a fast and effective decision. The EMI calculator is simple and doesn’t require any sophisticated skill to operate. The calculator helps the customers in determining the EMI amount quickly and efficiently.

Why you should buy the LIC's The Whole Life Policy Plan from Life Insurance Corporation?

The LIC's The Whole Life Policy Plan offers a comprehensive range of benefits and a great amount of flexibility to suit the policyholder’s requirements. From the essential life cover, bonuses, tax benefits to guaranteed surrender value, supplementary benefits and more, this policy is suitable for anyone who wishes to protect their family from financial uncertainties that may occur in the event of policyholder’s unfortunate death.

Life Insurance Corporation is the largest insurance provider in India who offers a wide variety of insurance products for different stages of life. With an excellent claim settlement track record, the Indian state-owned insurance group was formed after the merger of over 245 insurance companies and provident societies. The insurer offers the highest standard of customer services through a team of qualified and fully trained advisors. Awarded as one of the most trusted service brands, the company continues to excel with years of expertise and a large customer base.