The Whole Life Policy- Single Payment from LIC of India is a whole life plan where the premium is paid in a lumpsum.
In this plan, the premium is paid in a lumpsum. The Life Insured can choose to withdraw the Sum Assured + accrued Bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided the life insured has attained a minimum age of 80 years. However, if the Life Insured dies, then his nominee would be given the Sum Assured + accrued Bonuses and the policy would be terminated.
§ This plan is a whole life plan with single premium
§ Death Benefit is Sum Assured + accrued Bonus
§ After the Life Insured attains 80 years of age and completes 40 policy years, he may choose to withdraw the Sum Assured + accrued Bonuses.
§ Simple Reversionary Bonus is payable on maturity or earlier death.
§ An additional Accidental Death Benefit rider can be opted for.
Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured + accrued Bonus.
Maturity Benefit – This being a whole of life plan has no specific maturity date. However, there is an option to withdraw the Sum Assured + accrued bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided the life insured has attained a minimum age of 80 years.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Sum Assured (in Rs.)
Policy Term (in years)
Premium Payment Term (in years)
Entry Age of Policyholder
Age at Maturity
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000
Riders – There 1 additional Rider available:
· Accidental Death Benefit Rider
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would not be eligible to participate in the bonuses declared thereafter. The bonuses already declared would be payable if the premiums have been paid at least for 5 years.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’ s premium
You want a loan against your policy – Loan facility is available under this policy
1. HDFC Single Premium Whole of Life Insurance
2. ICICI Prudential Whole Life Plan
3. Kotak Eternal Life Classic Shield
1. The Whole Life Policy
2. The Whole Life Policy- Limited Payment
3. Jeevan Anand
4. Jeevan Tarang