LIC Whole Life Policy

Sample Premiums for this plan
The below illustration is for a healthy Male (non-tobacco user)
1 Lakhs Cover
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Death Benefit
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Maturity Benefit
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Income Tax Benefit

The Whole Life Policy from LIC is a simple regular payment whole life plan along with a Bonus facility.

In this plan, the premium is paid for 35 years or till the life insured is 80 years old. 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.

LIC Whole Life Policy - Key Features

This plan is a simple whole life plan with regular premium paying term
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Death Benefit is Sum Assured + Accrued Bonus
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After the Life Insured attains 80 years of age and completes 40 policy years, he may choose to withdraw the Sum Assured + Accrued Bonuses
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Simple Reversionary Bonus is payable on maturity or earlier death
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An additional Accidental Death Benefit rider can be opted for
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LIC Whole Life Policy - Benefits

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 u...

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 (10...


here 1 additional Rider available - Accidental Death Benefit Rider

Eligibility conditions and other restrictions in the Whole Life Policy from LIC

  Minimum Maximum
Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) Whole Life
Premium Payment Term (in years) 80 years – Age of entry
Entry Age of Policyholder 15 60
Age at Maturity 80 Whole Life
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

LIC Whole Life Policy - FAQs

angle right iconWhat happens if 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.

angle right iconWhat happens if 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

angle right iconWhat happens if You want a loan against your policy ?

A loan facility is available under this policy