A whole life insurance plan offers insurance coverage for as long as the insured lives. There are a few providers who offer insurance coverage up to 100 years of age. Contrary to the coverage offered by term plans, This plan offers an extensive insurance cover.
The assured sum is computed when the insurance plan is purchased and is payable to the nominee after the demise of the insured along with bonuses (if any). It is the best insurance policy that the policy has to offer at such low premiums.
A variant of whole life insurance is available in the market that clubs the benefits with ULIPs. A whole life ULIP offers extensive coverage along with the benefit of high returns.
Note- In case the policyholder outlives the 100 year cover, the insurance provider pays the benefit of matured endowment coverage to the policyholder.
Benefits of Whole Life Insurance Plan
Here are the benefits of money back plans.