Benefits of Whole Life Insurance Policies in India

Mostly people think that a “life insurance policy” and a “whole life insurance policy” are the same thing, as it appears from its name, but it is not true. A life insurance policy covers the policyholder under adverse circumstances and provides financial stability at the same time, before the policy gets matured and when the maturity period collapsed the sum assured, (that policyholder has paid during policy period in the form of regular premium) is refundable no matter he is alive or not. However, on the other hand this situation varies in “whole life insurance policy’s” terms and condition. In “whole life insurance policy” the policyholder requires to pay regular premium but do not get the surety of refundable money after the maturity of the policy. Because a “whole life insurance policy” only claims on death of the policyholder and even money is not refundable (neither to policyholder nor to his family or nominee) after the maturity period of the policy no matters the policyholder survives or not. Read more