What is Whole Life Insurance? Through this article you will know what is whole life insurance meaning in Hindi . You will also know that whole life insurance comes in which type of insurance. What are the benefits of Whole Life Insurance and how much is its premium per year. There are different types of insurance and one of them is whole life, which we are discussing today and telling you what it means in Hindi.
Insurance has become a major part of our life. According to a survey by NITI Aayog, about 70% people in India have taken health insurance coverage in 2022, only 30 percent of the total population is still deprived of health insurance.
There are many insurance companies in India who sell insurance through their insurance agents . For your information, let us tell you that whole life is one of the most important insurance, which is needed today and it is not a boon for you.
Whole Life Meaning In Hindi
Whole life in Hindi means ‘ whole life ‘ i.e. lifelong and insurance in Hindi means insurance . In this way, when the word insurance is added in front of whole life, it means ‘ whole life insurance ‘ in Hindi .
what is whole life insurance ?
Whole life insurance is the insurance for the whole life i.e. this policy is given for the whole 100 years. It is capable of providing insurance coverage to the policy holder till his death and it is a type of life insurance . The premium charged in whole life insurance does not fluctuate i.e. whatever premium is made, it always remains the same.
If the person dies before the completion of 100 years due to any reason, then the whole life insurance policy benefits the family members of that person. That is, the ‘death benefit’ (benefit received after death) which would have been told under the contract of this policy, is fulfilled by the insurance company.
The policy matures when the premium of the policyholder is completed. If the insured person survives for 100 years, then the whole life insurance is given to that person as much as he would have taken. Or else the policy gets every benefit that would have been stated under the contract. Endowment coverage is mainly given as a benefit. Apart from this, there are other benefits of this policy which are mentioned below.
Benefits of Whole Life Insurance Policy
There are many benefits and benefits of Whole Life Insurance, mainly 5 to 6 types of benefits are available. This is the best life insurance whose benefit is available to you after 3 years of depositing the premium such as availing a loan.
Ease of getting loan
If you want to get a loan easily, then whole life insurance can be a good option. You can apply for any type of secured loan after 3 years of paying the premium of Whole Life Insurance.
If you want to terminate the whole life insurance policy midway, then you have every right to surrender before the maturity of the whole life insurance policy.
If you terminate the entire insurance policy midway, the insurance company provides you with a surrender value. These surrender values can either be in cash or as per the contract as stated by the insurance company.
As per the instructions of the Insurance Regulatory and Development Authority (IRDA) if the policyholder terminates the whole life insurance policy after 5 years, then no surrender fee will be charged from that person.
Benefit Of Maturity
The term of whole life insurance is 100 years. After this, if the policyholder survives, then he gets the maturity benefit (on maturity of the policy) of whole life insurance. If the policy holder dies due to an accident, the ‘death benefit’ of the policy is given to the family of that person.
The premium payment period of different companies can be different and it also depends on which plan of which company you are taking and according to your age at that time, the premium period has to be fixed. She goes.
The premium period is mainly 10 to 15 years. The policy matures when the policyholder’s premium paying term is over.
Apart from this, his insurance remains till the time the person survives i.e. till then the risk coverage is provided. If the policyholder completes the age of 100 years, then according to the amount of insurance taken as a benefit, that person gets repaid in the form of savings amount i.e. the benefit of endowment plan.
If the person dies before the age of 100, then the nominee is given that amount and some bonus.
The amount received as a benefit after the maturity of a whole life insurance policy is tax free under section 10(10D) of the Income Tax Act 1961, that is, the money paid to you on maturity of the policy is not taxable.
Apart from this, if you come under the purview of income tax and pay the tax on time, then you can also claim for your tax exemption. By showing the premium you pay for whole life insurance, you can also get tax exemption up to a maximum of Rs 1.5 lakh under section 80C.
Term plan benefits
In whole life insurance, you also get the benefit of term insurance policy. It is a good way to support you or your family financially. In this, one gets a large life cover at a low premium rate i.e. you are given a certain (pre-determined) amount. You can also add riders with term plans which provide you financial assistance in case of any critical illness or accident.
Whole Life Insurance Premium
There are four options available to deposit the premium of Whole Life Insurance. You can choose to pay the premium of this insurance annually, half yearly, quarterly and monthly as per your convenience. If you talk about the minimum premium rate, then you can also take a whole life insurance policy by paying Rs 500 per month i.e. Rs 6000 per annum.
The premium rate also depends on the plan to plan and your entry age. Each company has different plans and the premium rate is fixed accordingly.
Can people below 18 years of age take total insurance?
Although most of the whole life insurance plans are available only after the age of 18 years, but there are many companies in the market that offer the option of child plans. Some whole life insurance policies are also available for 1 month old baby.
What is the Whole Life Insurance Maximum Entry Age?
The maximum entry age of Whole Life Insurance is 60 years in most of the insurance providers. However, there are some companies that allow entry in some of their special plans even at the age of 65. For example ICICI Pru iProtect Smart plan in which you have been given 65 years for entry.
What is the maximum age limit on maturity?
The maturity benefit of Whole Life Insurance is available up to a maximum age of 100 years. However the risk coverage lasts till you are alive.
What is the minimum sum assured?
If you talk about the minimum sum assured, then you get at least Rs 50,000.
Can we pay the premium of Whole Life Insurance in Single Premium?
Yes, you can pay the premium of the whole life policy in a lump sum. In this, you not only get fixed death benefit and along with this you also get some additional bonus.
Can we have more than one nominee?
Yes, there are many companies that offer the option of adding more than one nominee in their whole life insurance plan. After your death, out of those nominees, the person to whom the first priority has been given by you is presented the benefit of the death benefit first. If that person does not take the benefit or unfortunately he also dies, in such a situation the death benefit is given to the second nominee. Apart from this, you can ask the insurance company to give the benefit of death benefit to both the nominees.
Can we buy whole life insurance online?
Yes, you can buy whole life insurance online. For this, you can either call the company’s toll free number or apply online by visiting the official website of the insurance provider company.
Top 3 Search Result