whole life assurance table 01
is a unique combination of protection and saving which can be purchased at very economical premium payable annually or in half-yearly, quarterly installments .death at any time before age 85years terminate payment of premium and the sum assured plus bonuses, if any, become payable.
in the event, the insured survives to the policy anniversary nearest age 85 years the policy matures and the SumAusserd plus bonuses become payable.
after two years, a premium has been paid the policy acquires surrender and other NonForfeiture values which keep on increasing with the payment of each subsequent installment of premium.
whenever the need arises, the policy can be surrendered for its surrender value or policy loan can be taken up to80% surrender value of a policy.
under this plan the rate of bonuses are usually much higher then the other plans and they help in increasing not only protection but also the investment element of the policy substantially
Whole life insurance is a cash value type of life insurance policy that provides protection during your entire lifetime and offers two key benefits:
Benefits of Whole Life Insurance
You may be able to use the savings portion of the policy to eventually pay your policy if you start early.
- Your premium will remain constant during the time you are covered unless you choose otherwise.
- Unless you make a change to your whole life insurance policy, you have lifelong coverage with no future medical exams.
- Whole life provides tax-saving opportunities while you are alive and also tax savings to your estate.
- A death benefit to be paid to the beneficiary in the event of your death
- Cash value accumulated over the term of the insurance that can be used as savings or to be borrowed against if you need the money while you are alive
Whole Life Insurance Policy as an Investment
Depending on market performance and your personal situation, you may consider purchasing a longer span term life insurance with a fixed annual rate and working with an investment advisor to figure out the best strategy for how you invest your money.
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