Whole Life Insurance gives a protection of whole life to the insured person from when you have purchased the policy until he dies. This life insurance is also known as permanent life insurance. If an individual pays his all insurance premiums, his policy will never cancelled. This insurance plan protects you for the whole life not for some particular time of period. It also provides the guaranteed minimum rate of return on your cash value of proportion. If you want to cancel your policy after some time, then your insurance company will surrender the cash value to you. You can also take a loan on the cash value of the loan.
I have discussed this insurance plan with my insurance agent. He understands my requirements and needs and suggests me to take Whole Life Insurance policy. I want to purchase a long term plan that give me and my family protection whole my life. If any case I will die before completing 100 years, my family will get the face value that is also known as death benefit. If I complete 100 years, then Insurance Company will give me the face value in a lump sum.
In Whole Life Insurance, one has to pay low premium as compare to other plans such as ULIPs etc. The cash value of this insurance plan is considered as liquidity that is useful for investment capital. By taking, I also got some rebate from Income Tax under Section 80 C.
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