LIC Whole Life Insurance Plans offer lifelong coverage, ensuring financial protection for your family no matter when the insured passes away. These plans are ideal if you’re looking for legacy planning, wealth transfer, or simply lifelong peace of mind. Agent and Advisor in Bangalore Contact: 9739091119
📋 Popular LIC Whole Life Plans
| Plan Name | Type | Key Features |
|---|---|---|
| LIC Jeevan Umang | Whole Life + Income | Annual survival benefits after premium term; lump sum on death or maturity |
| LIC Jeevan Tarun | Child-focused Whole Life | Flexible payouts for education and marriage |
| LIC Jeevan Amar | Term + Whole Life Option | Option to convert to whole life coverage with riders |
What Is Whole Life Insurance?
Whole life insurance provides coverage for the entire lifetime of the insured, not just a fixed term. It combines:
- Death Benefit: Paid to beneficiaries upon the policyholder’s death.
- Cash Value: A savings component that grows over time and can be borrowed against.
- Bonus Additions: Many LIC plans are “with-profit,” meaning they earn annual bonuses.
🔍 Features of LIC Whole Life Plans
- Coverage up to age 100 or lifelong (depending on plan)
- Limited premium payment terms (e.g., 15, 20, 25 years)
- Annual survival benefits after premium term (e.g., 8% of Sum Assured in Jeevan Umang)
- Maturity benefit at age 100 or on death—whichever is earlier
- Bonus additions: Participates in LIC’s profits via reversionary and final bonuses
- Loan facility: Available after a few years for liquidity needs
- Tax benefits: Under Sections 80C and 10(10D)