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Thread: Term Whole of Life

  1. #1
    NewBie
    Join Date
    Jan 2019
    Location
    CHicago
    Posts
    1

    Default Term Whole of Life

    Is there any reason why there are no term whole of life products in the market?

    What I mean is whole of life products that:

    - Cover to age 99 or 100
    - Do not pay cash value on surrender
    - Do not pay a benefit on maturity.

    Thanks for any help.

    Ben



  2. #2
    NewBie
    Join Date
    May 2019
    Location
    India
    Posts
    13

    Default

    You can adjust LIC's Whole Term Policy to meet your requirements.

    Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured + accrued Bonus.

    Maturity Benefit – This being a whole of life plan has no specific maturity date. However, there is an option to withdraw the Sum Assured + accrued bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided the life insured has attained a minimum age of 80 years. To learn more about Indian Insurance culture, you can attempt in cracking Licentiate Insurance exams.

    Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)


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