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Can you explain the difference between the above two with an example?
asked in Insurance by (13.6k points)

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Whole life insurance policies are generally meant for 99 years wherein the maturity amount will be paid to life insured (if survived), or to nominee. Such policies can be ULIP or endownment plan.

On the other hand, term insurance are generally taken till 60 years of age or little more. Here if the life insured survives, there is no maturity amount. The S.A. is payable to nominee in case of death only.

The premium of term insurance is much lesser than whole life policy.

You can look at whole life plans like LIC whole life plan, Bharti-AXA Future confident II (insurance till 75 years of age), SBI Unit Plus II (both plans closed for new customers). For term insurance, refer to http://www.investmentkit.com/articles/2010/10/term-insurance-plans-in-india-its-comparison/

Hope it will help you.
Admin
answered by (48.8k points)

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