Whole of Life Plans
Whole of Life plans are ideally suited to those people who do run their own businesses and hence do not ever need to retire. A whole of life plan can be an important component of one’s estate planning. These plans are available from ages 18 to 60 years. There are three types of Whole of Life Plans as listed below. These are appropraitely named as Wealth Builder Plans because of relatively large bonuses to the size of premiums collected under these policies.

  • World-wide risk coverage
  • Lower premiums, Highest Bonuses
  • Policy loan facility after 3 years.
Wealth Builder Classic Plan (Table 612)

The whole of life premiums are generally payable though out the lifetime of the policyholder and the policy monies (sum assured + vested bonuses) are returned to his beneficiaries only on the death of the policyholder. However, LICI provides an extra benefit to its Whole of Life policyholders – it treats the policy as matured as soon as the life assured crosses 80 years of age (subject to the condition that the policy must have completed at least 40 years from the date of commencement) and pays the sum assured + bonuses vested till that date; policy will be terminated on payment of the maturity value.

Basic Benefits:

Death Benefit – Payment of the sum assured + the vested bonuses on death of the life assured.

Maturity Benefit – Pays the sum assured + bonuses vested till that date to the policyholder after his 80th year of age or after the policy has completed a minimum duration of 40 years from the commencement date, whichever comes later; policy will be terminated on payment of the maturity value. (See details)

Terminal Illness Benefit – 50% of the sum assured is payable if the life assured becomes terminally ill and the balance along with the vested bonuses is payable on the death of the assured. (See details)

Optional Benefits:

Accident Benefit Rider package (accidental death benefit + total and permanent disability benefit + premium waiver benefit).

Wealth Builder Limited Payment and Single Premium Plans (Plan 613 LP)

The wealth builder single premium and limited payment options offer more flexibility in choosing one’s premium payment term than the regular whole life plan, Wealth Builder Classic (Table 612) One has the choice of paying all the premiums under the policy either in one Single Premium payment (Table 613 SP) or in 5 or more annual premiums (Table 613 LP).

Risk cover on the life of the assured however extends throughout the life time of the policyholder. Just like the Long Life Plan, the maturity value under the policy can be claimed by the policyholder after he reaches 80 years of age provided the policy has completed at least 40 years from the commencement date.

Basic Benefits: See under - Wealth Builder Classic (Table 612) Plan

Optional Benefits: The Accident Benefit Rider package is available only during the premium paying term and not for the entire term of the policy.

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