🛡️ What is Whole Life Insurance?

Whole Life Insurance is a type of life insurance policy that provides coverage for the entire lifetime of the policyholder (usually up to age 99 or 100), as long as premiums are paid.

📌 Key Features:

• Lifetime coverage
• Guaranteed death benefit paid to nominees
• Option to earn bonuses (if participating)
• Can build cash value or savings component over time
• Premiums can be fixed or limited to a certain period

🏢 Types of Whole Life Insurance in LIC (India)

LIC offers a few variations of whole life plans tailored to different financial needs. Here are the main types:

1️⃣ LIC Jeevan Umang (Plan 945)

📌 Whole Life + Regular Income (Survival Benefits)

• Combines lifetime protection with annual survival benefits after the premium payment term.
• Death benefit: Sum assured + bonuses
• Survival benefit: 8% of basic sum assured yearly after premium term until death or age 100
• Premium term: 15 to 30 years

🧍 Example: Rajesh, 35, takes Jeevan Umang with a sum assured of ₹10 lakh and a premium term of 20 years. After 20 years, he receives ₹80,000 (8% of ₹10L) every year till age 100, plus his nominee gets the full ₹10 lakh + bonuses on death.

✅ Ideal for: Retirement income, lifelong security, wealth transfer

2️⃣ LIC Whole Life Policy (Closed for New Sales)

📌 Traditional non-linked, participating whole life plan

• Covered the policyholder till death (age 100)
• Sum assured + accrued bonuses paid to nominee on death
• Premiums paid for a limited term

✅ This was the classic form of whole life cover with limited premium payment and full-life protection.

🧍 Example: Meena paid premiums till age 55. She passed away at 80. Her nominee received the sum assured + bonuses.

🔴 Currently not sold as a fresh plan by LIC.

3️⃣ LIC's Bima Shree (Plan 948) (Technically not a pure whole life, but has a long-term benefit)

📌 For high net-worth individuals; combines protection with guaranteed additions

• Death benefit: Sum assured + guaranteed additions + bonuses
• Maturity at end of premium term (14, 16, 18, or 20 years)
• Can include riders like accidental death or disability benefit

🧍 Example: A high-income investor uses Bima Shree to secure a large sum for family planning and wealth transfer.

✅ Ideal for: HNIs, long-term wealth accumulation, estate planning

🆕 4️⃣ LIC Jeevan Utsav (Plan 871)

📌 Whole Life Protection with Guaranteed Regular Income

This plan offers lifetime financial security and guaranteed income, making it ideal for long-term family protection and retirement planning.

🔍 Key Features:

• Lifetime cover after premium payment term
• Premium payment term: Limited (choose between 5–16 years)
• Two benefit options:
• On death: 7x annualized premium or 105% of premiums paid (whichever is higher) + guaranteed benefits

🧍♂️ Example: Amit, 35, buys LIC Jeevan Utsav with ₹10 lakh sum assured and a 10-year premium payment term. From year 11 onwards, he starts receiving ₹1 lakh per year (10% of sum assured) till age 100. On his death, his nominee receives the death benefit as per plan rules.

✅ Ideal for:

• Retirement income seekers
• Individuals wanting a guaranteed tax-free payout
• Long-term wealth distribution

🔁 Final Thoughts

LIC Jeevan Utsav is a modern take on traditional whole life—it provides:

• High certainty
• Flexible income streams
• Long-term financial peace of mind

🔄 Summary Table

💡 Why Whole Life Insurance?

✅ Ensures your family always gets something, no matter when you pass away

✅ Acts as a tool for legacy planning

✅ Some plans provide income after retirement

✅ Bonuses and cash value make it a long-term financial asset

👨💼 Don’t Go It Alone – Speak with a Financial Advisor!

A financial advisor will help you:

• Choose the best option based on your age, income, and goals
• Calculate real returns vs. inflation
• Understand bonus structures and returns
• Align your policy with retirement, estate, and tax planning

✅ Make insurance a tool for growth, not just protection!

🔔 Life insurance is not just about death—it’s about living financially stress-free. Choose wisely.

🚀 Ready to Secure Your Family’s Future?

Whether you're just starting out, growing a family, or planning your legacy, life insurance is a smart move.

And with the right guidance, it becomes a powerful tool for long-term financial wellness.

👉 Let’s simplify insurance together.

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