Whole Life Plan
Lifelong protection for your loved ones — because your family deserves security that never expires.
About Whole Life Plan
LIC's Whole Life Plan (Jeevan Umang, Jeevan Tarang) is a unique policy that provides life insurance coverage for the entire lifetime of the policyholder — up to age 100. Unlike other plans that cover for a fixed term, a whole life plan ensures your family is protected for as long as you live. Additionally, if you outlive the premium payment period, you continue to receive annual survival benefits (8% of sum assured per year) while the life cover remains fully active. This makes the whole life plan an exceptional wealth transfer tool — you can leave a substantial legacy for your children and grandchildren. The plan combines the security of life insurance with the benefits of regular income.
Quick Benefits
- Life cover up to age 100
- Annual survival benefit after premium payment period
- Bonus accumulation throughout policy
- Wealth transfer to next generation
- Loan facility available
- Tax benefits under Section 80C
Who Should Take This Plan?
People who want lifelong insurance protection without worrying about policy expiry.
High net-worth individuals looking to create an inheritance or wealth transfer mechanism.
Those who want a regular income post-retirement while still maintaining life cover.
Parents and grandparents who want to leave a financial legacy for future generations.
Business owners who want to ensure business continuity and family protection.
Anyone who believes in permanent financial protection for their family.
Key Features
Lifelong Coverage
Policy remains active for your entire lifetime — no worrying about coverage ending at age 60 or 65.
Annual Income Post-Retirement
After the premium payment period ends, receive 8% of sum assured annually as survival benefit.
Wealth Creation & Transfer
The accumulated bonus and sum assured creates substantial wealth to be transferred to heirs.
Premium Payment Flexibility
Pay premiums for a limited period (e.g., 15 or 20 years) and enjoy lifelong benefits.
Bonus Accumulation
LIC declares annual bonuses that accumulate throughout the policy life, significantly growing the death benefit.
Estate Planning Tool
Use the policy to efficiently transfer wealth to next generation with tax advantages.
Save Taxes While You Protect
Premiums are deductible under Section 80C up to ₹1.5 lakh annually. The death benefit paid to nominees is completely tax-free. Survival benefits received may be subject to tax depending on the premium-to-sum-assured ratio, but with proper planning, the tax impact can be minimized.
Why This Plan Stands Out
Never Expires
Unlike term plans that expire after 30-40 years, whole life plans never expire.
Regular Income + Cover
Unique combination of regular annual income plus maintained life cover.
Wealth Transfer
Superior to FDs and savings for passing wealth to the next generation.
Bonus-Enhanced Returns
Annual bonuses significantly increase the total payout over a lifetime.
Premium Efficiency
Pay for 15-20 years, enjoy protection and income for 60-70+ years.
Peace of Mind
No need to worry about policy renewal or re-entering the insurance market at old age.
Interested in Whole Life Plan?
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Get a free, no-obligation consultation with Atul Gitay today. He will help you find the right insurance plan.