LIC – Life Insurance Products

Whole Life Insurance

Life cover designed to continue for a very long period, often up to age 99 or 100.

How we help

A whole life plan keeps your cover in force for a very long period, typically until age 99 or 100, instead of ending after a fixed term. The sum assured, with any bonuses declared, is paid to your nominee when you die.

Premiums are higher than a term plan's for the same cover, because the insurer is committed to paying a claim at some point rather than only if you die within a set term. Some plans let you pay premiums for a limited number of years while the cover continues.

It can suit someone who wants to leave a defined amount to the family or to plan for estate needs. We set out the premium-paying term, what is guaranteed and what depends on bonuses before you decide.

What it covers

Long-duration life cover
Potential bonuses on participating plans
Benefits subject to policy terms

Policy benefits, eligibility, premiums, and terms vary by insurance product.

Before you decide

Points to check

01The age up to which cover continues, and the premium-paying term
02Which benefits are guaranteed and which depend on declared bonuses
03The premium compared with a term plan for the same cover
04The surrender value if you stop paying in the early years

Common questions

What people ask us about Whole Life Insurance

How is whole life different from term insurance?

A term plan covers you only for a chosen period and pays nothing if you outlive it. A whole life plan continues for a very long period, so a claim is far more likely to be paid, and the premium is higher as a result.

Do I have to pay premiums for my whole life?

Not necessarily. Many plans let you choose a limited premium-paying term while cover continues. The options differ between plans, so we check the policy you are considering.

Are bonuses guaranteed?

Bonuses are declared by the insurer based on its own performance and are not guaranteed unless the policy document says so.