About Whole Life Insurance
Loanpao offers Whole Life Insurance, a plan that provides lifelong coverage with a savings component. It ensures financial protection for your family and builds cash value over time, which can be borrowed against or withdrawn, combining insurance with investment benefits.
Why Choose Whole Life Insurance?
- Sum Assured: ₹5 lakh to ₹5 crore
- Premium: Starting at ₹1,000/month
- Lifelong Coverage: Up to age 99 or 100
- Cash Value: Accumulates over time
- Tax Benefits: Under Section 80C and 10(10D)
- Optional Riders: Critical illness, disability
- Loan Facility: Against policy’s cash value
Are You Eligible?
| Criteria | Requirement |
|---|---|
| Applicant Type | Indian resident or NRI |
| Age | 18 to 70 years (entry age) |
| Income | Minimum ₹5 lakh p.a. (varies by insurer) |
| Health | Declaration of good health; medical test if required |
| Bank Account | Active savings account for premium payment |
What Documents Do You Need?
- KYC: Aadhaar, PAN, or passport
- Income Proof: ITR, salary slips, or Form 16
- Age Proof: Birth certificate, voter ID, or passport
- Address Proof: Utility bill or rental agreement
- Medical Reports: If required by insurer
- Passport-size photographs
Competitive Premium Rates
| Insurer | Sum Assured | Annual Premium (₹50 lakh, 35 yrs, non-smoker) |
|---|---|---|
| LIC | ₹5 lakh - ₹5 crore | ₹50,000 - ₹65,000 |
| HDFC Life | ₹10 lakh - ₹3 crore | ₹55,000 - ₹70,000 |
| ICICI Prudential | ₹5 lakh - ₹2 crore | ₹52,000 - ₹68,000 |
| SBI Life | ₹10 lakh - ₹4 crore | ₹58,000 - ₹72,000 |
| Max Life | ₹5 lakh - ₹3 crore | ₹50,000 - ₹66,000 |
Extra Charges:
- GST: 18% on premiums
- Medical Test Fees: ₹2,000 - ₹7,000 (if applicable)
- Policy Administration: ₹100 - ₹300/month
Note: Premiums vary based on age, health, smoking status, and sum assured. Rates are indicative as of May 2025 and subject to change.
Calculate Your Premium
How to Apply for Whole Life Insurance
- Visit loanpao.in or contact our insurance partners.
- Compare plans from top insurers like LIC, HDFC Life, or ICICI Prudential.
- Fill out the application form with personal and health details.
- Submit KYC, income proof, and medical reports (if required).
- Undergo medical examination if mandated by the insurer.
- Pay the premium online or via bank account.
- Receive policy document within 7-15 days.
Common Questions About Whole Life Insurance
What is Whole Life Insurance?
A plan offering lifelong coverage with a savings component that builds cash value over time.
What is the minimum sum assured?
Typically ₹5 lakh, varying by insurer.
Who can apply?
Indian residents or NRIs aged 18-70 with a minimum income of ₹5 lakh p.a.
Is a medical test mandatory?
Required for higher sum assured or older applicants; may be waived for young, healthy individuals.
What is the cash value?
A savings component that grows over time, which you can borrow against or withdraw.
Can I add riders?
Yes, options include critical illness and disability riders.
What are the tax benefits?
Premiums qualify under Section 80C; payouts are exempt under Section 10(10D).
Can I surrender the policy?
Yes, you can surrender after a few years to receive the cash value, subject to terms.
What happens if I miss a premium?
Policy may lapse after a grace period; revival possible within 2-5 years.
Can I take a loan against the policy?
Yes, up to 80-90% of the cash value, depending on the insurer.