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Whole Life Insurance

There are many risks to human life, and no one is immune to unpredictable and unforeseen events such as natural disasters or accidents, which can alter the course of one’s family life in an instant. In such times of crisis, the financial repercussions add to the emotional toll on one’s family. Read More


This is where a life insurance policy plays a significant role. A traditional life insurance policy provides life cover for a fixed tenure, but a whole life insurance policy provides coverage for the whole life of an individual. Whole life insurance does not have a fixed coverage period but provides coverage till the assured attains 99 or 100 years of age1. Read Less

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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
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Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.
Written on: 15th June 2025
Modified on: 18th June 2025
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What is Whole Life Insurance?

A whole life insurance policy is a life insurance policy which provides coverage for the whole life of the life assured i.e. up to 99 years or 100 years of age. Subject to policy terms and conditions, the sum assured is paid to the nominee whenever the life assured dies before 99 or 100 years of age.

You can buy a standalone whole life insurance policy. Alternatively, some term insurance policies also provide the whole life coverage option in which the life assured gets coverage until 99 or 100 years of age.

How does the Whole Life Insurance Plan work?

Under a whole life insurance plan, you choose the sum assured, premium payment tenure and frequency. Based on your age, the policy details and other risk factors, the premium is determined.

You pay the premium over the chosen tenure and at the chosen frequency. The policy runs till 99 or 100 years of age, depending on its terms and conditions.

If, during the policy term, the life assured passes away, the death benefit is paid. On the other hand, if the plan matures and the life assured survives the tenure, the maturity benefit is paid under some plans based on policy terms and conditions.

If you choose a term plan with the whole life option, there’s usually no maturity benefit paid on the maturity of the policy. However, if you choose the return of premium option, the premiums paid are refunded back on maturity.

Types of Whole Life Insurance Policies

There are several types of whole life insurance policies. These include the following –


  • Endowment-oriented whole-life plans


    Under these plans, you get the benefit of savings and insurance protection. While the coverage is allowed up to 99 or 100 years, you also get to create savings. If the life assured passes away during the term, the death benefit is paid.


    On the other hand, if the assured survives the tenure, a maturity benefit is paid.


    Traditional whole life insurance policies are generally of two types, non-participating whole life insurance policies and participating whole life insurance policies.


    • Non-Participating Whole Life Insurance

      These policies don’t have an option to participate in the profits of the insurer and hence do not pay bonuses.


    • Participating Whole Life Insurance

      These policies pay bonuses out of the profits made by the insurer.


  • Unit-Linked Whole Life Plans


    Unit-linked whole-life plans offer lifelong coverage and also invest the premiums paid in market-linked securities. The returns depend on market performance and you benefit from flexibilities like partial withdrawals, switching, top-ups, etc.


    A whole life option is also available in the term insurance plans where you can extend the tenure of the plan for 99 or 100 years of age of the life assured.


  • Limited Payment Whole Life Insurance


    You pay the premium only up to a specific age, but the policy gives you protection for your entire life, up to 99 years. The premium amount is a bit higher, but you stop paying after a chosen period. It’s helpful if you want to finish your payments early and still stay covered.


  • Single Premium Whole Life Insurance Policies


    You pay the premium in one go. The life cover stays active till 99 years. It’s good for people who have a lump sum and want to secure their future in one step.


  • Joint Whole Life Insurance


    This policy covers two people, usually a husband and wife or business partners. The sum assured is paid either upon the first death or when the second person passes away, depending on the plan and insurer. It’s useful for couples who want to leave behind a financial cushion for their children or family. The policy ends after the first death.


Difference Between Term Insurance and Whole Life Insurance

Though both types of insurance aim to provide life cover ensuring financial protection to your family in the event of an unfortunate death, they differ in terms of their features and offerings.


Pure term insurance plan typically offers only a death benefit, unless one opts for a plan with return of premium. Some whole life insurance plans also offer a survival benefit if the assured survives the policy term and gets a death benefit on death during the policy term.


  • Term insurance has a specified term which provides the benefit on death during the policy term; however, whole life insurance covers the entire life of the assured and provides coverage till 99 or 100 years of age.
  • Savings-oriented participating whole-life plans can offer bonuses (if declared) too to enhance the plan’s benefits while term plans do not offer bonus additions.

Features and Benefits of Buying Whole Life Insurance

Whole life insurance gives you more than just life cover. It offers simple, long-term benefits that can help protect your family and give you peace of mind. Here are some of the main features and benefits:


Death Benefit


Your family will get a fixed sum assured if something happens to you. This money can help them manage everyday expenses and important financial needs like children’s education, medical costs, or home loans.


Fixed Premium


The premium amount stays the same throughout the policy term. That means even after 20 or 30 years, you will still pay the same amount. This helps you plan your finances easily without any surprises.


Protection for Life


Whole life insurance gives you cover till the age of 99. This means you stay protected for your entire life, even in old age when your family may still depend on you.


Offers Loan Facility


Some whole life policies let you take a loan against your policy. This can be helpful if you face an emergency or need money for important expenses like hospital bills or education.


Family Support


In case something unfortunate happens to you, the payout from your policy can help your loved ones maintain their lifestyle and meet daily needs. It acts as a strong financial support system.


Whole Life Insurance Eligibility


Eligibility requirements for whole life insurance typically include minimum and maximum age at entry, minimum sum assured and minimum premium cost. Some insurers also consider other factors such as lifestyle habits, health status, medical check-ups, etc during the insurance underwriting process. The eligibility requirements vary for different insurance policies. It is necessary to review and check the specific eligibility criteria of the policy before choosing to buy one.


Documents Needed to Purchase a Whole Life Insurance Policy

To buy a whole life insurance policy, you need to keep a few documents ready. These are simple papers that help the insurance company to verify your details.


Here’s a list of documents usually required:


  • Identity proof (such as Passport, Aadhaar Card, or Driver’s License)
  • PAN card
  • Two passport size photographs
  • Address proof (such as Passport, Aadhar Card, or Driver’s License)
  • Age proof (such as Class 10th Marksheet, Class 12th Marksheet, Passport, or Aadhaar Card)
  • Medical reports of Policyholder
  • Income Proof

Make sure all documents are valid and up to date. These are important to process your application smoothly and avoid delays.

Riders in Whole Life Insurance

A range of optional riders are offered with whole life insurance plans to enhance their coverage and customize the plan to suit individual insurance needs at an additional nominal cost. Some of the common riders include:


  1. Accidental Permanent Total/Partial Disability Benefit Rider


    An additional pay-out equal to the rider sum assured will be made in case of accidental permanent total or partial disability suffered by the life assured depending on the terms and conditions of the rider.


  2. Accidental Death Benefit Rider


    A lump sum additional amount is paid to the nominee in case of accidental death of the life assured.


  3. Waiver of Premium Benefit Rider


    Waiver of premium rider waives all the future premiums of the base plan and the rider in the event of earlier occurrence of death, diagnosis of specified critical illnesses or accidental permanent total or partial disability.


  4. Family Income Benefit Rider


    This rider provides a certain percentage of the rider sum assured in the form of a monthly income in the event of an earlier occurrence of death, diagnosis of specified critical illnesses or accidental permanent total or partial disability.


  5. Critical Illness Benefit Rider


    The riders pay an additional lump sum payout upon diagnosis of specified critical illnesses depending on the terms and conditions of the rider.


Exclusions Under Whole Life Insurance

Whole life insurance policies come with certain exclusions. These are situations where the insurance company does not cover a risk . It’s important to know them before you buy the policy.


Here are common exclusions:


  • Suicide – If the life assured dies by suicide within a specific period (usually the first year), the claim may not be paid.
  • Involvement in illegal activities – If death happens during or due to any criminal or illegal act, the claim can be rejected.
  • Alcohol or drug use – Death caused by substance abuse or being under the influence of alcohol or drugs is not usually covered.
  • Terrorism – Some policies do not cover deaths caused by terrorist acts.
  • Lifestyle causes – Dangerous habits or conditions resulting from reckless lifestyle choices may not be covered.
  • Life-threatening sports – Death during extreme sports like cliff jumping, skydiving, or deep-sea diving may not be covered unless specifically included in the policy.

Always read the policy brochure or document carefully to understand the exclusions and avoid any confusion later.

Premium Payment Options

Whole life insurance policies allow multiple premium payment options, typically including annual, semi-annually, quarterly, and monthly payment frequencies to choose from which aligns best with your budgetary needs and financial situation. Some insurers also offer other premium payment options such as limited payment plans or single premiums, allowing policyholders to pay the premiums for a fixed tenure while getting life coverage for their entire life.

How to Choose the Suitable Whole Life Insurance Policy in India?

Choosing the right whole life insurance policy requires consideration of several factors to ensure that the insurance policy provides adequate insurance protection and aligns with your financial goals. Here are some of the factors one can consider before choosing Whole Life Insurance:

  1. Affordable premiums
    Ensure that the amount of the premium payments is within your budget over the long term.

  2. Optional riders
    Check the availability of optional riders to enhance and customize the plan as per your insurance needs.

  3. Cash value accumulation
    Assess how the cash value of your policy grows over its terms and fulfils your financial goals.

  4. Flexibility
    When choosing a plan, check the flexibility in adjusting premiums and premium payment options.

Who Should Purchase a Whole Life Insurance Plan?

Whole Life Insurance Plans are an ideal option for several types of individuals. These plans are flexible and are designed to fulfill the varying needs of different policyholders. Here are a few categories of individuals who should purchase a Whole Life Insurance Plan:


  1. Sole earning member of the family to support their family to meet their day-to-day expenses even when they are not around.
  2. Individuals looking for lifetime coverage and accumulation of cash value
  3. Individuals with long-term financial obligations such as their child’s secondary education, their marriage, buying a house, etc.

What Are The Factors To Consider When Selecting A Whole Life Insurance Plan?

Choosing the right whole life insurance plan is important. It should match your needs, goals, and budget. Here are some key things to think about:


Adequate Life Cover


Ensure that the sum insured is sufficient to pay for your family's living expenses, costs of schooling, and outstanding loans. An example of a useful guideline is to select life cover that is 10 times your annual income.


Potential Inflation


The price of goods and services typically increases over time. It is wise to select a life cover that takes future expenses into account. This will help your family continue their existing level of lifestyle for many years.


Buying a plan when you are young


Investing early typically results in lower premiums. At younger age and with good health, you can lock in lower premium rates .


Select Suitable Add-ons


Consider optional riders that can give you add on coverage . Riders for critical illness benefit rider, accidental death benefit rider , or waiver of premium rider etc can provide additional protection at a small additional premium.


Choose the Right Insurer


Consider the insurer's claim settlement ratio and customer service. It is important to ensure your family will receive timely support when they need it most.


Read the Policy Documents


Be sure to read the fine print. Make sure you understand the terms and conditions, inclusions and exclusions, so there are no surprises down the road.

How to Purchase Whole Life Insurance Online?

Buying a Bajaj Allianz Whole Life Insurance policy online is easy and convenient. Follow the simple steps to purchase whole life insurance online:

  1. Visit www.bajajallianzlife.com to initiate the process.
  2. Choose the whole life insurance policy from the ‘Plans’ tab and then select the policy that you want to buy.
  3. Fill in your personal information, such as your name, contact details, gender, occupation, address, and so on to continue the process.
  4. Provide your specific policy-related information, such as the life cover amount, tenure, premium payment term and frequency, and so on.
  5. Add riders to enhance the coverage of your base plan. Remember, riders come at an additional premium.
  6. Click on ‘Buy Now’ to generate the proposal form.
  7. Fill out the proposal form, sign and submit the same online.
  8. Then pay the premium and the policy will be issued to you, post which you will receive the policy document at your registered email address 5. 

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

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Stable Rating by CARE$$

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Assets Under Management (AUM)***

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Number of Lives Covered##

Number of Lives Covered
359%

Solvency Ratio of 359%^^^

Solvency Ratio
Claim Settlement Ratio 2024-25

 Disclaimer:~Individual Death Claim Settlement Ratio for FY 2024-2025 | %99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices. 96% of non - investigative claims notified were processed within one day in FY’25 | $$For details refer to press release published by CARE | ***All figures as on 31 March, 2025 | ^^^Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | ##Individual and group, as on 31 March, 2025.

Frequently Asked Questions

1. Is whole life insurance a good retirement investment?

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Yes, it can be. Whole life insurance helps you financially support your dependents during retirement. It also offers tax-free payouts to your family after your passing.

2. Should I buy whole life insurance for my child?

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Whole life insurance is typically used to provide financial protection to your dependents. While it’s not usually necessary for children, some parents purchase it to lock in lifelong coverage at a low cost or to build cash value over time. If your child is likely to rely on you financially even in your later years—such as in the case of special needs—it may be worth considering whole life insurance for yourself, and in some cases, also for your child.

3. Is whole life insurance costly?

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It may seem costly, but it gives lifelong protection and helps create a legacy. Also, the premium stays fixed throughout the policy.

4. How much coverage should I opt for while buying Whole Life Insurance?

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Experts suggest choosing a cover that is 10 times your yearly income. Also, consider inflation, debts, and future expenses of your family.

5. Can whole life insurance help you create a legacy?

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Yes. Since it covers you up to 99 years, the payout can serve as an inheritance. It offers peace of mind and long-term financial security to your loved ones.

6. At what age should I buy a whole life insurance plan?

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It’s best to buy early. Younger buyers typically pay lower premiums and stay covered longer. The earlier you start, the better the savings and coverage.

7. How to use whole life insurance to create wealth?

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Some plans, like Endowment or Unit Linked Whole Life policies, offer savings or investment benefits. These help build wealth while keeping you protected for life.

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In this policy, the investment risk in investment portfolio is borne by the policyholder.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

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*Conditions Apply-The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure

 

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

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35% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

^Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V03) considering Male aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 5,118. 2nd Year onwards premium Rs. 5,548. Total Premium Rs. 1,66,010 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) or consult your "Insurance Consultant' for more details and eligibility conditions carefully before concluding a sale.

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*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


© Copyright 2023. Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
IRDAI Public Notice on Spurious calls
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Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department
Contact Us

Sales: 1800-209-4040 (Toll Free) | Service: 1800-209-7272 (Toll free)

Email: customercare@bajajallianz.co.in

Registered Office Address

Bajaj Allianz House, Airport Road, 

Yerwada, Pune, Maharashtra - 411006

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© Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

1©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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Claim Settlement Ratio of 99.29%~