Buy Whole Life Insurance Policy For Covering Upto 99 years In 2025

Claim Settlement Ratio of 99.29%^~

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Written ByPalak Bagadia

AboutPalak Bagadia

Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.

Reviewed By Rosy Pathak

About Rosy Pathak

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.

Whole Life Insurance?
How Does It Works?
Types Policies
Riders
Premium Payment Options
How To Choose?
Term Insurance v/s Whole Life Insurance
Benefits
Eligibility
Who Should Purchase?
How to Purchase?
Why Bajaj ?
FAQs

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 in 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.

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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.

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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:

Step	Description
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.

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:

Affordable premiums
Ensure that the amount of the premium payments is within your budget over the long term.
Optional riders
Check the availability of optional riders to enhance and customize the plan as per your insurance needs.
Cash value accumulation
Assess how the cash value of your policy grows over its terms and fulfils your financial goals.
Flexibility
When choosing a plan, check the flexibility in adjusting premiums and premium payment options.

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 too to enhance the plan’s benefits while term plans do not offer bonus additions.

Benefits of Buying Whole Life Insurance

Whole life insurance policies provide much-needed financial security to your loved one in your absence. Here are some of the benefits of whole life insurance:

Whole life coverage

With a whole life insurance policy, you get coverage up to 99 or 100 years of age including survival benefits on survival of specified tenures subject to policy terms and conditions.

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Peace of mind

The primary feature of life insurance is the peace of mind due to the financial security it provides to the assured and their family. It not only provides insurance coverage but also ensures that your loved ones are financially secure at all times.

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Tax Benefits

Whole life insurance policies also offer tax benefits. You are eligible to avail a tax deduction of up to Rs 1.5 lakh in a year for the premiums paid for the policy under Section 80C of the Income Tax Act, 1961 under old regime. To qualify for the deduction, the premium paid should be up to 10% (for policies issued on or after 1^{st^{April 2012), 15% (for policies issued on or after 1^st April 2013 if the policyholder suffers from a disease or disability defined under Sections 80DDB and Section 80U) or 20% of the sum assured (for policies issued on or before 31^{st^{March 2012) ². The death benefits received under the plan are completely tax-free³. The maturity benefit is also eligible for tax exemption under Section 10 (10D) of the Act if the policy has been issued on or before 1^st April 2023. For policies issued after this date, the maturity benefit would be tax-free if the aggregate premium paid is up to Rs.5 lakhs⁴. The said benefits are subject to the provisions stated in Income Tax Act 1961}}}}

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Savings

With endowment-oriented and unit-linked whole life insurance plans, you can create a financial corpus which is paid on maturity. You can also plan a legacy for your family in case of your premature demise.

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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.

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:

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

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:

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

99.29%

Claim Settlement Ratio^~

1 Day

Claim Approval^%

AAA

CARE Stable Rating^$

₹1,23,734Cr

Assets Under Management (AUM)^**

3.85 Cr

Number of Lives Covered^#

359% as at 31 March 2025

Solvency Ratio^{^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2024-2025, ^%96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 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, ^$For details refer to press release published by CARE, ^**All figures as on 31 January 2025, ^{^}Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150%, ^#Individual Group.

Frequently Asked Questions

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

Whole life insurance helps in cash accumulation and wealth creation over the long term to meet your long-term goals such as your child’s higher education, their marriage, etc. You can consider buying a whole life insurance for your child as a long-term savings tool accumulating cash value over some time which the child can use later in life.

2. Is whole life insurance costly?

The premiums for whole life insurance are comparatively higher than the pure term insurance policies. Its premiums are higher as it is designed to remain in force until the death of the assured which provides longer coverage for complete financial security.

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

The amount of coverage you should opt for buying Whole Life Insurance depends on multiple factors such as your insurance needs, financial goals, financial obligations, budget and existing life insurance policies, if any.

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

Whole life insurance provides dual benefits of life cover and savings. The death benefit paid under the policy can create a legacy for your loved ones who can use the benefit to meet their financial needs.

5. What is the Whole Life Insurance Cash Value?

The cash value in whole life insurance is the savings component of the insurance policy. It is applicable if you surrender the plan before the completion of the tenure. The cash value is also called the surrender value.

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Reference

https://www.insuranceinstituteofindia.com/downloads/IC38/ALEnglish.pdf
https://www.bajajallianzlife.com/about-us.html
https://incometaxindia.gov.in/tutorials/20.%20tax%20benefits%20due%20to%20health%20insurance.pdf?from=companyhomepages.com
https://www.livemint.com/money/personal-finance/how-life-insurance-policies-are-taxed-11665145664260.html
https://economictimes.indiatimes.com/wealth/tax/now-life-insurance-maturity-money-will-not-be-fully-tax-exempt-cbdt-issues-new-tax-rules/articleshow/102797642.cms?from=mdr

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Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

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Disclaimers:

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.

Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility

^*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

^$For details refer to press release published by CARE

^{~ Individual Death Claim Settlement Ratio for FY 2024-2025 ^^All figures as on 31 January, 2025}

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.

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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Whole Life Insurance

What is Whole Life Insurance?

How does the Whole Life Insurance Plan work?

Endowment-oriented whole-life plans

Unit-Linked Whole Life Plans

Riders in Whole Life Insurance

Premium Payment Options

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

Affordable premiums

Optional riders

Cash value accumulation

Flexibility

Difference Between Term Insurance and Whole Life Insurance

Whole life coverage

Peace of mind

Tax Benefits

Savings

Whole Life Insurance Eligibility

Who Should Purchase a Whole Life Insurance Plan?

How to Purchase Whole Life Insurance Online?

Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio~

Claim Approval%

CARE Stable Rating$

Assets Under Management (AUM)**

Number of Lives Covered#

Solvency Ratio^

Frequently Asked Questions

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

2. Is whole life insurance costly?

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

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

5. What is the Whole Life Insurance Cash Value?

Life Insurance Guide -Whole Life Insurance

Articles

Calculators

Podcasts

Videos

FAQs On Life Insurance

Life Insurance Meaning: Definition, Benefits & How It Works

Know the Different Types of Life Insurance in India

Life Insurance Features, Meaning, Importance & How to Choose the Policy

Underinsurance Calculator

Fixed Deposit Calculator

NPS Calculator

SIP Calculator

Retirement Preparedness Score Calculator

Life Goal Calculator

Child Education Planning Tool

Term Insurance Calculator

Savings to Life Goals Convertor

Financial Fitness Calculator

Immunity Score Calculator

ULIP Calculator

Claim Settlement Ratio^~

Claim Approval^%

CARE Stable Rating^$

Assets Under Management (AUM)^**

Number of Lives Covered^#

Solvency Ratio^{^}