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Term

WHOLE LIFE PLAN
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This is a kind of life insurance plan in which the coverage is available for the entire life of the insured person, or till a very old age (say till the age of 99 years).

A Whole Life Plan can be of two types:

Participating: This is like an Endowment Plan, where the premium paid is partly used to secure insurance for the life of the person, and partly used as investment for generating returns.

Non-Participating: This is like a Term Plan, where the premium paid is used only to secure insurance for the life of the person.

Related Terms: Endowment Plan, Term Plan, Premium, Life Insurance

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