Whole Life Term Insurance - Lifetime Coverage up to Age 99 Explained

Q: Can I get tax benefits?

Yes - premium under Section 80C; payout under 10(10D) tax-free.

A regular term plan covers you for 20-40 years - but what if you want protection for your entire life?

That's where Whole Life Term Insurance (coverage up to 99 years) comes in.

This plan ensures that your family receives the payout no matter when death occurs, even at age 80 or 99.

It's ideal for those who want lifelong security, estate planning benefits, or to leave a guaranteed inheritance.

Many high-income earners, NRIs, and entrepreneurs are choosing whole life term insurance as part of their long-term financial strategy.

This guide explains what it is, how it differs from normal term plans, premium examples, and whether it's the right fit for you.

What Is Whole Life Term Insurance?

Whole life term insurance (also called Lifetime Term Cover) provides coverage up to age 99 or 100 years - instead of a fixed policy term like 20 or 30 years.

How it works:

You pay premiums for a set number of years (e.g., 20, 25, or until age 60).
Coverage continues till age 99 - even if you stop paying after premium term ends.
On death (anytime before 99), your nominee receives the full sum assured.

Example:

You buy ₹1 crore whole-life cover at age 35 and pay for 25 years. You stop paying at 60, but the policy stays active till 99. If you pass away at 90, your nominee still receives ₹1 crore.

How It Differs From Regular Term Plans

Feature	Regular Term Plan	Whole Life Plan
Coverage Duration	10-40 years	Up to 99 or lifetime
Payout Timing	Only if death within term	Guaranteed (anytime before 99)
Premium Cost	Lower	Slightly higher
Premium Payment	Till end of term	Usually limited-pay (till 60)
Ideal For	Income protection	Legacy or estate planning
Maturity Benefit	None	None (pure protection)

Why People Choose Whole Life Term Plans

Lifetime peace of mind - coverage doesn’t end when you retire.
Legacy creation - ensure inheritance for family or charity.
Estate tax planning - ideal for HNIs and business owners.
Fixed premium - premiums stay constant for life.
Tax benefits - premiums eligible under 80C, payouts under 10(10D).

Sample Premium Comparison

Age	Coverage	Premium Term	Annual Premium (₹)	Coverage Till
30, Non-Smoker	₹1 Cr	Pay till 60	₹15,200	99 years
35, Non-Smoker	₹1 Cr	Pay till 60	₹17,800	99 years
40, Non-Smoker	₹1 Cr	Pay till 60	₹22,500	99 years
45, Non-Smoker	₹1 Cr	Pay till 65	₹28,900	99 years

Who Should Buy Whole Life Term Insurance

Business owners or professionals with lifelong dependents.
Parents wanting to leave a legacy corpus.
NRIs and HNIs focused on estate planning.
People who want lifelong protection, not just till 60-70.
Individuals with financially dependent spouses or children with special needs.

Advantages Of Whole Life Term Cover

Guaranteed payout (whenever death occurs before 99).
Limited premium term (e.g., pay 20 years, cover for life).
Option to add riders: CI, ADB, WOP.
Ideal for long-term wealth transfer.
Tax-free benefit for nominee.

Things To Consider

Premiums are higher - ~30-50% more than regular term plans.
No maturity payout if you live beyond 99 (coverage expires).
Better suited for legacy protection than for temporary income replacement.

Local Insights

Avg. buyer age: 42.
Top insurers offering lifetime cover: HDFC Life, ICICI Prudential, Max Life.
Avg. cover purchased: ₹85,00,000.
% of policies with limited pay till 60: 63%.

How To Buy Online

1 Visit PolicyBachat → Term Insurance → Choose “Whole Life (till 99 years)”.
2 Enter your details (age, city, income, desired coverage).
3 Compare quotes from HDFC Life, ICICI Prudential, Max Life.
4 Add riders if needed (CI, ADB, WOP).
5 Complete medical and get policy issued online.

Frequently Asked Questions

What is whole life term insurance?

It’s a policy that covers you up to age 99 or lifetime, ensuring your family always gets a payout.

Does it have maturity benefits?

No, it’s still a pure term plan - payout only on death before 99 years.

Who should buy it?

Those looking for lifelong protection or wanting to leave a financial legacy for heirs.

Is it more expensive than normal term plans?

Yes, typically 30-50% higher, due to extended coverage.

Do I need to pay premium till 99 years?

No - most plans offer limited pay, where you stop paying after 60 or after a fixed period.

Are riders available?

Yes, you can add CI, ADB, WOP, and income riders for extra protection.

Can I surrender the policy mid-way?

Yes, some allow surrender after 2-3 years, but benefits reduce.

Can I get tax benefits?

Yes - premium under Section 80C; payout under 10(10D) tax-free.

What if I live beyond 99 years?

Policy expires with no maturity benefit, but your life risk was covered the entire duration.

Is it available for NRIs?

Yes, NRIs can buy via digital KYC and INR premium payments.

Does it cover accidental death?

Yes, base cover plus ADB rider gives additional payout for accidental death.

Can I change premium term later?

Not after purchase - choose your payment option carefully upfront.

Are women’s premiums lower?

Yes, usually 5-10% lower for the same coverage.

Can I buy whole life policy for parents?

Yes, if they meet age/medical eligibility; premiums depend on age and health.

How long does it take to issue the policy?

Usually 3-7 days post-medical and document verification.

Customer Reviews

“Lifetime coverage was exactly what I needed for peace of mind.”

Ajay Khanna, Delhi

“Perfect for legacy planning - bought at 35, covered till 99!”

Sushmita Iyer, Bengaluru

“PolicyBachat showed me side-by-side quotes with limited pay.”

Kiran Mathew, Kochi

“Great option for people with lifelong dependents.”

Vikram Arora, Mumbai

“Whole life plan gave me full control - no expiry worries.”

Deepika Rathi, Hyderabad

“Bought for estate planning - totally worth it.”

Arvind Mehta, Pune

Whole Life Term Insurance - Lifetime Coverage Up To Age 99 Explained