Insurance plans are a necessity these days. These come in handy in emergencies when one may need money for medical treatment or other issues. It protects the family’s financial well-being. So, several people prefer to Buy Life Insurance Online Malaysia to cut the hassle of running around the offices. Whole life insurance plans are popular these days. Here is everything one needs to know about it.

What is whole life insurance?

The name applies to those insurance plans covering one’s life till their natural demise. Service providers sell these plans under different names, like ordinary life plans or straight life insurance. In most cases, one gets coverage up to 99 years of age. Hence, one gets to build a financial legacy while having a financial cushion for their family.

How does it work?

Whole life insurance is a great way to ensure one’s family’s financial safety. One must select a premium payment mode like monthly, quarterly, etc. The plan will pay a definite predetermined amount to their family if one is diagnosed with a fatal or terminal illness. The same would happen in the case of natural demise. If the policy is valid and one has paid all their premium installments, they will receive returns from age 60.

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Benefits of whole life insurance

Here are the benefits of choosing this type of insurance plan.

  1. It covers the entire lifetime

It covers the policy buyer for their whole lifetime. In case of any unfortunate event, it offers a total return to the policy beneficiary.

  1. Tax benefits

It offers tax benefits as specified in Section 80C of the Income Tax Act. The payout benefits to the beneficiary are also governed by Section 10 (10D) of the same Act.

  1. Premium payment options

One can choose the frequency and mode of payment most suitable for them. The rates are also set for the given period and would not change. Young buyers can also enjoy additional benefits such as lower amounts.

  1. Return of money in case of survival

If someone survives the entire policy term, they receive the amount in full. Some banks also provide an option to deposit premium till 60 years of age. So, one will receive the whole amount after they turn 60, and they can enjoy all policy benefits without any premium.

Apart from these, some Whole Life Insurance Malaysia plans also cover terminal illnesses one may develop as one age. These benefits make it an ideal investment for oneself and their family.