Whole life insurance is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date.
Whole life insurance is one form of permanent insurance and is very different from term life insurance, which provides coverage for a specified period only and does not build cash value. Where as Whole life insurance comes with living benefits that include guaranteed growth of cash value which the policy owner can access when and how they wish. Whole life insurance also guarantees the premiums and costs will never increase.
The only whole life insurance policy available in LIC is Jeevan Umang.