Term & Whole Life Policy Planning
Term and whole-life policy planning — choosing cover, term and riders, return-of-premium trade-offs and long-term protection.
- Estimate Cost
- ₹2,000 – ₹15,000
- Typical duration
- 3 days
Service overview
Term and whole life policy planning helps you decide how much life cover you need, for how long, and through which type of plan. Term plans offer high cover at low cost, while whole life plans provide lifelong protection and estate planning benefits.
Who needs it? / When is it needed?
- Earning members with dependants, home loans or business liabilities.
- Individuals planning estate or legacy transfers.
- When existing cover is inadequate or a policy has lapsed
What to expect from the WCP Professionals
- Calculation of the cover amount using the income replacement and needs method.
- Premium affordability analysis and payment term options.
- Checks on insurer claim settlement ratio and financial strength.
- Advice on riders (critical illness, accidental death, waiver of premium) and term conversion.
- Assistance with reviving lapsed policies.
Key deliverables
- Cover requirement calculation.
- Shortlist of plans with a comparison.
- Issued policy and nominee or MWPA set-up.
Standard turnaround time
- Planning: 3–5 working days.
- Issuance: 1–4 weeks, depending on medical underwriting.
Government fees, timelines & key outcomes
- No government fee.
- Individual life policies are exempt from GST from 22 September 2025.
- Premiums may qualify under Section 80C (old tax regime).
- Key outcome: your family stays financially secure in your absence.
Forms & filings involved
- Insurer proposal form.
- Medical examination and financial underwriting forms.
- Revival application, for lapsed policies.
Documents required
- PAN, Aadhaar, age proof and photographs.
- Income proof (ITR, Form 16 or salary slips).
- Medical reports and lapsed policy documents, if any.
What we need from you
- Truthful health, habit and income disclosure.
- Attending medical tests.
- Regular premium payments.
Important conditions
- Pure term plans pay no maturity benefit unless a return-of-premium option is chosen.
- Non-disclosure can result in claim denial.
- Revival depends on insurer approval and may require medicals.
Additional information
- Registering the policy under the MWPA protects proceeds from creditors.
- Related services: Life Insurance Advisory, Risk Assessment & Coverage Analysis.
The estimated cost covers indicative professional fees only. Government fees, stamp duty and taxes are payable at actuals.
How it works
- 1. Raise a service enquiry describing your requirement.
- 2. A Relationship Manager reviews it and opens it for bidding.
- 3. Pay into escrow and assign the professional you select.
- 4. Track progress to completion, then accept and release payment.
Frequently asked questions
What is the difference between term and whole-life insurance?
Term insurance covers a fixed period at low cost; whole-life covers you for life, usually up to 99 or 100, at a higher premium.
Is return-of-premium term insurance worth it?
It costs much more than a plain term plan; comparing it with investing the difference usually helps decide.
Until what age should term cover run?
Typically until your dependants are financially independent and loans are repaid, often age 60–65.
Which riders are useful?
Critical illness, accidental death and waiver of premium riders are commonly considered.