Wealth Forever

What this product is

A non-linked, non-participating whole-life plan aimed at legacy and wealth transfer for older buyers (40-65), with an increasing death benefit and a return-of-premium maturity benefit.

You might need this if…

• You might need this if you're in your 40s-60s and want to pass on wealth to the next generation in a tax-efficient, structured way.
• Useful if you want life cover that grows over time rather than staying flat, so your legacy amount rises as you age.
• Fits if you want the reassurance that if you survive the whole-life term, you still get 100% of your premiums back rather than the policy simply expiring with nothing.
• Good if a terminal illness benefit that pays out the full death benefit early matters to you for end-of-life financial planning.

How it actually works

• Entry age 40-65; whole-life coverage up to age 99; minimum premium ₹5,00,000 (3-4 year premium terms) or ₹2,00,000 (5-15 year terms); women get up to a 10% discount on first-year premiums.
• Death benefit is the highest of minimum life cover, sum assured, 105% of total premiums paid, or surrender value, and the life cover itself increases over the policy term.
• Terminal illness benefit: 100% of the death benefit paid upfront if diagnosed with a terminal illness (life expectancy under 6 months, confirmed by two doctors).
• Maturity benefit: if you survive to the end of the whole-life term, you receive 100% of total premiums paid, and the policy ends.
• Death benefit can be taken as a lump sum, income spread over 5 years, or a combination; up to 10 nominees can be designated.
• After 5 years (on plans with 6+ year premium terms), you can reduce your annual premium to as low as 50% of the original amount, exercisable once; policy loans and complimentary health checkups are also available.

Worked example

Worth knowing before you decide

• This is a high-minimum-premium product (₹2-5 lakh/year) aimed at affluent buyers, not a mass-market plan.
• Policies issued from April 1, 2023 with aggregate annual premiums over ₹5 lakh may be taxable under current Income Tax Act provisions — check with a tax advisor.
• The premium-reduction option (down to 50%) can only be used once and only on plans with 6+ year premium terms.
• The maturity benefit only returns your premiums (100%) — this plan is not designed for market-linked growth.

Official source

⌟ Official product brochure

Learn about this category

Read the full traditional life insurance explainer → · See all traditional savings products →