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Difference between Term & Whole Life Insurance

Insurance is the foundation of a sound financial plan. With an evolving life insurance market, companies are offering several smart plans ranging from protection and savings to investments and wealth creation.

Amongst these, term life insurance and whole life insurance offer the most basic and comprehensive life insurance coverage respectively. Let us learn about their distinct features and benefits so that you can identify the one that suits your requirements.

Term Life Insurance

The simplest form of life insurance, term plans offer a lump sum payment as Death Benefit (Sum Assured) and can be availed for a fixed term. With a low premium and substantial coverage amount, this policy is a must-have. However, there are no Maturity Benefits.

Whole Life Insurance

Whole life insurance offers both, a death benefit as well as savings benefits. The policy lasts for your whole life and you get a lump sum when you decide to discontinue (Surrender) the policy. Whole life plans also offer the flexibility to choose your premium payment frequency and withdrawals.

One such plan is the Max Life Whole Life Super Plan that offers guaranteed protection till the age of 100 years with flexible premium payment terms and 100% Maturity Benefit.

Before you buy any of these policies, you need to ask yourself which would benefit your more basis your needs.

Term Life Insurance
• Extremely cost-effective - provides high cover at a low premium
• Perfect for those who need pure protection for a pre-defined term
• Ideal if your dependents need protection against debts like a home loan
• Offer various riders like critical illness, accidental death, etc.
Whole Life Insurance
• Offers a longer tenure - even up to 100 years of age
• Helps in building a corpus for future needs
• Offers both a Maturity Benefit as well as a Death Benefit
• Offers flexibility to withdraw money for various financial needs


The key criteria for choosing an insurance policy should be the life cover requirement that stems from a financial planning exercise. Based on your life stage and investable income, you can avail both types of insurance policies.

Max Whole Life Super Plan (UIN: 104N080V03) is a Traditional Participating Whole Life Insurance Plan.

Max Life Difference Between Life Insurance And Whole Life I
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  • Choose Cover Option


    We advise you to choose an option as per your need. Do go through the basic features of all the three options before making a final decision.

  • Gender


    Your gender is an important factor in deciding the life insurance premium as it is directly related to life expectancy

  • Date of Birth


    You must be between 18 - 60 years of age to be eligible for this policy. Please enter your correct date of birth in order to get an accurate premium amount.

  • Tobacco Consumption


    Choose yes if, in the last three years, you have consumed any Tobacco/Nicotine products which include Cigarette, Beedi, Cigar, Gutka, Flavoured Pan Masala, Khaini, etc. If not then you are classified as a non smoker.

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