1. Whole life insurance

as the name suggest, whole life policy is in effects over the ntire lif of the policyholder.It provides
life time protection. undr this policy, risk is covered for the entire life of the policyholders. The insured
amount and bonus are payable only to the nominee or beneficiary upon the death of policyholder.
The insured amount is paid to the nominee after the death of insured person.
  a.  Whole life policy with profits
This is the whole life policy with low rate of annual premium to be paid. undr this policy the premium
are payable ovr the life time of insured person or up to the certain age of policyholdr,say,80years,
whichever is earlier.At the maturity or on the natural death of policyholder, the nominee is paid sum
assured plus amount of bonus accured to the date. But is case of accidental death of policyholder
the nomiee is paid double of the amount of sum assured plus the amount of bonus accured.
    b. Limited-payment whole life policy
Most insurance companies hve offred fixed or limitr paymnt while lif insurance policy. under this
policy, the premium is paid over a fixed number of years but death benifit is given to the nominee
after the death of insured prson. Under this policy, the amount of annual premium for a given asured
sum is generally higher than the ordinary whole life policy because of  limited number of payment
method.
c.Convertible whole life policy  
The whole life policy can be converted as the option of insured person into eendoment policy after
the expiry of certain years is called convertible wholee life policy.If the conversion option is not exercised
the policy continues as ordinary whole lif policy.