PLI Gazette Notification on Whole Life Insurance
Convertible Whole life Insurance means a life insurance contract entered into by Government to pay a given sum of money with accrued bonus to the insured either on attaining the age of 80years, or on death of the insured to higher legal representatives or assignees whichever occurs earlier, with option to the policy holder to convert the policy, at the end of 5years (with a grace period at end of 6years) from the date of commencement of risk into an Endowment assurance maturing at a specified age.
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