Whole Life plans are a type of Endowment Plans which remains throughout the life of insured, provided the premiums are paid. A certain aforementioned amount will be paid to the nominee in the event of insured death. The policyholder can withdraw the policy at any time or borrow against it. The maturity age for this policy is 100 years. If the insured lives past maturity age, the policy will become matured. The death benefit under this plan is tax free.Whole life insurance is a suitable form of protection for a number of individuals.