Best Single Premium Insurance Plans and Benefits
Updated On Feb 06, 2024
Table of Contents
Generally, people pay premiums for insurance policies at fixed intervals. But there are also single premium insurance plans in India, that offer coverage throughout the policy tenure with a single premium. Single premium policies are generally preferred over regular policies, for their convenience and substantial cost savings. There are also other advantages of single premium insurance plans such as:
- There is no compulsion to remember the due date of the premium.
- It becomes convenient for those with unsteady cash flow to have life insurance coverage.
- These plans are great for frequent travelers
- It serves as an excellent way to save money during prospective life years.
Best Single Premium Insurance Plans in India
A single premium insurance policy will help the policyholders with extensive life cover and tax benefits, without having to pay the premiums for the policy over and over again. The list of the top best single premium plans in India is as follows:
|
Name of the Insurance Plan |
Minimum Premium to be Paid |
Minimum Sum Assured |
Policy Term |
Maturity Benefit |
|
LIC - Jeevan Vriddhi Insurance Plan |
NA |
Rs. 1,50,000 |
10 and 20 years |
Along with the sum, assured bonuses are also paid as maturity benefits. |
|
SBI - Life Smart Wealth Assure |
Rs. 50,000 |
125% of the premium paid |
10 and 30 years |
Apart from regular benefits, the policy offers partial withdrawals and a free lock-in period. |
|
HDFC - Life Click to Invest scheme |
Rs. 24,000 |
125% of the premium paid |
5 to 20 years |
The fund pays a death benefit, that can be redeemed over a settlement option. |
|
Kotak Life -Single Invest Advantage |
Rs. 3,00,000 |
Ten times of the premium paid |
10 and 50 years |
There are five different fund options and the accidental death benefit is paid to the nominees |
|
ICICI Prudential -Easy Retirement SP |
Rs. 48,000 |
101% of the premium paid |
10,15,20,25 and 30 years |
There are a guaranteed death benefit and the fund value. |
|
Aegon Religare -imaximise Single-Premium Insurance Plan |
Rs. 1,00,000 |
125% of the single premium |
5 or 10 years |
Offers excellent investment benefits with one-time premium payment |
Unique Benefits of Single Premium Insurance Plans
Apart from rendering financial benefits for the policyholders, these single-premium insurance plans also offer life cover and other benefits for the policyholder and the nominees. Some benefits of these policies are,
1. Life Cover
These life insurance plans render complete peace of mind as the life is covered with ten times the premium paid in some policies.
2. Tax Benefits
The premiums paid towards these plans reap income tax benefits under Section 80C of the Income Tax Act.
3. Bonuses
Policyholders can get rewarded with wealth boosters and bonuses for the premium paid along with the sum assured at the end of the policy term.
4. Accidental Cover and Death Benefit
Some insurance plans offer accidental cover on single premium plans and death benefits for the nominees with full sum assured in the event of the sudden death of the policyholder before the end of the policy tenure.
Must Check:
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Bottom Line
The single premium insurance plans thus offer complete peace of mind for the insured with ample sum assured and bonuses at the end of the policy tenure, without the hassles of paying premiums repeatedly.
