Top Single Premium Life Insurance Policy In India
Updated On Aug 10, 2021
Table of Contents
A life insurance policy is a contract between a policyholder and the insurance provider which remains active and valid when the policyholder pays regular premium instalments. These premiums are often paid annually, biannually, quarterly, or monthly by policyholders. Certain life insurance firms, on the other hand, provide policies in which the premium can be paid in one lump sum.
Single premium policies are often chosen over regular policies since they are more convenient and cost less. They are also great for people who don't have a stable stream of income because they don't have to worry about paying premiums on a regular basis. Moreover, policyholders are relieved of the burden of remembering the premium payment deadline. With a single premium insurance plan, customers do not have to worry about their policy lapse or termination. Single premium insurance policies occasionally include built-in features that enhance policy coverage in addition to the standard policy advantages. Let us take a look at the best single premium life insurance plans offered by different life insurance providers.
Top 4 Single Premium Life Insurance Plans
The following is a list of the best single premium plans in India.
1. LIC Jeevan Vriddhi Insurance Plan
The LIC Jeevan Vriddhi Plan is a single premium endowment plan that provides a guaranteed maturity sum. Hence, this plan is classified as a traditional plan with no bonus facility. Although there is a surrender and loan facility after one policy year, this plan has a fixed duration of ten years. The sum assured is paid as death benefit if the life assured dies during the policy tenure. However, if the life assured lives to the end of the policy term, maturity benefits equal to the amount of guaranteed maturity sum assured and loyalty additions. The guaranteed maturity sum assured will be computed based on the life assured's age at the time of entry.
2. SBI Life Smart Wealth Assure Plan
This is a unit-linked, non-participating life insurance plan that can be acquired for a single premium. From the 6th policy year forward, this policy provides financial security, flexibility, and liquidity to the policyholder's family. These plans are also cost-effective. Depending on their risk tolerance, policyholders can pick between two funds. Even if the policyholder only has to pay a single premium, the policy will provide coverage for the duration of the term. Individuals aged 18 to 65 years can purchase this policy for a period of time ranging from 10 to 30 years.
3. HDFC Life New Immediate Annuity Plan
The HDFC Life New Immediate Annuity Plan is a type of policy in which the money is paid in a lump sum and the annuity begins right away. It is a traditional plan that does not include a bonus feature. It's used to plan your retirement so that you'll have consistent income once you've finished working. This policy offers a variety of annuity choices to meet the demands of different consumers. The annuity payout frequency can be selected by policyholders. As a result, you have the option of receiving your annuity monthly, quarterly, half-yearly, or annually. For higher purchase costs, the insurance offers higher annuity rates.
4. Max Life Guaranteed Lifetime Income Plan
The Guaranteed Lifetime Income Plan is a non-linked, non-participating, immediate annuity plan that pays the policyholder a fixed amount of money for the rest of their lives. There are four annuity choices available with this coverage. If the policyholder had chosen the following annuity choices - Single Life/Joint Life Annuity Plans with Return of Premium - the nominee will receive 100% of the policy's purchase price in the event of the policyholder's death (ROP). Individuals between the ages of 50 and 80 can acquire this plan. This policy's minimum monthly annuity payout must be at least Rs.1,000.
Endnotes
While there are many single premium life insurance policies available in the market, you will need to do your homework, evaluate different plans, and choose a policy that meets your needs in terms of premium rates and coverage.
You may also like to read - How Are Withdrawals From EPF Taxed?
Term Insurance Plan for Parents
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
