5 Best Single Premium Insurance Plans in India

The 5 best one-shot premium life insurance plans available in the market. With a single premium one can get life insurance coverage for their life. Know the eligibility criteria, the premium, sum assured and other important factors.
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A single insurance endowment plan is a one-time payment insurance policy that has been created for customers who do not want to endure the hassle of keeping a tab on the plan and making regular periodic payments. This type of plan can be termed as a “fill it, shut it, forget about it” type of policy. Here, you make one large payment, become the owner of a single premium policy, and then forget about it until the term of the policy expires.

Expect full coverage for the term of the policy after making the one-time payment. Other benefits of a single insurance plan are:

  • Eradicating defaulting on a payment because of the one-time payment premium, makes your hectic lifestyle a lot easier.
  • A sigh of relief for people who has to make regular premium payments without a steady cash flow.
  • Avoid taking on any unnecessary stress of keeping a track of your monthly payments.

When do you really require a single premium policy?

There are a lot of life insurance agencies that provide a single insurance policy. A lot of us prefer making an investment when we come across a large amount of money. This could come in the form of a yearly bonus, an investment payout, or even a family inheritance. A large amount of money comes as a good investment opportunity and a single insurance plan is a good route to take. This can also be used for availing tax benefits when you file your taxes towards the end of the fiscal year. You are entitled to an exemption of up to Rs.1.5 lakhs.

Also, the main benefit of a single insurance plan is that you do not have to ever worry about your policy getting lapsed. As a large single amount has been paid as a premium for the policy, the plan will not require an additional payments to be made towards the premium. As this is the case, you will not have to ever worry about the policy lapsing due to a missed payment apart from other reasons.

Let us now take a look at the top 5 single insurance plans that are offered in India:

  • LIC’s Jeevan Vriddhi: The Jeevan Vriddhi plan offered by LIC is a premium endowment plan that offers risk cover which is a multiple of the premium that is chosen by you. This plans offers a number of benefits with Loyalty Addition and Guaranteed Maturity Sum being the most evident ones.
Time Period 10 years
Entry Age Minimum-Maximum 8-50 years
Sum Assured (Minimum) Rs.1,50,000
Sum Assured (Maximum) Nil
Minimum Premium available Rs.30,000
  • Aegon Religare iMaximize Single Premium Insurance Plan: Reap investment benefits by making a one-time payment for this plan. Aegon Religare iMaximize single insurance plan provides 3 different choices of investment funds that helps in maximizing your funds. There are no allocation charges and therefore there are more funds that are made available for different investment purposes. You can chose to pick up this investment plan when choosing a life insurance policy as this plan doubles as an insurance policy.
Time Period 5 or 10 years  
Entry Age Minimum-Maximum 8-60 years  
Maturity Age Minimum-Maximum 18-65 years  
  Entry Age Term of the Policy
Available Policy Term Equal or before 50 years 10 years
  Post 50 years 5 years
  Lesser than 45 years More than or equal to 45 years
Minimum Sum that is assured 125% of the single premium 110% of the single premium
Minimum Premium Rs.1,00,000  
  • ICICI Prudential iAssure Single Premium Insurance Plan: This is a single premium endowment plan. This plan is all about tradition and does not have any bonus facilities. This plan is similar to the other plans that are mentioned here. You are required to make a one-time lump sum payment that would allow the policy to continue for the entire tenure of the policy. A Guaranteed Maturity Benefit is provided to the policyholder at the end of the tenure and if the policyholder survives for the tenure of the policy. However, if the policyholder meets with an early and unforeseen death, then the nominee of the policyholder will get the higher value between Guaranteed Maturity Benefit and Sum Assured.
Duration 5 or 10 years  
  Duration in years Age in years
Minimum Age 5 13
  10 8
Maximum entry age 70 years  
Minimum entry age 18 years  
  Duration in years Age in years
Age at maturity 5 75
  10 80
Minimum sum that is Assured 125% of single premium  
  Age at entry Sum that is assured
Maximum sum that is assured Up to 55 years 500%
  56-70 years 125%
Minimum Premiums Rs.20,000  
  • Max New York SMART Steps Single Premium Insurance Plan: This is an endowment plan that is aimed at making the lives of children a lot better. It is mainly aimed at planning and providing for the financial needs of children.
Life insured Parent  
Age of the insured 21-50 years  
Age of the child 91 days-15 years  
Maximum Maturity (Life insured) 60 years  
  Minimum Maximum
Term of the policy 10 years 25 years
  Band 1 Band 2
Premium Bands Rs.50,000-Rs.2,99,999 Rs.3 lakhs and above
Sum that is assured 5 times the Single Premium  
Minimum Premium Rs.50,000  
Charges for allocation Depends on the premium brand that is chosen  
Time period 10 years  
Entry Age (Minimum) 40 years  
Entry Age (Maximum) 75 years  
  Minimum Maximum
Maturity Age 18 years 65 years
Maturity Benefits 101% of single premium made  

Keep in mind that apart from financial stability, a single premium plan also offers tax benefits and is only available in the first year. You also ensure that you are making use of any lump sum of money that is lying around without just letting it rot in your piggybank. The number of different single insurance plans offered by insurance agencies is never lacking. You can also visit a policy aggregator website like bankbazaar.com to compare and check different policies and choose one that matches your needs and requirements perfectly.  

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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