"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • 5 Best Single Premium Insurance Plans in India

    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.  

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