Life Insurance June 19, 2021

Best Single Premium Insurance Plans in India

Don’t want to face the hassle of paying a premium towards your insurance policy every year? Well, you can purchase a life insurance plan by paying a lump sum premium amount once during the policy term. With Single premium insurance plans, you don’t need to remember the premium payment due date. Instead, you can get insurance cover by paying the single premium amount upfront.

Want to invest in the same and know more about it? On this page, we will talk about some of the top single premium insurance plans in India so that you can make a better decision.

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Let’s Understand the Features and Benefits of Top Single-Premium Insurance Plans in India

Some of the top insurance plans that you can purchase by making a single premium payment are LIC One Time Investment Plan, SBI Life Smart Assure Wealth Plan, Kotak Life Single Invest Advantage Plan, ICICI Prudential Single Premium One Wealth Plan and HDFC Life Single Premium Pension Super Plan.

These plans ensure that your family gets protection even in your absence. We are going to discuss the features of these plans one after another so that you can understand better. Let’s start!

LIC One Time Investment Plan

Also known as LIC Single Premium Endowment Plan, this plan gives individuals a unique amalgamation of savings and protection. This plan can be perfect for you if you want to ensure long-term savings. You can check its striking features mentioned below.

  1. Death Benefit and Maturity benefit (Depends on the date of commencement of the risk)
  2. Settlement option for maturity benefit – Sum assured on maturity plus Vested simple reversionary bonus plus final additional bonus (if any)
  3. The minimum sum insured stands at INR 50,000
  4. Flexible policy term of 10 to 25 years
  5. Multiple Rider Options – Accidental Death and Disability Benefit & New Term Assurance Rider
  6. Option to take death benefit in installments over 5, 10 or 15 years
  7. Rebate for high sum assured
  8. Loan facility against your policy up to 90% of your surrender value
  9. A 15-day free look period

SBI Life Smart Assure Wealth Plan

SBI Life Smart Assure Wealth Plan is an individual unit-linked non-participating life insurance product that helps customers enjoy market-linked returns along with insurance cover. Let’s check the key features of this plan mentioned below.

  1. Option to pay premium payment as a lump sum
  2. Flexibility to choose between seven funds according to your risk capacity and investment needs
  3. Liquidity through Partial Withdrawal(s) from the 6th policy year
  4. Fund Value as the Maturity benefit
  5. The minimum single premium payment stands at 50,000 with no maximum limit
  6. Option to choose from a mix of funds providing Market Linked Returns
  7. Accidental Death Benefit Option
  8. Tax Benefits under Income Tax Act, 1961

Kotak Life Single Invest Advantage Plan

This one-time premium unit-linked insurance plan lets you invest once and enjoy the benefits throughout the policy term. This plan also provides flexible investment strategies and liquidity that can be customized according to your needs. Want to know its key features? Well, check them out below.

  1. The convenience of one-time investment to enjoy insurance cover throughout the policy term
  2. Loyalty additions to enhance your savings
  3. Option to choose from 3 investment strategies – Self-managed, Age-based and Strategy Systematic Switching
  4. Policy term of 10 and 15 years
  5. Basic sum assured of 10 times single premium
  6. The minimum single premium amount of INR 2,00,000 with no maximum limit

ICICI Prudential Single Premium One Wealth Plan

If you want something more than a life insurance plan, you should choose ICICI Pru 1Wealth Plan. This plan helps individuals to invest 100% of their money in funds according to their choice. Have a look at the crucial features of this plan mentioned below.

  1. Investment of complete premium in your choice of funds
  2. Option to invest in 7 funds – 3 Equity, 3 Debt & 1 Balanced
  3. Unlimited fund switches to earn more from your investments
  4. Wealth Boosters as a percentage of your premium
  5. The minimum premium amount of INR 50,000 with no maximum limit
  6. Policy term of 5 and 10 years
  7. Life cover up to 10 times the premium for the entire policy term
  8. Tax Benefits under Section 80C and 10(10)D of the Income Tax Act, 1961
  9. Protection to your family’s future

HDFC Life Single Premium Pension Super Plan

HDFC Life Single Premium Pension Super Plan from HDFC Life is a unit-linked single premium pension plan. it helps you protect your investments to live your retirement years peacefully. You can check the prominent features of this plan below.

  1. Policy term of 10 years
  2. Minimum single premium payment of 25,000 with no limit
  3. Maturity and death benefits
  4. Age at entry ranging from 40 to 75 years
  5. Tax Benefits under Income Tax Act, 1916

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