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Single Premium Life Insurance Plan

Single premium life insurance is a life insurance plan in which, instead of paying the premiums regularly for the entire or limited policy term, the policyholder pays the complete premium for the policy in one go. This single premium policy offers your family financial stability in your absence and helps build wealth for the future within the same plan. Let’s understand what is single premium policy and how this plan works in detail:

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What is Single Premium Life Insurance? 

A single premium life insurance is a type of life insurance plan in which the policyholder has to make the premium payment for the entire policy term in a single go. This plan takes away the stress of making regular payments on time. Compared to a regular or traditional premium plan where you are required to pay premium amounts at periodic time intervals, this is a 1-time solution of payment for those individuals who don’t want to get into the stress of paying a premium regularly. These plans also remove the stress of policy lapse due to non-payment of premiums. After paying the premium all at once, the policy will cover you until the end of the term. 

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When Should You Purchase a Single Premium Policy? 

Most individuals prefer to purchase a single premium life insurance plan when they have a lump sum amount with them. It might be a heavy tax fund, a gift in cash from a relative as an inheritance, or some gains or bonuses in businesses. If you do not want to spend this amount now and are distrustful of investing the amount in the markets, you can choose a one time premium policy.

Who Should Buy Single Life Insurance Plans? 

  • Those who have or suddenly come into a large pool of cash because of an inheritance or similar things 

  • Businessmen who have made irregular profits in 1 year 

  • Since a life insurance plan is a long-tenure product, those who don’t have an assured income source and thus may not be able to pay regular amounts of premium every year may choose single premium plans. For example, freelancers, and consultants get to pay for work or assignments for a short term on a contract basis. 

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How Does Single Premium Life Insurance Work? 

As we have discussed, the single premium policy meaning and who should buy this plan. Let us understand how this plan works with the help of an example: 

Shyam is a non-smoking 30 year old male who wants to secure his wife’s post-retirement life. He buys a 1 Crore term life insurance to cover him till 99/100 years and pays the entire premium amount in one go. This ensures his family’s financial security as in case of his unfortunate death before he turns 99/100 years, his family will receive the entire 1 Crore amount to take care of their financial needs.

* You can use a life insurance calculator to check the premium amount you would need to pay for your desired life insurance plan.

What are the Benefits of a Single Premium Life Insurance?

Here is a list of all the benefits of buying a single premium life insurance plan in India:

  • Family’s Financial Security: These plans provide financial security to your family by providing them with the death benefit in the event of the policyholder’s untimely death.

  • Create Wealth for Future: With the one time premium policy, you can invest in market-linked or other saving plans that help you build a corpus in the long run. Once the policy matures, you can claim the maturity amount and use it to fulfill your financial goals.

  • Removes Stress of Policy Lapse: You do not have to stress about the plan getting lapsed due to non-payment of premiums. 

  • No Hassle of Premium Payments: Once the premium amount is paid, the single premium life insurance is applicable until the last of the policy term, unlike a regular term plan where you must pay premium amounts on an annual, half-yearly, quarterly, or monthly basis. 

  • Helps Save on Yearly Taxes: The tax savings benefit is the same as a regular term plan. This simply means that the premium amount is eligible for a deduction on tax u/s 80C of the ITA, 1961, while the death benefit is exempted u/s 10D of ITA. 

Note: Know what is term life policy first and then buy a term plan for your loved ones.

Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

What are the Points to Consider Before Buying a Single Premium Life Insurance Plan?

So, before buying the life insurance single premium plans, you should consider the following points: 

  • Premium of the Policy: You should check and compare the premiums of the most suitable life insurance single premium plans, to ensure that the plan fits within your budget. To further save on premiums, you should buy the plan as early as possible, as the premiums increase with age and deteriorating health conditions.  

  • Choose Payout Options: Most insurers offer the option of choosing the benefit payout as well. You can choose if you want to receive the benefit as a lump sum, monthly income, increasing monthly income, or a combination of both lump sum and monthly income.

  • Tax Benefits: You can claim life insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961. 

Wrapping It Up!

You can choose a single premium life insurance plan that meets your investment needs if you have a lump sum amount and want to secure your loved ones. A single premium term plan allows you to pay a premium for a life cover at once and also offers tax benefits. Before buying a plan, you should compare and select the most suitable plan on the basis of their premiums, CSR, and other benefits.

Note: Check out the best term insurance policy in India and choose one that suits your requirements.

Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.

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