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Single premium term insurance plans are regular term plans in which all the premiums are paid in one lump sum at the time of buying the policy. These plans remove the hassle of having to remember the premium due date and make timely premium payments. These one time payment term insurance are best suited for individuals who have a large amount of money at their disposal and want to secure the financial stability of their loved ones at affordable prices.
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A Single Premium Term Life Insurance plan is a special type of term insurance in which a policyholder is required to pay a full premium only one-time at the time of buying the policy, in exchange for life cover. This is different to a regular premium payment plans, as there you would have to pay premiums regularly to keep the plan active.
The single premium term insurance payment makes it easy for the policyholder to get covered for the entire policy term without worrying about missing premium payments and ultimate policy lapses.
Term Plans
With this type of term insurance policy, you can simply buy the plan and relax since you don’t have to worry about policy lapse due to the non-payment of premiums. It is suggested that you opt for a single premium term plan when you have an additional amount of money and are looking for the right insurance options to secure your family at affordable premiums. On the contrary, if a person is not sure about meeting the recurring demands of paying a premium, then a single premium term life insurance plan might be the right choice.
You can understand what is term insurance benefits for single premium term plans by taking a look at the following points:
No Regular Premium Payments: The payment for the one time payment term insurance is hassle-free plan as you do not have to make recurring premium payments yearly or monthly.
Affordable Plans: While the premiums for a single premium term plan may be higher than those of a regular term plan, they are much more affordable than those of any other type of life insurance policy.
Removes Hassles: The single premium term life insurance payment process is simple, so you don’t have to remember the premium payment due date.
No Fear of Policy Lapse: With the one time payment term insurance, there is no worrying about policy lapsing or termination of policy with a single premium term plan.
Tax Benefits: You can claim term insurance tax benefits as per the prevailing tax laws with the single premium term insurance.
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Here are the single premium term plans available in India 2025:
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
* You can estimate the premiums you would need to pay using the term insurance premium calculator in India.
The difference between annual premium payment and single premium term insurance is simple. With an annual premium payment, you pay a set amount every year until the payment term ends. In contrast, single premium term life insurance requires just one lump sum payment upfront, covering you for the entire term.
One time payment term insurance offer convenience as you only pay once, eliminating the need to remember annual payments and reducing the risk of policy lapses. Compared to regular or limited pay plans, this can be a hassle-free option, where missing payments can lead to policy termination.
Single premium term insurance offers various benefits and is ideal for individuals in specific situations:
A single premium term plan is a great option if your income is not stable, like a freelancer or businessperson. By making a one-time payment, you won't have to worry about regular premium payments during times when your income might be lower or unpredictable.
For those with hectic lifestyles, keeping track of regular premium payments can be challenging. A single premium term plan eliminates the hassle of remembering due dates and the risk of policy lapses due to missed payments.
If you receive a lump sum, such as an inheritance, a bonus, or profits from a business, buying a single premium term plan is a smart way to use that money. This approach not only keeps the lump sum amount from sitting idle but also provides life insurance coverage to secure your family's future.
Selecting the right single premium term life insurance policy can secure your family's financial future with a one-time payment. Here’s how you can choose the best one time payment term insurance:
Start by assessing your financial obligations, such as loans, children's education, and living expenses. Choose a sum assured that will cover these needs to ensure your family’s financial security.
Choose a policy term for your one time payment term insurance that meets your long-term goals. Consider how long your dependents will need financial support, and select a tenure that provides adequate coverage.
Use online tools like term insurance calculator to compare different single premium term insurance premiums. Look for a plan that offers a high sum assured, more benefits, and suitable features for the one time payment term insurance premium will pay.
Opt for insurers with a high claim settlement ratio. This indicates reliability and a good track record of paying out claims, which is important for your beneficiaries.
Consider policies that offer useful features and term insurance benefits like accidental death benefits, critical illness cover, or the return of premium options. Choose the features that meet your needs.
Choosing a single premium term insurance plan involves understanding your financial needs, comparing options, and selecting a trusted insurer. With careful consideration, you can find a one time payment term insurance that offers peace of mind and financial security for your loved ones.
Note: Check all the best term insurance plan in India.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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