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Single Premium Term Life Insurance Plans in India

With the increase in the demand of customers, insurance companies are bringing a wide range of term insurance plans. Among the various term plans in India, the single premium term life insurance plan is one of the insurance products which can safeguard the future of your family and make sure that they fulfill their dreams. Let’s discuss the best 5 single premium term life insurance plans in India through which you can make an informed decision.

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What is a Single Premium Term Insurance Plan? 

A Single Premium Term 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 makes the premium payment easy for the policyholder and eliminates the need to pay premiums on a regular and periodic basis. 

With this type of insurance policy, you can simply buy the plan and relax, since you don’t have to panic about the lapsing of the policy because of non-payment of premiums. It is suggested to opt for a single premium term plan when you have an additional amount of money and you are looking out for the options to use it in a good way. On the contrary, if a person is not sure about meeting recurring demands of paying a premium, then also single premium term plan is just the right choice for them. 

Benefits of Single Premium Term Insurance Plans 

You can understand what is term insurance benefits for single premium term plans by taking a look at the following points:

  • Hassle-free plan as you do not have to make recurring premium payments every year or month 

  • Convenient to those individuals who have no steady income 

  • The process is hassle-free, so you don’t have to through the hassle of remembering the due date of the premium payment

  • No Worrying about policy lapsing or termination of policy with a single premium term plan 

  • Individuals who buy Single term plans can also avail of tax benefit 

  • These plans also come with the option of built-in features that increases the policy cover. 

Best Single Premium Term Life Insurance Plans in India

Here is the list of the best single premium term insurance plans in India. You can get an estimate of the premiums you would need to pay using the term insurance premium calculator:

  1. ICICI Pru iProtect Smart Term plan

    ICICI Pru iProtect Smart Term plan is suitable for young age professionals with dependent parents, working women, newly married, tax-payers, self-employed individuals, and SIP buyers. The plan provides 100 % payment in case of terminal illness and also offers the policyholder an option to get covered against 34 critical ailments. You can choose to receive an additional benefit in case of demise because of an accident. The main benefit of this plan is that the payout can either be a lump sum, income, or both as per your family’s needs. 

    Key Highlights of ICICI Pru iProtect Term Plan 

    • Increased Protection: provides coverage against terminal illness, disability, and death 

    • Comprehensive add-on benefit: Option to select accelerated critical illness and accidental death benefit 

    • Special rates of premium for non-smokers and non-tobacco consumers 

    • Payout options: Select to receive the payout in form of one time or monthly income for ten years or as a combination of both 

    • Flexibility in paying premium one-time, for a limited time, or throughout the plan tenure 

    • Tax savings benefits are available on premiums amount paid and payouts received as per the prevailing laws of the Income Tax Act (ITA), 1961. 

  2. Canara HSBC OBC iSelect Smart360 Term Plan 

    It is a complete protection term plan that fulfills your life goals with its coverages and benefits options. This plan would pay a lump sum payment or regular income at the covered events of the life assured. 

    Key Highlights of Canara HSBC OBC iSelect Smart360 Term Plan 

    • Insurance cover at 99 years of age 

    • Option to receive a return of full paid premium if no claims have been filed 

    • Child care benefits provide additional SA till the child reaches 21 years 

    • Option to increase the cover with accelerated terminal illness cover 

    • You can block your premium at starting of the policy and enhance cover up to 100% of base SA in the coming five years 

    • Tax Benefits are also available as per the prevailing laws of ITA, 1961

    Five things to know before buying Term Plan Five things to know before buying Term Plan
  3. Bajaj Allianz Life Smart Protect Goal 

    Bajaj Allianz Life Smart Protect Goal is a pure term policy with different options that makes financial protection more wide-ranging. Apart from the insurance cover, it also offers a return of premiums, health protection, and other options through riders.

    Key Highlights of Bajaj Allianz Life Smart Protect Goal 

    The plan provides comprehensive insurance coverage with a number of unique features 

    • Option to select Return of Premium (ROP) in form of maturity benefit payout

    • Option to select whole life cover up to 99 years of age 

    • Additional coverage to select from: Critical Illness Benefit 

    • Benefit of an Accidental Total and Permanent Disability 

    • Critical Illness Cover 

    • Flexibility to avail of Single/Limited/Regular premium

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