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Single Premium Term Insurance

The premium payment is an important feature of a term insurance plan. Regular term plans have an annual, quarterly and monthly payment policy, but you can also select single premium term insurance plans. With a single premium term insurance policy, one can get the choice to pay the premium amount for the whole term of policy at one time as a lump sum payment.

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Let’s discuss this plan in detail: 

What is a Single Premium Term Insurance Plan? 

Before discussing a single premium term insurance plan, it is imperative to understand what is term insurance plan? Term plan is the purest types of life insurance products where an insurer assures a pre-specified amount to be paid to the beneficiary/nominee in the unforeseen event of life assured’s demise on the condition that the life assured pays the premium amount on time. The payment of premium is a significant feature of a term insurance plan and you can also opt for single term plans. 

Single Premium Term Insurance Plan is a one-time insurance policy whereby the life assured has to make a single lump-sum payment to enjoy term cover for the whole tenure. This eliminates the requirement to pay periodic and regular premium, while still allowing you to have life insurance coverage under the term plan. With this type of insurance policy, you can easily purchase the plan without stressing about the policy lapsing due to non-payment of premium amounts. 

When Should You Buy a Single Premium Term Insurance Plan? 

Single Premium Term Insurance plan possesses a number of benefits. Purchasing this type of term insurance plan can be particularly beneficial when you face following situations: 

  1. If you have irregular income 

    Term plans in India are not specifically designed only for salaried individuals. So if you are an individual with inconsistent income, you possibly can get benefits from this term plan since you are not required to make premium payments regularly. 

  2. If your schedule is busy 

    With regular term insurance plans, you are required to pay premiums in a periodic manner, or on a monthly, quarterly, half-yearly, or yearly basis. A busy schedule makes it difficult to keep a track of the due dates for these premium payments. Single premium term insurance plans can be purchased easily without the risk of your term insurance policy lapse. 

  3. If you have a lump sum payment 

    Whether you get a lump sum amount as an inheritance, in a form of a bonus, or gains from your business, investing in this kind of term insurance policy is a great way to put your money to good use. 

What are the Benefits of Single Premium Term Insurance Plan? 

Following are some of the Single premium term insurance policy benefits: 

  1. It eliminates the chance of policy lapsing 

    In Single premium term insurance, you don’t have to stress about policy monitoring and making sure regular payments of premium. You only have to pay one time and the plan remains in force till the completion of the policy tenure. So, there is no chance of policy lapsing. 

  2. Stress-free life 

    The term policy makes sure that your loved ones remain financially safe even in case of your absence. By means of the premium amount paid as a lump sum payment, your family is protected from policy complexities. They only have to report a claim in the unforeseen event. A single premium term plan can be used as deposit in case you have opted for a loan as you form an asset when paying the premium amount for the plan.

  3. Tax Benefits

    Get the tax savings benefit for premiums paid u/s 80C of the Income Tax Act, 1961. Furthermore, death benefit, maturity benefit, and surrender benefit are entitled to tax benefits u/s 10(10D) of the ITA. These deductions are subject to the provisions mentioned in the Income Tax Act. 

Different types of Plans

Top 5 Single Premium Term Insurance Plans 

  1. LIC Jeevan Vriddhi 

    LIC Jeevan Vriddhi is a single premium term insurance plan in which the risk coverage is a multiple of premium selected by you. Also, the plan offers guaranteed maturity loyalty additions and a sum assured amount. 

    1. Key Features and Benefits of LIC Jeevan Vriddhi

      • Death Benefit: The basic sum assured i.e., 5 times the single premium excluding additional premium if any, shall be paid at the time of death. 

      • Maturity Benefit: The guaranteed maturity sum assured amount shall be payable along with the loyalty additions (if any). 

      • Loyalty Additions: Based on the experience of the corporation, the policy will be eligible for loyalty additions on maturity date at terms and rates decided by the corporation. 

    2. Eligibility Criteria of LIC Jeevan Vriddhi 

      Criteria  Minimum 
      Minimum Entry Age 8 years 
      Maximum Entry Age  50 years 
      Minimum Sum Assured 150,000/-
      Maximum Sum Assured No Limit
      Policy Term  10 years 
    Five things to know before buying Term Plan Five things to know before buying Term Plan
  2. Bajaj Allianz New Risk Care II 

    It is a non-participating term assurance policy that offers high insurance coverage at low premium rates. 

    1. Key Features and Benefits of Bajaj Allianz New Risk Care II

      • Options to enhance protection are available through additional rider benefits 

      • Rebates on premium amounts in case of high sum assured 

      • Option to surrender the policy in case of financial emergency, provided you have opted for single premium term insurance. 

      • Get tax benefits on premium paid and payouts received as per the prevailing laws of ITA, 1961. 

    2. Eligibility Criteria of Bajaj Allianz New Risk Care II

      Criteria  Minimum 
      Minimum Entry Age 8 years 
      Maximum Entry Age  60 years 
      Minimum Sum Assured 150,000/-
      Maximum Maturity Age  65 years 
      Maximum Sum Assured No Limit
      Policy Term  5 to 40 years 
      Sum Assured  Minimum – Rs. 2 Lacs  Maximum – No Limit 
  3. ICICI Pru iAssure Single Premium Plan 

    This plan provides a guaranteed sum at the last of the policy period by paying a premium amount only one time. It also offers life cover to take care of your family members in your absence. 

    1. Key features and benefits of ICICI Pru iAssure Single Premium Plan 

      • Pay premium only one time and get guaranteed benefits 

      • Get a life coverage of up to 500 percent of the premium to protect the future of your family 

      • In case of demise during the policy period, guaranteed maturity benefit or sum assured is provided, whichever is greater 

      • Tax benefits on the premiums paid as per the prevailing laws of ITA, 1961

      • Option to avail loan up to 80 percent under the plan once the plan has acquired a surrender value.

    2. Eligibility Criteria of ICICI Pru iAssure Single Premium Plan 

      Minimum Entry Age  8 years 
      Maximum Entry Age  70 years 
      Minimum Maturity Age  18 years 
      Maximum Maturity Age  80 years 
      Sum Assured  Minimum: 125% of single premium 
      Minimum Premium  Rs. 20000
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