Prices Increasing Soon
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. They are 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.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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.
Term Plans
With this type of 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 plan is just 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: 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 process is simple, so you don’t have to remember the premium payment due date.
No Fear of Policy Lapse: 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.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 10%#
Compare 40+ plans from 15 Insurers
Here are the single premium term plans available in India 2024:
| Name of the Insurer | Single Premium Term Insurance Plans in India 2024 | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*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 annual premium payment, you pay a set amount every year until the payment term ends. In contrast, single premium term insurance requires just one lump sum payment upfront, covering you for the entire term.
Single premium policies 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 insurance policy can secure your family's financial future with a one-time payment. Here’s how you can choose the single premium term plan:
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 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 to compare different single premium term insurance plans. Look for a plan that offers a high sum assured relative to the single premium you 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 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 policy that offers peace of mind and financial security for your loved ones.
†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
Annual Renewable Term Insurance (ATR) is tailored for short-term
Read more
The ICICI Pru iProtect Super Plan is a pure-term insurance plan
Read more
Many people wonder about its tax benefits when purchasing a term
Read more
Studying abroad can be a life-changing experience, offering
Read more
The divide between rural and urban lifestyles in Tamil Nadu is
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
