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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:
Term Plans
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.
Note: Now that you know that what is Single Premium Term Insurance Plan, you should also get to know about what is term insurance to buy a term plan for your loved ones.
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:
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.
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.
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.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
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Following are some of the Single premium term insurance policy benefits:
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.
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.
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.
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.
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.
| 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 |
It is a non-participating term assurance policy that offers high insurance coverage at low premium rates.
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.
| 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 |
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.
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.
| 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 |
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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
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