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Among the different term insurance plans available in India, single premium term life insurance is one such product that helps secure your family’s future and ensure that they meet their life objectives. Read on to know more about its benefits, what is the right time to opt for them and how to calculate the premiums using a Single premium term life insurance calculator.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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A Single premium term-life insurance plan is an insurance product in which you are required to pay a one-time premium amount in return for life insurance coverage. This eradicates the requirement to pay regular and periodic premiums while allowing you to have a life cover under the term plan.
In a single premium policy, you are only required to pay once during the whole policy term and you can enjoy unique benefits. With this plan, you can easily buy the policy and need not worry about lapsing of policy because of non-payment of premiums. The tax benefits are also available for the premium paid under section 80C and for maturity, death, and surrender benefit u/s 10(10D) of the Income Tax Act, 1961.
A single premium term life insurance plan is suitable for those who are having a surplus of money and looking to put it to some good use.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
The single premium policy is hassle-free as you are not required to make repeated payments each month or year
No chance of policy lapsing
Beneficial to people having no steady income flow
Single-Premium Term Life Insurance calculators help you calculate the premiums you will be needed to pay to receive a certain sum assured from your term plan. This easy-to-use tool can greatly assist the process of financial planning by helping you in assessing the premium, coverage, and the policy tenure right for you and your financial requirements.
Determining the life cover amount manually takes a lot of time and there is always a possibility of miscalculation. You just have to enter the required details and the calculator will provide you with the results in less than 2 minutes. After selecting a plan, you can easily buy it online.
It allows you to compare different single premium policies offered by different insurers on a single platform. You can choose the one that is right for you.
Companies offer exciting discounts to buyers who purchase insurance through online medium. So, once the calculator shows the right plan options, compare them and buy a suitable plan to save money.
Single-Premium Term Life Insurance Calculator provides you a clear idea of the premium amount that one needs to pay in return for the coverage they look for.
There are a number of things to consider before investing in a single premium term life insurance such as the premium amount charged towards the plan, age, lifestyle, income. Follow the below steps to get an accurate calculation of how much premium amount you should be paying:
Enter Personal details such as gender, name, birth date, annual income, contact details, city, lifestyle habits i.e., smoker/non-smoker.
Then, enter the amount of life cover or the sum assured you want for your loved ones/beneficiaries to receive from your plan.
Click on the displayed option to know the premium
Select the coverage duration
The Single Premium Term Life Insurance Calculator will then suggest plans with different premium rates in relation to the information provided by you.
Choose the plan that is right for you and proceed to buy it.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Gender: As per the researchers, women have a large life expectancy as compared to men. So, the women buying a policy is less expensive when compared to men of the same age.
Age: Age is the important factor that a single premium term life insurance calculator takes into consideration because age indicates health and life expectancy. People at a young age are expected to live longer which is why the premiums are low as compared to older people.
Policy Term: The longer you want to cover continue, the extra premium of later years will roll over to your present year.
Lifestyle habits: Lifestyle habits like drinking and smoking will increase your term insurance quotes by a substantial amount because regular consumption of alcohol and tobacco has been found to decrease life expectancy through illnesses, which might result in death.
Occupation: People who work in a hazardous environment will usually receive high quotes as compared to people working in jobs with less stress.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜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
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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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