Find your suitable insurance plan
1946
4 min read
Insurance policies are vital when planning for the financial future of your family. Apart from health insurance policies, there are also life insurance products that can help customers deal with unforeseen losses. There are many options available to modern policy buyers when it comes to buying a life insurance policy, and one of the most straightforward policy types is the single premium policy. There are many benefits that customers can have by investing in a single premium life insurance policy. Let us take a closer look and better understand this single premium policy type.
Single Premium Insurance plans also known as one time premium policy are life insurance investment options in India that remains popular among people who do not have a constant stream of steady income. If you are wondering “what is a single premium policy” here is a quick explanation. In a single premium insurance policy, the customer makes only one lump-sum premium payment as compared to periodic premium payments to the insurance company. During the entire single premium policy term, there is no need to make any additional payments to reap the regular plan benefits such as life cover, and maturity amount.
Here are some of the best single premium investment plans in India that you can consider to reap some of the best benefits.
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| Company Name | Single Premium Policy Name | Policy Term (in years) | Minimum Entry Age | Maturity Age | Minimum Premiun (INR) | Sum Assured | Claim Ratio |
| ICICI Prudential Life Insurance | ICICI Pru iAssure Single Premium | 5 or 10 years | 13 years for 5 years duration; 8 years for 10 years duration | 18 – 75,80 years depending upon the duration | INR 20,000 | 125% of single premium | 97.8% |
| HDFC Life Insurance | HDFC Life Single Premium Pension Super | 10 years | 40 years | 18 – 65 years | – | 101% of single premium | 98.66% |
| Max Life Insurance | Max New York SMART Steps Single Premium | 10-25 years | 21 years (age of the life insured)
91 days (age of the child) |
60 years (life insured) | INR 50,000 (Band 1)
INR 3,00,000 (Band 2) |
Single premium X 5 | 99.34% |
| Aegon Life Insurance | Aegon Religare iMaximize Single Premium Insurance Plan | 5 or 10 years | 8 years | 18-65 years | INR 1,00,000 | 125% of the single premium (below 45 years)
110% of the single premium (more than 45 years) |
99.25% |
One of the best single premium policy in India is ICICI Pru iAssure Single Premium. This insurance plan is non-participating and assures guaranteed returns. On buying this plan, you get life insurance coverage which will help your family to take care of their expenses after your demise. The duration of this plan is 5 or 10 years. For a duration of 5 years, the minimum entry age is 13 years; and for a duration of 10 years, the minimum entry age is 8 years. The maximum entry age for both the duration is 70 years. The minimum maturity age is 18 years. The maximum maturity age for a duration of 5 years is 75 years; and for a duration of 10 years, the maximum age should be 80 years. The minimum premium you can pay is INR 20,000.
The HDFC Life Single Premium Pension plan is a ULIP investment plan that enables the policyholders to create a corpus in the policy tenure that can help produce post-retirement income. The minimum entry age for the plan is 40 years while the maximum is 75 years. As the maturity age of this single premium investment plan is concerned, the minimum is 18 years and the maximum is 65 years. The duration of the plan is 10 years. The maturity benefit is 101% of a single premium.
Max New York SMART Steps Single Premium is basically a ULIP Plan. The plan is designed in a way that meets the needs of a child’s future. The age of the child can be between 91 days and 15 years. The age of the life insured, who is a parent, should be between 21 and 50 years. The maximum maturity age of the life insured is 60 years. While the minimum policy term is 10 years, the maximum is 25 years. As the premium bands are concerned, there are two bands. The minimum premium to be paid is INR 50,000. The sum assured is five times of single premium plan.
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Aegon Religare iMaximize plan is basically an online plan. It is unit-linked, non-participating, and offers the facility of single premium payment. This is an excellent plan to create wealth and at the same time, it also offers life insurance coverage. It comes with three types of investment funds. The duration of the plan is 5 years or 10 years. The entry age is 8-60 years. The maturity age is 18-65 years.
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These one-time insurance policies help you reap the benefits of the life insurance policy while putting away any obligation of recurring premium payments. This makes these single premium plans a great option for business owners, freelancers, and other professionals who do not have a steady income. Do explore all the features of one premium policies to learn how can you make the best investment decisions.
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A single premium plan means that throughout the policy term there is only one lump-sum payment of premium that needs to be made, at the initiation of the policy. All the benefits of the policy remain identical to other life insurance plans.
In a single premium plan, the entire premium of the policy is paid in a single lump-sum payment with no need for subsequent monthly, quarterly, or yearly payments to be made.
The maximum tenure of the single premium life insurance plan is 10 years. After that, the policy can be refreshed subject to the availability of the plan with the insurer.
Some of the best single-premium life insurance plans available in India are ICICI Pru iAssure Single Premium, HDFC Life Single Premium Pension Super, Max New York SMART Steps Single Premium, and Aegon Life iReturn Insurance Plan.
We should always consider the claim settlement ratio when selecting a single premium life insurance plan, as you can easily estimate the successful settlement of a life insurance claim if submitted.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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