4 Best Single Premium Insurance Plans in India

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Single Premium Insurance Plans, India

In this article we discuss the various single premium insurance plans including the LIC single premium endowment plans so that you can invest in them and secure your future in the process.

When it comes to investment, the first name that strikes is that of the LIC (Life Insurance Corporation of India) Single Premium Endowment Plan. When it comes to the insurance industry of India, LIC happens to be among the most prominent names. For over 60 years the company has been serving the requirements of its customers. This single premium fulfills the role of providing life coverage along with being a prominent option for investment for policyholders who are looking to invest a lump sum in one go.

The single premium policy offers you several benefits. It offers you a maturity benefit whereby you get paid some money after the policy matures. As part of the maturity benefit, you also get a final bonus and a reversionary bonus along with the sum assured. The reversionary bonus is a part of the sum assured and the final bonus is paid when the policy term comes to an end. Apart from this, the plan offers your nominated beneficiaries a death benefit if you, unfortunately, breathe your last within the policy tenure.

However, your beneficiary would receive only the sum assured if you die before the risk started. If you die after the risk began the nominee would also get the bonuses that have accrued on the policy.

Top 4 Single Premium Insurance Plans in India

1. ICICI (Industrial Credit and Investment Corporation of India Bank) Pru Easy Retirement SP 

This is a great LIC single premium policy as well. The policy would help you build a retirement corpus as the name suggests. The best part is that you can do so in keeping with the risk appetite that you have in these cases. The plan offers a minimum assured benefit as well as an accumulated bonus in addition to the same. You can also use the top-up facility to invest more money into the policy as and when you want to.

So, if you are looking for an LIC single premium plan that lets you do so, you now know where you should be going to. Here you would also have the option of choosing between a couple of fund options – equity & related securities, and money market & debt. One of the biggest benefits of the plan is the assured benefit that you receive from the same, whereby you get 101% of the sum assured along with top-ups. If you want to increase the sum assured you can opt from the Easy Retirement Secure Fund and the Easy Retirement SP Balance Fund based on your requirement.

2. Kotak Single Invest Advantage 

Are you looking for a worthy LIC one-time premium policy? Then this is something that you can always try. It would offer you plenty of flexibility when it comes to choosing from the various funds that you have in the Indian financial market for investment. Once the policy crosses the 18-year mark you can get the money that you have built up in the same. It has some key features for sure. There are five various fund options that you can choose from in this case as the policyholder.

The single premium life insurance plan offers your nominees an accidental death benefit as well. This is in case you die within the policy coverage period. In this case, the beneficiary would be able to choose the higher amount from among the fund value, top-up sum assured, and 105% of the premiums. The policy also provides some great features such as systematic partial and partial withdrawals, a free look period of 15 days, and loyalty addition.

3. HDFC (Housing Development Finance Corporation) Life Click 2 Invest ULIP (Unit-Linked Insurance Policy)

This is regarded by many as the best LIC single premium endowment plan out there. This is because of the way it combines the advantages of investments with life insurance coverage. The plan has been designed in such a way that your investments can be maximized. At the same time, you also receive financial benefits when the plan matures. The nominees also get payouts in case you die while the policy is still covering you.

You also have around eight fund options that you can choose from depending on your risk appetite. So, if it suits you, you should choose this single premium policy. The policy offers you maturity benefits when the policy term comes to an end. However, you can also use the Settlement Option to redeem it over five years. In case of the death benefit, your chosen beneficiary can opt for the highest amount from among the fund value, the sum assured, and 105% of the premium paid on the policy. You can also surrender the policy after five years have passed on the same.

4. SBI Life Smart Wealth Assure 

This is easily a LIC single premium policy that you can choose if you want value for your money. This is especially so when you are looking for options where you can invest a lump sum and save the maximum money that you can in this context. There are two funds that you can choose from if you want to invest your money – a bond fund and an equity fund. As the policyholder, you can be sure that you would get the total fund value when the policy matures.

There are several other reasons why it is considered to be the finest LIC single premium plan out there. One of them is the choice that your nominated beneficiary has in terms of being considered eligible to be given the highest possible death benefit in case of your unfortunate demise within the policy coverage period. There are two options in this case – 105% of the total premium you have paid and the fund value net partial withdrawals. Also, the plan offers extra riders that offer the minimum coverage of 25,000 rupees. The maximum, in this case, is the higher amount between 50 lakhs and the sum assured.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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