5 Best Single-Premium Insurance Plans inwards India: A single insurance endowment plan is a one-time payment insurance policy that has been created for customers who orbit non desire to suffer the hassle of keeping a tab on the invention together with making regular periodic payments. This type of invention tin live termed equally a “fill it, close it, forget nearly it” type of policy. Here, yous construct 1 large payment, popular off the possessor of a single premium policy, together with so forget nearly it until the term of the policy expires.
When orbit yous actually require a unmarried premium policy?
There are a lot of life insurance agencies that furnish a unmarried insurance policy. Influenza A virus subtype H5N1 lot of us prefer making an investment when nosotros come upwardly across a large amount of money. This could come upwardly inwards the shape of a yearly bonus, an investment payout, or fifty-fifty a household unit of measurement inheritance. Influenza A virus subtype H5N1 large amount of coin comes equally a proficient investment chance together with a unmarried insurance invention is a proficient road to take. This tin likewise live used for availing taxation benefits when yous file your taxes towards the goal of the financial year. You are entitled to an exemption of upwardly to Rs.1.5 lakhs.
Also, the principal orbit goodness of a unmarried insurance invention is that yous orbit non guide hold to e'er worry nearly your policy getting lapsed. As a large unmarried amount has been paid equally a premium for the policy, the invention volition non require additional payments to live made towards the premium. As this is the case, yous volition non guide hold to e'er worry nearly the policy lapses due to a missed payment apart from other reasons.
Let us at 1 time accept a hold off at the operate yesteryear five unmarried insurance plans that are offered inwards India:
- LIC’s Jeevan Vriddhi: The Jeevan Vriddhi plan offered yesteryear LIC is a premium endowment invention that offers risk embrace which is a multiple of the premium that is chosen yesteryear you. This plans offers a release of benefits alongside Loyalty Addition together with Guaranteed Maturity Sum beingness the most evident ones.
| Time Period | 10 years |
| Entry Age Minimum-Maximum | 8-50 years |
| Sum Assured (Minimum) | Rs.1,50,000 |
| Sum Assured (Maximum) | Nil |
| Minimum Premium available | Rs.30,000 |
- Aegon Religare iMaximize Single-Premium Insurance Plan: Reap investment benefits yesteryear making a one-time payment for this plan. Aegon Religare iMaximize unmarried insurance plan provides iii unlike choices of investment funds that assist inwards maximizing your funds. There are no allotment charges together with thence at that spot are to a greater extent than funds that are made available for unlike investment purposes. You tin select to pick upwardly this investment invention when choosing a life insurance policy equally this invention doubles equally an insurance policy.
| Time Period | 5 or 10 years | |
| Entry Age Minimum-Maximum | 8-60 years | |
| Maturity Age Minimum-Maximum | 18-65 years | |
| Entry Age | Term of the Policy | |
| Available Policy Term | Equal or earlier 50 years | 10 years |
| Post 50 years | 5 years | |
| Lesser than 45 years | More than or equal to 45 years | |
| Minimum Sum that is assured | 125% of the unmarried premium | 110% of the unmarried premium |
| Minimum Premium | Rs.1,00,000 |
- ICICI Prudential iAssure Single-Premium Insurance Plan: This is a unmarried premium endowment plan. This invention is all nearly tradition together with does non guide hold whatever bonus facilities. This invention is similar to the other plans that are mentioned here. You are required to construct a one-time lump total payment that would allow the policy to popular off along for the entire tenure of the policy. A Guaranteed Maturity Benefit is provided to the policyholder at the goal of the tenure together with if the policyholder survives for the tenure of the policy. However, if the policyholder meets alongside an early on together with unforeseen death, so the nominee of the policyholder volition larn the higher value betwixt Guaranteed Maturity Benefit together with Sum Assured.
| Duration | 5 or 10 years | |
| Duration inwards years | Age inwards years | |
| Minimum Age | 5 | 13 |
| 10 | 8 | |
| Maximum entry age | 70 years | |
| Minimum entry age | 18 years | |
| Duration inwards years | Age inwards years | |
| Age at maturity | 5 | 75 |
| 10 | 80 | |
| Minimum total that is Assured | 125% of unmarried premium | |
| Age at entry | Sum that is assured | |
| Maximum total that is assured | Up to 55 years | 500% |
| 56-70 years | 125% | |
| Minimum Premiums | Rs.20,000 |
- Max New York SMART Steps Single-Premium Insurance Plan: This is an endowment plan that is aimed at making the lives of children a lot better. It is mainly aimed at planning together with providing for the financial needs of children.
| Life insured | Parent | |
| Age of the insured | 21-50 years | |
| Age of the child | 91 days-15 years | |
| Maximum Maturity (Life insured) | 60 years | |
| Minimum | Maximum | |
| The term of the policy | 10 years | 25 years |
| Band 1 | Band 2 | |
| Premium Bands | Rs.50,000-Rs.2,99,999 | Rs.3 lakhs together with above |
| The total that is assured | 5 times the Single Premium | |
| Minimum Premium | Rs.50,000 | |
| Charges for allocation | Depends on the premium construct that is chosen |
- HDFC Life Single Premium Pension Super: This is a ULIP policy that generates corpus over the term of the policy which would orbit a post-retirement income.
| Time period | 10 years | |
| Entry Age (Minimum) | 40 years | |
| Entry Age (Maximum) | 75 years | |
| Minimum | Maximum | |
| Maturity Age | 18 years | 65 years |
| Maturity Benefits | 101% of unmarried premium made |
Keep inwards hear that apart from financial stability, a unmarried premium invention likewise offers taxation benefits together with is entirely available inwards the outset year. You likewise ensure that yous are making usage of whatever lump total of coin that is lying some without simply letting it rot inwards your piggy bank. The release of unlike unmarried insurance plans offered yesteryear insurance agencies is never lacking. You tin likewise catch a policy aggregator website like bankbazaar.com to compare together with cheque unlike policies together with select 1 that matches your needs together with requirements perfectly.
