Single Premium Policies in India
As the name refers to a single premium policy means individuals have to pay one-time premium rather regular premium payments. It is also known as fill it, shut it, forget about it. Means you will give large payment once for a while, then forget about the policy till the maturity period. Individuals will receive benefits like life coverage, financial security and savings by paying a one-time premium. Despite these benefits, they can also claim for the tax benefits under section 80C of the Income Tax Act, 1961.
Why Choose a Single Premium Policy?
There are many companies who are providing the best single premium policy. The reason for promoting a single premium policy is that when you invest a large amount of money you will receive a yearly bonus, maximum returns, and family inheritance. One of the best advantages of a single premium policy that you do not require to pay the additional amount at a regular interval of time all the formalities should be completed in the first time.
Best Single Premium Policies in India 2023
| Plans | Types | Entry Age | Policy Tenure | Premium |
|---|---|---|---|---|
| LIC Jeevan Vriddhi | Endowment Plan | Minimum-8 years Maximum-50 years | 10 years | 30,000 |
| Aviva Life Bond | ULIP | Minimum-18 years Maximum-65 years | 10 -73 years | 50,000-no limits |
| India First Smart Save Plan | ULIP | Minimum-18 years Maximum-60 years | 15 years | 45,000-no limits |
| HDFC Life Single Premium Pension Plan | Pension ULIP | Minimum-40 years Maximum-75 years | 10 years | 25,000 |
| ICICI Prudential iAssure Single Premium | Endowment | Minimum-8 years Maximum-70 years | 5 or 10 years | 20,000-no limits |
Top 5 Single Premium Policies in India 2023
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LIC Jeevan Vriddhi
When it comes to single premium policy people prefer LIC Jeevan Vridhi. This single premium policy LIC has trusted by millions of users. Right from the hassle-free procedure of investing money to the guaranteed sum assured at the maturity period. This policy is one of the renowned single premium policies in the market.
Key Features:
- After a year individuals can surrender the policy and get 90% of the single premium back.
- Individuals can avail the request for a loan against this policy.
- When the premium is greater than 1,00,000 insured can enjoy the extra liabilities.
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Aviva Life Bond Advantage
After single premium policy LIC, Aviva life bond advantage is the best. This single premium policy is a great value for money. Accidental death benefit attracts individuals to buy this single premium policy. In the event of the death of the insurer, beneficiaries will receive the assured amount after the maturity period.
Key Features:
- The insured can opt for withdrawal after the lock-in period of 5 years.
- The insured can receive loyalty addition if he runs a single premium policy for 10 years.
- Inbuilt accidental death benefit.
- This policy has 9 funds for investment.
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India First Smart Save Plan
India First has designed one of the best single premium policy plans by adding some innovation insurance products. This policy comes with the insurance plus Investment for wealth builder. It protects your money by switching your investment into other funds. An insured can avail the tax benefits under section 80C. In the event of death, the sum assured will be paid out to the beneficiaries after the maturity period.
Key Features:
- This single premium policy allows you to pay the one-time payment for 15 years.
- The minimum age to use this policy is 5 years and maximum of 60 years.
- The regular premium can be paid through 10, 15, 20 and 25 plan term.
- An individual can pay premium monthly, half-yearly and yearly.
- Save your investment through redirecting your investment from one fund to another fund.
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HDFC Life Single Premium Pension Saver
For the retirement of individuals, it is one of the best single premium policy. HDFC Life Single Premium Pension Saver is a Ulip Plan. It ensures high growth through investment and provides 101% of the sum of the premium. In the event of the death of the insured this company offers 105% of single premium paid to the beneficiaries.
Key Features:
- The minimum age to use this policy is 40 years and the maximum is 75 years.
- An insured can utilize entire corpus by purchasing annuity plan from the company
- In case, if an insured would not be pleased with this single premium policy he can cancel the policy within 15 days without paying any cancellation charges.
- An insured can surrender the policy after 5 years from the date he buys a policy.
- To increase the fund value individuals can use the top-up service which of 10,000.
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ICICI Pru iAssure Single Premium
This single premium policy offers high insurance cover at a one-time investment plan. In this policy the maturity amount is generated on the basis of age, gender, policy term, and sum assured. An insured will receive a sum assured of 125% of the single premium. However, if a policyholder dies, the sum assured will be guaranteed after the maturity period to the beneficiaries.
Key Features:
- Besides, life cover, this single policy also offer guaranteed maturity benefits.
- In case of death, the high sum assured will be paid to a nominee.
- The single policy tenure periods are 5 years and 10 years.
Final Say:
If you are looking for the best single premium policy. Then abovementioned single premium policies are ruling the market. Right from the flexible feature to maturity benefits, you can cater your financial requirements very easily. Hence, these are few of the best single premium policy in the market.
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