HIGHLIGHTS
- One-Time Payment: Enjoy the convenience of a single premium payment with no recurring burden, ensuring hassle-free coverage.
- Flexible Coverage Options: Choose a plan duration that suits your needs, from fixed-term to whole-life coverage.
- Financial Security & Tax Benefits: Benefit from a guaranteed sum assured for dependents and tax deductions under Section 80C.
A larger sum promised than the premium amount is provided by the guaranteed death benefit.Financial Security: Guarantees that, in the event of the policyholder’s premature death, the dependents’ financial needs will be satisfied and tax Advantages
Section 80C: This section may allow for tax deductions for the premium paid.For those want to get life insurance coverage once and not worry about ongoing premiums, single-premium term life insurance plans are a great choice.
Table of Contents
Protect with HDFC Life Click 2
- Up to 85 years of age is covered.
- Flexibility: Provides life-stage benefits to boost coverage throughout significant life events.
- Premium: One payment in full.
- Extra Benefits: It is possible to add riders for disability, severe sickness, and accidental death.
- Advantages: Multiple payout options (lump sum, monthly, or mix).
- coverage that can be customized with top-up choices.
- Ideal For: People looking for all-inclusive coverage with more freedom.
- Ratio of Claim Settlement: 98.66% .
ICICI Prudential iProtect Smart
- Coverage: 99 years or more.
- Riders: Provides benefits for unintentional death, critical sickness, and terminal illness.
- Premium Payment: The possibility of a lapse is eliminated with a single payment.
- Benefits include complete protection and a high rate of claim settlement dependability.
- provides tax advantages under Sections 10(10D) and 80C.
- Ideal For: Individuals seeking a combination of long-term security and extra rider safety.
- 97.8% is the claim settlement ratio.
SBI Life eShield
- Up to 100 years are covered.
- Level cover, growing cover, and more possibilities for unintentional death are among the payout options.
- Premium Payment: One payment in advance.
- Benefits: Offers growth-linked life insurance solutions to meet more complex protection requirements.
- a solid claim settlement record and a very simple policy purchase process.
- Ideal For: Young professionals preparing to get inflation-adjusted insurance in the future.
- 97.09% is the claim settlement ratio.
LIC Tech Term Plan
- Coverage: The maximum age of coverage is 80 years.
- Premium Payment: A single premium ensures hassle-free coverage.
- Flexibility: A plan that offers only protection and no advantages for savings or maturity.
Advantages:
- LIC’s trusted reputation with extensive network support.
- Economical premiums with simple policy terms.
- Best For Those looking for a cost-effective, reliable plan without additional frills.
- Claim Settlement Ratio: 96.69%.
Tata AIA Sampoorna Raksha
- Coverage: 100 years of lifetime protection.
- Flexibility: For greater financial security, the premium option is offered again.
- Riders: Riders with disabilities and accidental deaths.
- Benefits include a customizable plan and the possibility of premium refunds after the term.
- outstanding customer service and a high claim settlement ratio.
- Suitable For People looking for a plan that covers savings and protection.
- 98.02% is the claim settlement ratio.
Smart Term Plan by Max Life
- Coverage: Various payout structures for up to 85 years.
- Premium Payment: Recurring payments are eliminated with a single premium.
- Flexibility: The premium option can be returned.
- Benefits include increased protection options, including higher life insurance.
- competitive rates for larger sums guaranteed.
- Ideal For: Families seeking optional returns and long-term financial stability.
- 99.34% is the claim settlement ratio.
Conclusion
People who have a lot of money and want to avoid making regular payments while yet receiving a guaranteed death benefit are the greatest candidates for these products. For the best single premium insurance plan SVZ Tech provides valid reviews and consultations. They are helpful for wealth preservation and estate planning because many also offer choices for cash value increase.
FAQS
What are the benefits of a single-life premium?
The financial strain of paying the premium throughout the course of the insurance term is reduced when it is paid all at once.
It eliminates the chance that your savings coverage may expire because you haven’t paid your regular premiums.
Is a single premium a whole life insurance?
With just one premium payment, this whole life insurance coverage offers lifetime protection. There won’t ever be any more fees needed. To put it another way, after one premium payment, it is “paid-up” and the insured has nothing left to pay for the remainder of their life.
What is the tax benefit of single term premium policy?
Up to Rs 1.5 lakhs can be deducted from life insurance premiums under Section 80C of the Act. The answer to the question of whether single-premium life insurance policies qualify for this deduction is that they do.
