List of 7 Best Single Premium Policies in India for 2021
A single premium policy helps you cover your life insurance needs for the rest of your lifetime. It grants you security for the future. A Single Premium Life Cover plan is akin to a traditional Life Insurance plan except that you need to pay the entire premium at one time. As such, this kind of policy is also known as All-in-one Single Premium Policy. It makes it easy to plan for your family’s future. You can use it as a gift for your loved ones, so the policy is made available to the insured at any time according to their needs.
These policies can prove to be expensive if compared to regular plans. It is costly because the premium paid once for the policy is locked in for years henceforth. We have done the research and are listing the best single premium investment plan in India to help you make a decision faster than ever.
List of 7 Best Single Premium Policies in India you should buy in 2021
- Aviva Life Bond Advantage
- Bajaj Allianz New Risk Care II
- LIC Jeevan Vriddhi
- HDFC Life Single Premium Pension Super
- ICICI Prudential iAssure Single Premium
- IndiaFirst Smart Save Plan
- Max New York SMART Steps Premium
1. Aviva Life Bond Advantage
This plan is advertised as India’s most flexible ULIP. The policy gives you greater flexibility by offering many options to customize and providing a wide variety of features. With premiums starting at just Rs 50,000, Life Bond Advantage is just what you need when it comes to affordable options. The plan contains inbuilt Accidental Death Benefit, top-ups to earn more life cover every year of up to Rs 25 lakhs, and loyalty additions (4% of fund value) on staying invested for 10 years.
2. Bajaj Allianz New Risk Care II
If you are looking for a pure term insurance plan, then the New Risk Care II term plan is the best single premium term insurance for you. This single premium term plan is designed to protect your loved ones after your demise by providing maturity benefits. Since the one-time premium payment term insurance rates are calculated based on the policyholder’s sum assured, this plan is an ideal choice for those who prefer to opt for higher sum assured plans with loaded features.
3. LIC Jeevan Vriddhi
LIC leads the pack in the case of single premium policies. With its Jeevan Vriddhi plan, you start with a minimum of Rs 50,000 and get an assured maturity sum, depending on the single premium paid and your age at entry. It is one product that helps ensure a secure retirement. This plan can be classified under income builder plans which are primarily designed to meet the specific requirements of the policyholder. The plan offers guaranteed returns with regular income from savings and maturity benefits. In addition, you can also take a loan up to 90% of the maturity value at reduced interest rates. Above all, the LIC brand itself is enough to make people gravitate towards this product, one of the most significant advantages of this policy.
4. HDFC Life Single Premium Pension Super
The best of both worlds – a hybrid mix of the idea of a pension plan and ULIP – this option gives you a higher benefit! The premium paid for this plan acts as a sort of guarantee against a future hike in premium due to adverse market conditions. In 5 years, you may also surrender the policy and get back the premiums you paid. In the top-up option, you choose how much you’d like to add every year, from a minimum of Rs 10,000. The invested amount is diversified in an appropriate way which optimizes your returns. The funds are kept in a mix of equity and debt instruments, and hence there’s no risk of losing money.
5. ICICI Prudential iAssure Single Premium
iAssure Premium is a simple and affordable life insurance product that provides adequate protection and offers tax-free returns. You can also avail of many attractive benefits such as guaranteed maturity benefits that the plan provides, the option to decide on your death benefit, and tax-free accumulation. While the maximum coverage increase is 500% of the sum insured, the minimum coverage increase is 125%. One may refer to the policy prospectus to understand more on this single premium plan from the house of ICICI prudential.
6. IndiaFirst Smart Save Plan
IndiaFirst has designed Smart Save, a new policy plan in a unique way that the plan boasts of many features that make it a savings and an insurance product. While the policy Life provides coverage in case of the life assured’s untimely death, it is also possible to protect your accumulated savings by transferring your investments into a liquid fund over the last 3 years of the plan. Under this policy, policyholders are given a choice to choose between four unit-linked funds to invest in. You may use this policy to invest in an insurance policy that can bring you long-term security. The investment can be enjoyed with different growth potentials, or you can choose to invest in just one of them. The insured can allocate the amount proportionately among these funds and benefit from the freedom of switching from one fund to another. Smart Save policy can be availed by anyone with a minimum age of 5 years and maximum age of 65 years.
7. Max New York SMART Steps Premium
A Child ULIP is one of the best policy options to secure an enlightened future for your child. The premiums you pay will secure lifelong regular maturity benefits as well as death benefits along with tax benefits up to a certain amount. The policy offers a handsome return, starting with a minimum sum assured, making it affordable for anyone to own the policy. This means you get immediate support if something unexpected happens to you.
At first, choosing an insurance plan can be overwhelming with too many options to ponder, but deciding whether to buy a single premium or regular annuity policy and whether to opt for maturity benefit can help you zero in on the best of the best policies. While the decision to choose the desired policy is yours, the above list could help you in taking the first step towards financial planning.
