1 / 5

Explore Single Premium Policy: Benefits and Considerations

Single Premium Policy offers coverage for a term by paying the full premium upfront when purchasing the policy. Learn about the benefits of single premium term plan @HDFC Life

Vinit7
Download Presentation

Explore Single Premium Policy: Benefits and Considerations

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Single Premium Term Plan

  2. Single Premium Term Insurance: Things you need to know Life is indeed unpredictable. The COVID 19 pandemic has taught us the hard way, how important it is to stay prepared for uncertainties. While this has resulted in a rising demand for term insurance, there are several applicants who seek flexibility in premium payments as well. Consequently, the single premium term plan has become a preferred choice for many, especially for the youth who haven’t yet got into the habit of regular savings and investment.

  3. What is single premium term insurance?  Single premium term insurance is a life insurance plan that requires paying the total premium in one go and keeping the policy in operation till maturity. The policy, like regular term insurance, offers death benefits to the policyholder’s family in case he/she dies within the policy term but offers tax benefits subject to certain limitations. Single premium term insurance is usually a short-term policy that is designed to save families  from risks for short period of term, for example 5 years or 10 year and offers a life cover to those who don’t want  to enter into a long-term  premium payment schedule, seeking temporary measures instead.

  4. Benefits of single premium term insurance Following are the advantages offered by single premium term insurance. Hassle-free payment: This policy requires paying the premium only for one time and thus saves the policyholder from remembering the payment schedule and from the hassles of missing the dates. Higher flexibility:Single premium term insurances are more flexible compared to their traditional counterparts. You can choose the length of the term , coverage amount, and other features to create a policy that is best suited to your requirements as per the terms and condition of the product that offers by the insurers. Death benefit: The policyholder’s family receives a lump sum death benefit if the life assured dies within the policy term.

  5. Thank You

More Related