WHAT DOES SINGLE PREMIUM PLAN MEANS?
‘Single-Premium Life Insurance’ An insurance plan in which a lump sum of cash is paid up front to guarantee payment to beneficiaries.
HERE COMES BEST SINGLE PREMIUM PLANS:-
- SINGLE PREMIUM ENDOWMENT
Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lump sum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
- On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any. without interest.
- On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Bonuses and Final Additional Bonus, If any.
Maturity Benefit: Sum Assured, along with vested Simple Bonuses and Final Additional Bonus, if any, shall be payable.
Participation in profits: The policy shall participate in profits of the corporation and shall be entitled to receive simple bonuses declared as per the experience of the corporation.
Final Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the corporation from time to time.