Best Single Premium Insurance Plans to invest
Some of you would have got bored to see regular insurance plans. If you have got sum lumpsum money either due to incentives or bonus or through FD maturity, you would like to invest in Single Premium Insurance Plans, then this article is for you. In this article, I would review some of the best single premium insurance plans in India which offers highest returns, zero or less premium allocation charges and with maximum benefits. Which are the Top Single Premium Insurance Plans to invest now?
Why to consider Single Premium Insurance Plans?
There are several reasons why individuals want to invest in single premium insurance plans.
- In this fast pace world, difficult to track and pay premiums on time.
- You would like to invest in insurance products when you get some lump sum amounts by way of bonus or annual performance pay or incentives etc.
- Do not like to consider / invest in insurance every year.
I have picked up a few single premium insurance plans which are offering highest returns along with maximum benefits.
Also Read: Aegon Religare iSpouse Term Plan – Should you opt for it?
5 Best Single Premium Insurance Plans to invest
1) Reliance Life Guaranteed Maturity Insurance Plan
This single premium plan offers several benefits along with double your money.
- This is single premium ULIP plan.
- Tenure of the plan is 10 years.
- Guarantees to double your money in 10 years.
- Scope for upside as it is marked linked plan.
- It comes with zero premium allocation charges.
- You can withdraw your money from this plan after 5 years with certain conditions.
- Minimum age of entry is 8 years and maximum age of entry is 50 years.
- Minimum Single Premium is ₹ 5,000 (one time)
- Maximum Single Premium No limit.
- Minimum Sum Assured is 5 times of single premium paid for first year and 1.25 times from second year onwards. Maximum Sum Assured is 5 times of single premium paid for first year and 1.25 times from second year onwards for < 49 years of age and 1.1 times from second year if you are > 49 years of age.
- Guaranteed Maturity Value is 2 times of Single Premium. Means your money would be doubled in 10 years on maturity. This works out to 6% minimum guaranteed returns. There could be upside in your returns as it invests in various funds depending on your risk appetite.
- Product brochure of Reliange Life Guaranteed Maturity plan can be downloaded here.
2) Future Generali Pramukh Nivesh ULIP Plan
This single premium plan offers several benefits along with zero allocation charges.
- This is single premium ULIP plan.
- Tenure of the plan is 5 to 20 years.
- It comes with zero premium allocation charges.
- 1% is charged as policy administration charges for the maximum of ₹ 6,000 for first year.
- It offers choice to invest in 6 different funds to match your risk appetite.
- Offers liquidity through partial withdrawals after 5 years of lock-in period.
- Scope for upside in fund value as it is marked linked plan.
- Minimum age of entry is 7 years and maximum age of entry is 70 years.
- Minimum Single Premium is ₹ 50,000 (one time)
- Maximum Single Premium No limit.
- Minimum Sum Assured is 1.25 times of single premium. Maximum Sum Assured is 5 times of single premium paid till the policy holder attains 49 years and from 50 years, it would be 3 times of single premium and after 55 years, it would be 1.25 times of single premium.
- Since it offers 6 funds of choice which would be under debt funds to equity funds category, you may expect 6% to 10% annualized returns.
- Product brochure of Future Generali Pramukh Nivesh can be downloaded here.
Also Read: What are Unit Linked Insurance Plans (ULIP's) in India?
3) LIC Jeevan Vriddhi Single Premium plan
This is a single premium plan from LIC which offers 6% to 8% returns.
- Risk cover would be multiples of premium chosen by you.
- Policy can be surrendered after first year where 90% of premium paid would be returned.
- Tenure of the plan is 10 years, however policy can be surrendered after 1 year.
- Minimum age of entry is 8 years and maximum age of entry is 50 years.
- Minimum Single Premium is ₹ ?? (one time)
- Maximum Single Premium No limit.
- Minimum Sum Assured is ₹ 1.5 Lakhs
- As reviewed by TFL Guide earlier, it offers 6.8% guaranteed returns and 8.12% of non guaranteed returns.
4) ICICI Pru iAssure Single Premium plan
This is non participating single premium plan which offers assured guaranteed returns along with life cover to nominee after your death.
- This is single premium non participating plan.
- Tenure of the plan is 5 to 10 years.
- Minimum age of entry is 13 years.
- Minimum Single Premium is ₹ 20,000 (one time)
- Maximum Single Premium No limit.
- Minimum Sum Assured is 125% of single premium. Maximum Sum Assured is 500% of single premium paid till the policy holder attains 55 years. After 55 years, max sum assured would be 125% of single premium.
- Guaranteed maturity benefit depends on age, gender, preium paid along with life coverage.
- In case policy holder dies, highest of guaranteed maturity benefit or sum assured would be paid to nominee.
- You can expect 6% to 8% returns from this single premium plan. Product brochure of ICICI Pru iAssure Plan can be downloaded here.
5) Aegon Religare iMaximize Single Premium Plan
This is a ULIP plan comes with several benefits.
- This is single premium ULIP Plan.
- Tenure of the plan is 10 to 15 years (10 years for < 50 years of age and 15 years for >=50 years of age)
- It comes with zero premium allocation charges.
- It offers choice to invest in 3 different funds to match your risk appetite. Secure fund for low risk profile investors, debt fund for medium risk profile investors and blue chip equity fund for high risk profile investors.
- Scope for upside in fund value as it is marked linked plan.
- Minimum age of entry is 8 years to 60 years.
- Minimum Single Premium is ₹ 100,000 (one time)
- Maximum Single Premium No limit.
- Minimum Sum Assured is 125% times of single premium till 45 years of age and 110% of > 45 years of age. Maximum Sum Assured is 10 times of single premium paid till the policy holder attains 35 years. After 35 years, max sum assured would be same as minium sum assured only.
- Maturity value would be fund value. You can expect 6% to 10% of returns depending on the fund chosen by you.
- Partial withdrawals available after 5 years period.
Also Read: Edelweiss Tokio launches Criticare+ which covers 17 Critical illness diseases
Illustration indicating on how this plan works
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Suresh
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LIC Jeevan Utkarsh (Table No. 846) is a single premium with 12 years fixed maturity term On completion of 12 years term,
maturity will be Sum Assured + Loyalty Addition (LA) and in case of death during the policy term,
10 times single premium (excluding rider premium and GST) + Loyalty Addition (LA) (if any) will b
so if policyholde
Key Features
High Risk Cover (10 times of Single Premium)
5,10 or 15 years settlement option
Premium paid is eligible for rebate under 80(C)
Maturity amount will be tax free under 10(10D)
Maturity Benefits
On survival of policy holder i.e. completion of 12 year term, maturity will be Sum Assured + Loyalty Addition.
Death benefits
On death during First Five Years of the policy:
If Death happens before 8 years of Age, then death claim amount will be single premium (excluding Rider premium and GST) without any interest.
If Death happens after 8 years of age, then death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).
On death after 5 years of the policy and before maturity:
Death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.
Note: 8 Years is minimum age of risk commencement under this policy and Loyalty Addition is applicable only after 5 years of successful policy term.
Should you have any comments or queries please do not hesitates to contact.
Thanks and regards
PramodTiwari
Senior Insurance Advisor (Lic of india)
Branch Office: 310, Oriental Annexe 1st and 2nd floor, 86, Janpath, New Delhi – 110001
Satellite Office: 310 (SO), Plot No. 32, DDA Community Centre, Rani Bagh (Behind M2K Pitam Pura), Delhi – 110034
Mobile-09310467871
09650941046
Email pr*************@ya***.com">-pr*************@ya***.com
I want one time investment plan for my Daughters so that after 10 Years she would get Good amount.
if you want to invest just purchase some good bank shares .i will get good returns after 7 to 8 years
My father in law wants to give 2 lac as gift to my wife.i want to invest it in as a one time premium plan.Plz guide which is best plan for her.She is 40 yrs of age.If I go for jeevan vriddhi LIC plan,will i be able to get tax benefit in her ITR.(every year or after 10 yrs of policy)Also ow will tax benefit calculated?Will I have to show 2 lac amount in her latest ITR or can I show it after maturity of jeevan vriddhi i.e after 10 yrs
pls help me with one time investment for girl child
please tell me gilrs child plan one time envesment
Can I get a one time premium annuity policy where I can receive returns from next month onwards?
Hi I would like to get more information about One time investment options that are not insurance based, instead market based. So kindly provide more info. Investment amt will be one Lac.
Rgds
Hello sir,
I want to invest in a single premium plan for 20 years for my 1 year old son. All the policies/plans have min age of 5 and above to enrol? Can you suggest any alternative plan which gives for 1 year old kids with good returns?
tax deduction will br there for bank FD’s.
Yes. Bank would deduct 10% TDS if you submit PAN card and without PAN card it is 20%. However you can submit form 15h/g (senior citizens + non tax paying individuals), banks would not deduct TDS
A simple bank can give guaranted more than double in 10 years of fixed deposit.what’s the big deal in this plans…
which is the best protection plan and may i know what are the benefits in protection plan?
Hi Shreekant, I am posting an article on Monday about best term policies, you can go thru them
Hello Suresh, How is this rate of return calculated, if this plan gives 6% annulaized return how is it doubled in 10 years, sorry – I am new to this.
Hey Suresh,
Reliance plan guarantee’s to double the investment in 10 years, but how is the rate of return 6%? I am new to this and sorry if this is a stupid question.
I also spoke to someone in HDFC, and they have a plan called “Young Star Super Premium” which has a 10% Assured return. Could you suggest/advice anything else.
I am an NRI and would like to invest in SIngle Premium/Yearly premiums which can double investments in 5-10 years.
Prneeth, See my article on this subject posted 10 days back.
You have mentioned here about Jeevan Vriddhi Plan of LIC which is already closed, Single Endowment Plan of LIC (Table No. 817) is another good option for single investment in insurance.
Looks I overlooked Pawan. Thanks for your comments.