There are a number of insurance plans that offer a plethora of monetary benefits and aid in meeting your financial goals. A term insurance is one of the most popular types of insurance policies that pays a cover amount in case the insured passes away during the term of the policy. A single premium term insurance plan is a special kind of term insurance where you pay the entire premium once, at the time of purchasing the policy. This is unlike other term insurance plans wherein the insured is required to pay a premium amount regularly every month or every year. With a well calculated premium, a single premium term insurance plan provides full coverage for the policy tenure chosen by you without the hassle of making repeated payments.
It is advisable to go for a single premium term insurance plan when you have a surplus of money and you’re looking to put it into good use. On the other hand, if an individual is not confident about meeting recurring premium payment demands, then too a single premium term insurance is just perfect for them.
Benefits of single premium term insurance include:
- Hassle-free policy as you don’t have to make repeated payments every month or year
- No worrying about lapses
- Convenient and advantageous to those with no steady income flow
Our top selling term plan, ICICI Pru iProtect Smart, is ideal for young professionals with dependent parents, newly-weds, parents, working women, self-employed individuals, tax-payers and SIP investors. The plan offers 100% payout in case of terminal illness* and also provides the insured with an option to get covered against 34 critical illnesses`. You can also choose to get an additional payout in case of death due to accident^. An allied advantage with ICICI Pru iProtect Smart is that the life insurance payout can either be a lump sum amount, income or a combination of both as per your family’s requirements. The company has high claim settlement ratio of 97.8%~.
A term insurance plan is an important part of everyone’s financial portfolio. Deciding which kind of term insurance plan to go for should be done after a careful consideration of yours and your family’s current financial status and requirements.
People like you also read...
* A Life Assured shall be regarded as Terminally Ill only if that Life Assured is diagnosed as suffering from a condition which, in the opinion of two independent medical practitioners’ specializing in treatment of such illness, is highly likely to lead to death within 6 months. The terminal illness must be diagnosed and confirmed by medical practitioners’ registered with the Indian Medical Association and approved by the Company. The Company reserves the right for independent assessment.
` Critical Illness Benefit is optional and available under Life and Health and All in One options. This benefit is payable, on first occurrence of any of the 34 illnesses covered. The CI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. The future premiums payable under the policy will reduce proportionately. If CI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. To know more in detail about CI Benefit, terms & conditions governing it, kindly refer to sales brochure. Critical Illness benefit is available till age of 75.
^ Accidental Death benefit is up to ₹ 2 Crores. Accidental Death Benefit is optional and available in Life Plus and All in One options. Accidental Death Benefit cover is available upto age 80.
~ Claim statistics are for Financial Year 2019-20 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures on our Website.
ICICI Pru iProtect Smart UIN 105N151V06