Single Premium

An ideal plan for tax savings, best suited for those who have just recieved a windfall gain. Offers good investment potential

HDFC Standard life's Single Premium Whole Life Policy:

This policy is in the form of a flexible bond. According to the investment contract, you pay only a single premium. The money is invested in their investment fund. A lumpsum is paid when you want it. The fund aims to provide secure and long-term stable growth.

How does it work?

You receive the sum assured plus any attaching bonuses after the 10th, 15th, 20th year and subsequently after every five-year period. Once you receive the money, the policy ceases. You can terminate your policy any time after it has been in force for six months. You will receive a surrender value, which will be at the discretion of the company.

 

On the individual's death, the beneficiary gets the sum assured plus any attaching bonuses. However, bonuses are not guaranteed. The company expects to declare a compound reversionary bonus for the policy every year which will be added to the policy on its anniversary. On death of the bond holder, surrendering the policy or on the guaranteed dates, a terminal bonus may also be payable.

Minimum age at entry: 18 years

Maximum age at entry: 70 years

Maximum Sum Assured: Rs 5,00,000

Minimum Sum Assured: Rs 25,000

* No medical tests required.

* No riders are allowed with this scheme.

*The one-time premium is payable only by cheque.

ICICI Prudential Assureinvest

How does the policy work?

An ideal plan for a one-off investment. It combines savings with life cover.

Survival benefits

On maturity,the premium along with the guaranteed additions between 7.60 per cent and 8.95 per cent (depending on the term and the single premium amount) compounded annually will be payable.

Death benefits

If death occurs after the first year of the policy, the nominee will receive 10 per cent of the single premium as death benefit. In the event of death during the first policy year and if the cause of death is accident, 10 per cent of the single premium will be payable as death benefit; otherwise, on death due to other causes, no death benefit will be payable.

In case of death of the life assured during the term, the nominee has the option to take cash value of the amount payable on the maturity date immediately. The cash value will be quoted on the application.

Key features

Duration of the plan: There are two term plans of 7 and 10 years

Premium amount payable: Single premium

Policy loan: Loans are available under this policy subject to the terms and conditions of the company from time to time.

Eligibility: 7-62 years of age

Maximum maturity age: 67 years

Minimum Single Premium payable: Rs 25,000

Maximum Single Premium payable: Rs 50 lakhs.

Unique features

Maturity benefits

The maturity benefit will be payable even if the death benefit has been paid. Thus it is an ideal way to protect the benefits for the nominee.

Riders available

* Accidental & Disability cover

* Level Term cover

* Critical illness cover

* Major Surgical Assistance

OM Insurance Bond

It involves a one-time premium, and acts like a fixed deposit that doubles the investment on maturity. In case of death, the nominee/beneficiary is given immediate payment of the death benefit.

Access to money: There is an option of taking a loan against the bond. The interest will be determined based on prevailing rates. You also have the option of surrendering the plan.