It is also known as fill it, shut it, forget about it. This plan is available both in offline and online mode. Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. Life Annuity with Return of Purchase Price: You will receive pay-outs for life in this option. Equity markets are subject to short-term market volatility. For example, if you invest `1,00,000 every year for 5 years, the company guarantees to return a minimum sum of `5,05,000. This option is ideal in case you don’t the need the money immediately. Timings – 10:00 A.M. to 7:00 P.M., Monday to Saturday (except national holidays). The non-linked, non-participating plan provides the policyholders options to … Assured Benefit will be 101% of total premium paid which is applicable only on maturity of the policy and does not apply on death or surrender. This growth would have helped you stay ahead of the inflation rate of about 7.7%# in the same period. All Rights Reserved, Top 5 Best Single Premium Policies in India, A Guide to Successful Personal Finance Management, Seven Top Benefits of Hiring a Global Debt Recovery Firm, Everything about Health Insurance you should know before you buy one, How Seniors Can Protect Themselves from Financial Abuse, Important Things everyone should know Before entering into Business World, What Is Salary Slip? It is a single premium, deferred pension plan. The returns shown in the illustration are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy depends on a number of factors including future investment performance. 105. Details on the payment options: Regular Income: This option lets you receive your money regularly. In the event of the death of the insurer,  beneficiaries will receive the assured amount after the maturity period. There is no upper limit on the premium that you can pay. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices. On maturity, you will receive higher of Assured Benefit or fund value. The single policy tenure periods are 5 years and 10 years. The illustrative annuity rates used for these calculations are based on rates of interest of 4% and 8% p.a. Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001, IRDAI Web aggregator Registration No. In case of an unfortunate event during the policy term, your nominee receives a Guaranteed Death Benefit or the Fund Value, whichever is higher. *Nominee is the person you appoint at the time of purchase for receiving the benefits of your insurance policy in your absence. It ensures high growth through investment in market securities and reasonable annuity payouts. growth. HDFC SL Single Premium Pension Super Plan is a Unit Linked Deferred Pension plan with one-time payment option. You can choose your policy to last either 10, 15, 20, 25 or 30 years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. In the event of the death of the insured this company offers 105% of single premium paid to the beneficiaries. Approval for registration as an Insurance Broker is pending with the IRDAI. If you are looking for the best single premium policy. Death Benefit is exempted under Section 10(10D) of the Income Tax Act, Top-ups can be done subject to a minimum of Rs.10,00 to increase the Fund Value. Your pension, also called the regular pay-out, can start from the minimum age of 45 years. as per the IRDAI circular, Ref: IRDAI/ACT/GDL/LIF/248/11/2011) of assumed future investment returns. Accidental death benefit attracts individuals to buy this single premium policy. is there any difference between the tax benefits of single premium policy and regular policy? What’s more, even shifting your money from equity to debt or debt to equity is completely tax-free*. Along with the potential for higher returns, this plan also protects your money by offering capital guarantee on the money that you invest. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. In case of death, the high sum assured will be paid to a nominee. Grace Period: grace period is not applicable for Single Premium mode. Right from the flexible feature to maturity benefits, you can cater your financial requirements very easily. Customer helpline number - 1860 266 7766. Postpone your retirement date: If your age is below 55 years, you can delay your retirement date and allow your hard-earned money some more time to grow. This policy is one of the renowned single premium policies in the market. One of the best advantages of a single premium policy that you do not require to pay the additional amount at a regular interval of time all the formalities should be completed in the first time. It was once a popular tax shelter . There are two options available with this plan: You can commute up to 60% of the accumulated value on retirement date as a tax-free lump sum, as per the prevailing Income Tax laws. You can utilise this benefit amount only as per the available options. Through a lump sum investment, you start getting a regular income, also called the annuity. BEWARE OF SUSPICIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS, Get claim payout on first diagnosis of 34 critical illnesses (optional)*, Get treated at the hospital of your choice, Waiver of future premiums for Minor conditions of Cancer or Heart for full policy term, Financial protection for your loved ones with life cover, Return of mortality and policy administration charges, Withdraw money regularly from your policy with SWP, Invest only once and enjoy benefits for entire policy term, 100% amount invested in wide range of funds, Choice of 7 funds (3 equity, 3 debt, 1 balanced), Invest in your choice of equity, debt or balanced funds, Get rewarded with Loyalty Additions & Wealth Boosters, Risk-free investment: 101% Money back guarantee, Get Loyalty Additions & Wealth Boosters by staying invested, Complete protection plan to secure your child’s future, Invest in your choice of equity, debt or balanced funds (8 funds to choose from), Security of your loved ones with potential for wealth creation and your Life Cover, Life Cover to secure the future of your loved ones, Guaranteed Additions for staying invested, Growth of wealth with guaranteed additions, Get lump sum on maturity along with protection throughout the policy term, Increase your savings with applicable 4S Guaranteed Value Benefits, Get Regular Additions added to your corpus throughout the policy term, Enjoy regular income till 99 years of age, Life cover till 99 years of age to secure your family’s future, Enjoy tax benefits on premiums paid and benefits received as per prevailing tax laws, Enjoy policy benefits till 99 years of age with Whole Life policy term option, A one-time investment that will give you guaranteed regular income for life, You can get discount of 1% on the purchase price when you buy online, Potential for better returns over the policy term, Guarantee on the money you invest (Assured Benefit). Right from the hassle-free procedure of investing money to the guaranteed sum assured at the maturity period. It will be equal to 2% of the average daily total Fund Value of the previous 12 months. *The Assured Benefit amount shown assumes all due premiums as per the premium payment term shown above are paid. Public receiving such phone calls are requested to lodge a police complaint. : 40391600. This single premium policy allows you to pay the one-time payment for 15 years. Member of the Life Insurance Council. This combination helps you beat inflation while protecting your investments. LIC launched its new pension plan LIC New Jeevan Shanti on 21st October 2020. This section helps you understand the amount of money that you could invest in either equity or debt as per your risk preference. Copyright © 2019 FinanceWikki. After a year individuals can surrender the policy and get 90% of the single premium back. This single premium policy LIC has trusted by millions of users. It comes with zero premium allocation charges. Your family will receive the Guaranteed Death Benefit or the Fund Value, whichever is higher, in your absence. The product information for comparison displayed on this website is of the insurers with whom our company has an agreement. You can pay a minimum of `48,000. CIN: L66010MH2000PLC127837. An insured can utilize entire corpus by purchasing annuity plan from the company. # For Offline the minimum purchase price Rs.1,00,000. However, your spouse will not receive any pay-outs in your absence after the completion of your chosen term. 5, 10 or 15 years), in both, your presence of absence. This single premium policy offers high insurance cover at a one-time investment plan. An insured will receive a sum assured of 125% of the single premium. If 60% of your money was invested in the equity market and 40% in debt market## in the last 12 years, your investment would have grown by around 12% on an annualized basis. This policy comes with the insurance plus Investment for wealth builder. You can choose from five annuity options to receive your regular income. Annuity rates are subject to change from time to time. These rates are guaranteed throughout your life. 1.5 lakh under Section 80CCC*. Here is what our delighted customers have to say about their online buying experience. You can switch^ between these funds using our switch option. Finding the right solution for your retirement planning can be a tedious process and a long-term commitment. Tenure of the plan is 5 to 20 years. Presenting ICICI Pru Easy Retirement SP – a Unit Linked Insurance Plan that not only offers your money the needed market exposure but also gives the safety net of capital guarantee. Individuals can avail the request for a loan against this policy. With this plan, you can reduce your taxable income by investing up to ` This single premium policy is a great value for money. This means you can change the date from which you want your regular income to start. The allocation of Loyalty Additions is guaranteed and shall not be revoked by the Company under any circumstances. It is a non-linked, non-participating, one-time investment annuity plan wherein policyholder can select from the immediate pension or deferred pension options. LIC Jeevan Shanti is a Single Premium Guaranteed Pension Plan (Plan 850). Regn. Joint Life, Last Survivor with Return of Purchase Price: In this option, you will receive the pay-out amount. Despite these benefits, they can also claim for the tax benefits under section 80C of the Income Tax Act, 1961. For example, the price of a particular item has increased from `100 in 2005 to `243 in 2017. The above are illustrative values, net of all charges, service tax and applicable cesses. The actual amount of annuity chosen by you will depend upon the annuity rate applicable at the time of purchase and pay-out option. In this policy the maturity amount is generated on the basis of age, gender, policy term, and sum assured. The pension starts immediately after buying the plan. Importance, Format, Components & Deduction, Right Time to Book Profit in Share Market, Max Life Insurance Policy Details & Status Check. The insured can opt for withdrawal after the lock-in period of 5 years.

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