In
today’s world everyone is aware of the challenges and unforeseen situations
that can manifest anytime, anywhere. Even though you’re cautious and aware of
the pitfalls of modern life, insuring yourself against these dangers is a
sensible thing to do. This is where it makes sense to avail the benefit of a
life insurance policy as it buffers you against disabilities and also takes
care of your family in the event of your death. Now, imagine a scenario where
you are saved the hassle of coughing up a designated premium year after year
for a life insurance policy. Instead, what if all this can be achieved in a
single stroke without any worry? It is definitely possible with a single
premium life insurance policy as it’s your best bet.
This
type of policy is good for those who can pay a lumpsum in a single stroke. Like
conventional life insurance policies, this policy too provides a security
umbrella to the policy holder until the full policy term. This type of life insurance
policy is gaining popularity because of the ease of purchase, and also ease of
operation. It has been found that affluent urban groups are now preferring this
policy for just these reasons.
·
A tax benefit is provided in this type of policy on the premium paid which
is applicable under section 80C. This is applicable if the premium amount
is at least 20% of the sum assured or if the sum assured is at least 5 times
the premium.
·
You don’t have to worry about your policy getting lapsed.
·
In case you need to avail of a loan facility, this can come in handy
and can be used as collateral against your loan.
·
Peace of mind as you don’t have to set aside any money from your yearly
spend for annual premium.
·
This type of policy is best for those professionals who are at the peak
of their productivity and can afford to pay the premium in a single stroke.
·
For a frequent traveler, this is a blessing in disguise as he doesn’t
have to worry about paying his yearly premium on a fixed period.
·
If you have a high salary then you can opt for a higher premium.
·
If you’re unsure about your future earning potential, then go for this
policy.
·
In case a critical illness or if disability strikes the policy holder,
even then his family is taken care of.
·
The accidental death clause also takes care of the family.
Buying
this policy via an online aggregator makes more sense rather than following the
traditional route of contacting an agent for this type of policy. This has
multiple benefits as it proves to be not only cost-effective, but saves time
and can be done from the convenience of your home or office. It is also a
transparent process. You also have the additional advantage of comparing
premium quotes and other factors like special benefits and sops. What you must
watch out for are riders.
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