Single Installment (Single Premium) Insurance Plan

Under this plan, double the sum assured is paid against payment of a single installment of premium. It guarantees that the policyholder will receive one and a half times or double the sum assured, either on death within the term or after maturity. Since the premium has to be paid only once, the plan is extremely convenient. Moreover, as double the sum assured is guaranteed, it stands as a symbol of security and a dependable shield for the family. No supplementary (rider) covers are offered under this plan. Income tax rebate is available on the premium, and the insurance money is exempt from income tax. If the policy term is seven years, at the end of the term the policyholder will receive one and a half times the promised basic sum assured. If the policyholder dies within the term, the nominee will receive double the sum assured. If the policy term is ten years, at the end of the term the policyholder will receive double the promised basic sum assured. If the policyholder dies within the term, the nominee will receive double the sum assured.