A single premium policy is a one-time payment insurance policy whereby the policyholder has to make a single lump-sum payment to enjoy life cover for the entire tenure. It eliminates the need to make periodic payments and keep regular track of the plan. It is like a ‘fire and forget’ missile. You just have to buy a single-premium term plan and be care free.

A single premium policy is a one-time payment insurance policy whereby the policyholder has to make a single lump-sum payment to enjoy life cover for the entire tenure. It eliminates the need to make periodic payments and keep regular track of the plan. It is like a ‘fire and forget’ missile. You just have to buy a single-premium term plan and be care free.