MANAGEMENT

Detailed explanation-1: -A term insurance is one of the most popular types of insurance policies that pays a cover amount in case the insured passes away during the term of the policy. A single premium term insurance plan is a special kind of term insurance where you pay the entire premium once, at the time of purchasing the policy.

Detailed explanation-2: -A single premium life insurance policy (SPL) is one funded by an upfront lump sum payment. The policy pays out a tax-free death benefit upon the death of the policyholder. Most life insurance policies, including whole and term life policies, require a monthly or annual premium to be paid over a specific period.

Detailed explanation-3: -The only difference between a single premium policy and a regular premium policy would be, in a single premium the policyholder can only avail of the benefit for that particular year and in regular payment, the policyholder can avail of the benefit of Section 80C till the term end of your insurance policy.

Detailed explanation-4: -Single-premium life (SPL) is a type of insurance in which a lump sum of money is paid into the policy in return for a death benefit that is guaranteed until you die. Here we look at some of the different versions of SPL available, offering a wide range of investment options and withdrawal provisions.

Detailed explanation-5: -Lump Sum Benefit is the amount of money paid all at once. For example, a life insurance policy pays a lump sum benefit on the policy maturity and the death of the life insured.