Single Premium Life Insurance Policies losing favour with the insurance Regulator

http://www.moneyspidery.com/2012/02/03/single-premium-life-insurance-policies-losing-favour-with-the-insurance-regulator/

There is a lot being written on IRDA’s reluctance to approve new single premium life insurance products. Single premium life insurance products have been selling well with consumers opting for it more for the convenience factor rather than from an insurance coverage angle. From an insurance perspective, single premium policies definitely do not serve the purpose. Actually it does not serve the purpose from an investment angle also when compared to regular premium policies.

The comparatively low charges on single premium plans as compare to regular premium ones and the convenience of not having to pay for a long period of time seems to be tilting it in favour of single premium life insurance policies. Both Private Life Insurance Companies and LIC have seen good sales in the single premium insurance plans in the current financial year.


Mentioned below are the sales of Single and Non-Single Premium life insurance plans sold by life insurance companies in the current financial year 2011-2012.