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Single-premium life (SPL) is insurance in which a policyholder pays a lump sum of money upfront in exchange for a guaranteed death benefit.
Features
This is the best form of life assurance for family provision since it enables the Life Assured to pay the premium during the ordinarily vigorous and most productive years of life, relieving him from the necessity of making payments later in life when they might become a burden.
With Profits Single Premium policies do not cease to participate in profits after completion of the period for which premium has been paid ,but continue to share in the periodical Bonus Distribution until the death of the Life Assured.
Suitable For:
Being a limited-payment life assurance policy, this plan is suitable for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
