Single Premium


Also found in: Acronyms.

Single Premium

A lump sum used to purchase an annuity, insurance policy, or similar instrument. A single premium is expensive, but it causes less strain on one's monthly budget as it does not require one to make recurring payments. See also: Single Premium Immediate Annuity, Single Premium Deferred Annuity.
References in periodicals archive ?
We continue to follow a restrictive underwriting policy for traditional single premium life products in most markets.
As the name suggests, single premium whole life insurance is permanent life insurance that is purchased with one single payment, rather than through a series of premium payments over time.
For example, if the single premium paid was P100,000 (which means the face amount is P125,000 or 125 percent of the single premium paid) and by the time the person died, the account value is P110,000, the person will receive P125,000 as death benefit.
First of all, while a single premium life may be right for wealth transfer, it's not the only answer.
* Loyalty addition up to 7% of single premium at the end of fifth year
According to the new rules, all limited premium Ulips, other than single premium products shall have a premium- paying term of at least five years.
Single premium policies that the customer pays as a one-time lump sum continued to drop as well.
Single premium cover - which is added to a loan at the start of the deal, rolling up interest throughout the repayment period - will be banned altogether.
A single premium covers any number of round trips during the year, up to a maximum of 31 days per trip.
Investigators have already netted EUR422million from the first 5,000 cases as they check up on people who took out single premium insurance policies.
'I have seen the misery which single premium payment protection policies on mortgages and loans can cause', says Simon Burgess of Britishinsurance.com, an independent broker.
Zurich Life Insurance Company of Canada, the object of the deal, provides individual life insurance, asset management and single premium insurance services.

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