Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

What is Single Premium in Health Insurance?

If you have a lump sum set aside, you can invest in the best single premium health insurance policy. Read on to know more.

  • Nov 22, 2021
  • 3,985 Views

What is Single Premium in Health Insurance?

It is our basic instinct to prepare for all the scenarios that we may face in life. We do this to protect ourselves and our loved ones from the unpredictability of this beautiful journey that we call life. Similarly, investing in a health insurance policy is one such preparation that we make.

A health plan is a tool specially designed for unforeseen medical emergencies. Like any insurance scheme, a health insurance policy is maintained by the payment of premiums to the insurer or the insurance company and one can purchase health insurance online or offline. Whenever you make an investment, you want to have some flexibility when it comes to premium payment options. As per your convenience, you can choose one that suits you the best.

A health plan offers various payment options and these include:

One-time premium policy

Here you can pay the premium at the beginning of your health insurance policy term and enjoy the full term of the health plan hassle-free. If you have a lump sum set aside, you can invest in the best single premium policy.

Limited pay premium policy

You can purchase the policy and pay a premium only for a certain period of that entire term and still enjoy the benefits of the policy.

Regular pay

This is a popular payment method in most term insurance plans. Regular pay options in a health insurance policy are premium payments that are to be made usually till the end of the term at a fixed interval. Additionally, ever since the pandemic, payments in instalments have also become available to make health plans more affordable.

A health plan, whether it is regular, limited, or single premium health insurance in India, is eligible for tax deductions under section 80D of the Income Tax Act of 1961. The tax deductions are Rs. 25,000 for people who are not senior citizens and Rs. 50,000 for those who are. A one-time premium policy is eligible for a rebate and is calculated accordingly. This is done by dividing the premium paid by the number of years for which the policy is valid. However,even in this case, the exemption will remain the same in its amount.

Single premium health insurance in India is recommended for those who have a lump sum amount with them. You can also invest in it if you have a steady flow of income now but are not sure of the same after a few years. A one-time premium policy will help manage expenses in the years to come as you will not have to calculate or create a budget for the entire term of the policy or for the years that you do wish to pay the premium.

The premium for health insurance online and offline can be calculated using the premium calculator that shows you the amount after adding a few details related to the sum assured,
age, lifestyle, etc. Also, a calculator for health insurance online helps you gauge the amounts for various policies so that you can compare and choose the best one for yourself.

While calculating the premium and choosing the payment options is an important aspect of buying a health insurance policy, one more important aspect is the factors that affect the premium amount that you have to pay. They are -

  • Age: Usually the premium for those who buy health insurance at a younger age is lower because as you get older, you are more at risk of being prone to health issues.
  • Medical history: Having a history of illness will have a higher premium.
  • Lifestyle habits:Habits like smoking have a great role to play in your premium as they determine your risk of illness and therefore, the premium is likely to be higher.

It is advisable to be absolutely transparent with your insurer to ensure that you can get the best and avail all the benefits of your health insurance. A health plan is a critical aspect of your financial planning, and you deserve the very best one for you and your loved ones!

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Health Insurance Coverage: Day Care Treatment Vs OPD Treatment

What Does Health Insurance Not Cover?

How Your Eating Habits Affect Your Health & How to Change Them

Protect Your Family with Health Insurance Today

Saving Tax on Your Health Insurance

How do I Choose a good Health Insurance Plan?

Health Insurance Plans for a Pre Existing Condition

5 Reasons to Consider Investing in Health Care

Health Insurance for Students Who Study Abroad

A Millennial’s Guide to Buying Health Insurance

List of Critical Illnesses Covered in Health and Life Insurance Plans

Stress and Heart Health: 4 Things You Should Know

Types of Health Insurance You Must Know About

Which Health Insurance Plans Cover Your Family Members?

Why is Cardiac Care Plan a boon for Heart Patients?

Critical Illness Can Disrupt Family's Financial Goals and How Health Insurance Can be Useful

Everything You Need to Know About the Ayushman Bharat Health Insurance Scheme

What Is the Restoration Benefit in Health Insurance?

How to Claim Tax Benefits on Medical Insurance Premium?

What is Disability Insurance?

Rashtriya Swasthya Bima Yojana: Eligibility, Coverage, Benefits

Buying Health Insurance with A Pre-Existing Illness? Things You Should Know

10 Preventative Measures for Diabetes

Why do Patients with Hypertension Need Health Insurance?

Everything You Need to Know About Health Insurance for Parents

Factors to Consider While Choosing a Health Insurance Plan for Your Parents

How Much Should I be Paying for Health Insurance?

Why Your Health Insurance Cover Could be Insufficient?

How is Health Insurance Cost Calculated?

Health Insurance with or Without Medical Tests? Which is Better

Health Insurance for Personal Accidents

How wellness benefits can help reduce your health insurance premium

Why You Must Disclose Your Pre-Existing Conditions When You Buy Health Insurance

Choosing Health Insurance for Senior Citizens

What is OPD Cover in Health Insurance?

Health Insurance for Brain Tumour: What You Should Know on Symptoms & Diagnosis of Brain Tumour

All You Need To Know About No-Claim Bonus In Health Insurance

The Importance of a Health Insurance Claim Ratio

What is the Difference Between a Mediclaim Policy, Health Insurance and Term Insurance?

Health Insurance Plan for Cancer: What You Should Know on Symptoms and Diagnosis of Cancer

What is BMI Calculator, and why is it Important?

Seven Preventive Measures for Heart Related Illness

What is Health Insurance and Why do You Need it?

What is International Health Insurance? Meaning, Importance and Benefits

Benefits of Health Insurance You May Not Know About

Why Should You Opt for Cancer Insurance?

Why You Need to Know About the Critical Illness Plan?

Section 80D: Everything You Need to About Income Tax Deduction for Medical Expenditure

What is the Right Age to Buy Health Insurance Policy?

Which One is Better: Mediclaim or Health Insurance?

Why You Must Review Your Health Insurance Plan Every Year

Critical Illness Insurance for Alzheimer's Disease

Key Factors that Decide Your Eligibility for Buying Health Insurance Plans

Guide on Fraudulent Health Insurance Claims in India

What Is the Restoration Benefit in Health Insurance Plan?

Are You Covered for the Home Treatment Cost Under Your Health Insurance Policy?

How to Transfer Your Health Insurance Cover Without Losing Benefits?

What is the Persistency Ratio and Why Does it Matter to the Health Insurance Sector?

What Medical Expenses Can You Claim in Health Insurance Plans?

Basics of Health Insurance

Health Insurance Plan for Heart – What you Should Know on Symptoms and Diagnosis of Heart-Related Disease?

Why Opting for Short Term Health Insurance Plans is a Wise Idea?

What do Health Insurance Plans Cover?

Why You Must Disclose Your Pre-Existing Conditions While Buying Health Insurance?

Do Add-On For Health Insurance Policies Really Add Value?

How Much Of Health Insurance Is Tax Deductible?

Is Health Insurance Non-taxable?

What are Health Insurance Premiums? How are they Calculated?

7 Things to Audit in Your Health Insurance Plan

5 Reasons to Own Both Health Insurance and Term Insurance

10 Effects of Fast Food on Your Body

How to File Health Insurance Claims?

5 Reasons to Buy Health Insurance in 2021

Does Critical Illness Insurance Cover Stroke?

Key Difference between Health Insurance and Mediclaim Policy

Health Insurance Coverage for HIV Patients

Steps to Appeal A Health Insurance Claim Denial

Top Five Institutes for Free Cancer Treatments in India

Tips to Reduce Your Health Insurance Premium

How Is Your Health Insurance Premium Affected By Age?

How Much Health Insurance Cover Should You Opt For?

Things to keep in mind before buying a health insurance plan for diabetics

Heart and Cancer Insurance

How to Switch to A Different Health Insurance Company?

What are the Documents Required for Buying a Health Insurance Plan?

Difference Between Open Heart and Bypass Surgery

Health Insurance Plan for Family

6 Common Myths about Health Insurance

Tax Benefits on Health Insurance Plans

Healthy Habits to Avoid Falling Sick During Monsoon

7 Reason Why Should You Buy a Health Insurance Plan in Your 20s?

5 things to consider while renewing a health insurance policy

Everything You Need to Know About Accidental Insurance Policy

Is Cataract Surgery Covered under Health Insurance in India?

How To Choose A Good Health Insurance Plan?

What is Telemedicine? How to Seek Medical Treatment Remotely?

Why You Must Review Your Health Insurance Policy/ Plan Every Year?

How to Choose a Right Health Insurance Plan?

Health Insurance for Liver: What You Should Know About the Symptoms and Diagnosis of Liver Problems

Is Health Insurance the Same as Medical Insurance?