1. Normally, a single-premium term policy, where all future premiums are paid in a single instalment itself, becomes a waste as life cover remains same even upon early death.
2. However, it could be handy for those who:-
a) Are prone to discontinue paying premiums midway,
b) Are prone to missing due dates leading to policy lapse,
d) Have an irregular income which may lead to policy lapse,
e) Are unsure of their future financial situation,
f) Delay income tax planning till financial year end, and
g) Are habitual spendthrifts.
2. However, it could be handy for those who:-
a) Are prone to discontinue paying premiums midway,
b) Are prone to missing due dates leading to policy lapse,
d) Have an irregular income which may lead to policy lapse,
e) Are unsure of their future financial situation,
f) Delay income tax planning till financial year end, and
g) Are habitual spendthrifts.