The phrase "single premium" refers to a one-time payment made for a financial product or insurance policy. It means that instead of paying monthly or yearly installments, the full amount is paid in a single lump sum upfront. Full definition
Most life insurance companies set a minimum amount of single premium life insurance that you can purchase. (lifeinsurancehub.net)
Reduction in service tax of single premium policies: Service tax has been reduced from 3.5 per cent to 1.4 per cent of the premium paid towards single - premium annuity policies. (policybazaar.com)
I would not recommend to buy this plan in his name because it provides risk cover equal to 10 times of single premium paid. (relakhs.com)