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Premium Payment Term

Premium payment term refers to the period of time or number of months/years under which the policy has to make premium payments for their life insurance policy. Mostly, premium payment term is equivalent to the policy term of the life insurance policy but there are several options of premium payment term that one can choose from, while purchasing the life insurance policy.

1 Crore Life Cover starting from just ₹16/Day*
1 Crore Life Cover starting from just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

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What Is Premium Payment Term?

Under life insurance policy, an individual can avail life cover for a fixed period of time in exchange of premium payments that are to be made over a period of a time. Premium payment term is the period of time or number of years/months under which the policyholder is required to make the premium payments for his/her life insurance policy. In most cases, the premium payment term is equal to the policy term of a life insurance policy. However, some insurance companies do allow the premium payment term to be shorter than the policy term.
For example, if you purchase a life insurance policy that provides coverage for upto 50 years, then the policy term for your life insurance policy will be 50 years and your premium payment term will be somewhere around 25 years. However, your insurance provider may allow you to pay premiums for 5,10 or 15 years.

What Are Different Premium Payment Terms Available For Life Insurance?

There are several options of premium payment terms available for life insurance, you can choose a premium payment term according to your budget. Below mentioned are 3 different options f premium payment terms available for a life insurance:

  1. Regular Pay: Under this premium payment option the policyholder is required to make premium payments equivalent to the policy term in different premium payment modes such as monthly, quarterly, semi-annually and annually.
  2. Limited Pay: Under limited pay option, the policyholder makes premium payments for a pre-fixed period of time such as 5, 10, 12, 15 or even 20 years.
  3. Single Pay: Under single option the policyholder pays the premium of a life insurance policy as a lump sum in one go.

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