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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.

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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.

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.

Term Life Insurance Premium Calculator

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

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.

Life Insurance Companies User Reviews

What users are saying
  • Securing Family

    I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

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    S
    LIC
    By Sandeep Bishnoi
    On: June 24, 2024
  • Perfect Gift for my family

    My parents are getting older, I surprised them with a life insurance policy from Bajaj Allianz Life Insurance. I purchased it through InsuranceDekho; the process was smooth and a totally easy breeze. Thank you team, for helping me secure my family.

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    A
    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024
  • User-Friendly Portal

    InsuranceDekho has helped me find a perfect Life Insurance Plan from ICICI Prudential. It fits my budget and all my family's needs. Thanks to the online premium calculator, I was able to compare all my plans before making a decision. They have such an easy-to-use portal. Recommend to everyone. 

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    J
    ICICI Prudential
    By Jipin TP
    On: June 21, 2024
  • Supportive team

    Insurancedekho helped me understand the importance of a joint life insurance plan for both me and my wife. Based on their recommendation, we bought HDFC Life Insurance. Their advice has come in handy, and now we enjoy the benefit of safety it provides. Thank you so much, team. 

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    K
    HDFC
    By Karthick arjuna
    On: June 21, 2024
  • Customer Satisfaction

    My child has special needs, and upon referral from my family friend, I bought PNB MetLife Insurance for my kid from InsuranceDekho. Shruti from the customer support team helped me at every stage, and now my family has financial security for their care after I am gone. Thank you. 

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    N
    PNB Met
    By Niliska D’Souza
    On: June 21, 2024

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