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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. Final Plan Eligibility will depend on some other factors including tobacco habits, education, occupation and income of the life assured / proposer

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
  • Hassle-Free Policy Purchase

    Buying Axis Max Life Insurance was seamless with InsuranceDekho. Their website showed me different plans, premium details, and benefits in one place. The purchase process was straightforward, and I received my policy document without any trouble. Highly recommended!

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    R
    Axis Max
    By Rajesh Verma
    On: February 25, 2025
  • Smooth Claim Settlement

    I had to file a claim for my HDFC Life Insurance, and I was unsure how to proceed. InsuranceDekho guided me through the entire process and helped me submit the necessary documents. The claim was settled smoothly, and their team was very supportive throughout.

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    HDFC
    By Priya Deshmukh
    On: February 25, 2025
  • Helped with Policy Renewal

    Renewing my TATA AIA Life Insurance was easy with InsuranceDekho. I received timely reminders, and their customer support explained the renewal benefits. The process was quick, and I didn’t have to worry about missing the due date. Great service!

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    TATA AIA
    By Anil Sharma
    On: February 25, 2025
  • 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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    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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    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024

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