Premium is defined as the amount paid periodically or in lumpsum to the insurer by the insured in return of the life coverage provided. Generally, the premium amount depends on a number of variables such as age, type of employment, medical conditions, etc.

Renewal premiums are defined as the subsequent premiums that are paid by the policyholder to the insurance provider in order to keep the policy in operation and avail the benefits of the policy accordingly.

If you miss paying your premiums, then your policy can lapse after the grace period (if applicable).