Question 1

What is premium?

Accepted Answer

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.

Question 2

What is renewal premium?

Accepted Answer

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.

Question 3

What happens if I miss paying my premiums?

Accepted Answer

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

Question 4

What is premium payment frequency?

Accepted Answer

Premium payment frequency indicates the interval at which the insured pays the premium to the insurer. The frequency can be monthly, quarterly, or yearly.

Question 5

What is the late payment charge for an insurance premium?

Accepted Answer

The late fee on your insurance premium is calculated based on the number of months you have delayed and the nature of the insurance policy.

Question 6

Will I receive a premium receipt every time I make a payment online?

Accepted Answer

Yes, you’ll be issued a receipt upon successful payment of premium online.

Question 7

Will I be refunded the full amount invested?

Accepted Answer

The refund depends on the type of policy and the policy tenure. Claiming a refund during the policy tenure is called surrendering the plan. The surrender value depends on the type of policy. For e.g., there is no surrender value if you cancel a pure term plan.

Question 8

What is waiver of premium benefit?

Accepted Answer

It is defined as the life insurance benefit wherein the future premium payments by the policyholder are waived off under certain pre-defined conditions in the policy.

Question 9

What are the different premium paying options available?

Accepted Answer

You can either pay your premiums offline or online. Online payment modes also include some auto debit options such as NACH/Online SI on Credit Card/Direct debit.

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