Premium payment term/mode/ frequency

[Mayank GoyalKeymaster]

You can pay the life insurance premium as per your convenience.

Regular Premium Payment – You can pay premium regularly throughout the policy term either – monthly, quarterly, half-yearly or yearly.

Limited Premium Payment – You can choose to pay the premiums for a limited amount of time. In this option, you do not pay till the end of the policy term, but for a certain pre-fixed number of years. For example, 10 years, 15 years, 20 years, and so on.

Single Premium Payment – You can also choose to pay the premium for the entire duration of the plan as a lumpsum in one single go.

Let us know below if you want to understand it more deeply.

Latest read on TAC: Role of Actuaries in General Insurance Industry

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[shreyanshhParticipant]

Does the regular premium throughout the policy really exists for any policy?

Recently I was going through some of the policies of LIC. Even their whole life policy has a maximum limit of 30 years to premium paying term.

Please clear me. Thank you.

[shreyanshhParticipant]

Also, I would like to understand more deeply.

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[Mayank GoyalKeymaster]

shreyanshh wrote:

Does the regular premium throughout the policy really exists for any policy?

Yes it does. And LIC also have policies going to term of 35 years! They may be term as well as the whole is not the only option we have..

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[Mayank GoyalKeymaster]

shreyanshh wrote:

Also, I would like to understand more deeply.

Sent from my S6s using Actuarial Info mobile app

Will try to cover it up on Insurology, until then you can refer this

Livemint article explaining in details

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