Period during which premium payable

This is another item in the schedule of the policy. From each of the items given in the schedule of the policy you will be able to learn that schedule portion is a standardized way of bringing out all relevant information pertaining to the policy. The period during which premium is payable is given as ‘Till the stipulated date of last payment or prior death of the life assured’. Date of last payment is linked to term of the policy or premium paying term. We have mentioned in another Post that in some policies term of the policy and term of premium payment differs. For e.g. on a 15-year Jeevan Surabhi policy premium need be paid for 12 years. In a Limited payment Whole Life policy the policyholder has the right of selecting the premium-paying-term. In Endowment Plan there is provision for paying single premium or limited –period-premium payment. In case of policies purchased on the lives of minors if the proposer dies premium has to be paid till the end of premium-paying-term (if premium waiver benefit is not opted).

Key words:

Life insurance
Schedule of policy
Policy bond
Premium paying term