The premium is the total sum you pay every year to your health insurance to cover all medical costs in case of hospitalization. The premium is normally paid on a regular basis, including monthly, quarterly, or annually, depending on the terms of the insurance policy.
The amount of premium paid by the policyholder depends on various factors such as the type of insurance policy, the level of coverage provided, the risk associated with the insured item or person, and the policyholder's age, health status, and other relevant factors.
For example, In case of a life insurance policy, the premium amount may depend on factors such as the age and health status of the insured person, the coverage amount required, and the duration of the policy.
Failure to pay the premium on time will lead to the policy getting lapsed, and the policyholder losing the insurance coverage.
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