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‘Renewal Premium Payment’ is the amount you need to pay every year to continue the benefits offered under your policy.

If you make your payments after 3:00 pm, you will receive the Tax/Premium Paid Certificate on the next day
The company provides premium receipts one day after the premium due date. The premium payment receipt can be used as an investment proof to avail tax benefits
If you do not pay the premiums within the grace period, the life insurance policy lapses and the benefits under the policy stop

Comp/doc/Jan/2018/0763.