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What is 'Renewal Premium Payment'?
‘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 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