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What is 'Renewal Premium Payment'?
‘Renewal Premium Payment’ is the amount you need to pay regularly to keep your policy in force and to continue availing 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(subject to realisation).The premium payment receipt can be used as an investment proof to avail tax benefits
- Remember, if you do not pay the premiums within the grace period, the life insurance policy lapses and the benefits under the policy stop