Insurance
What is Insurance Premium? — Meaning, Definition & Example
Definition
Premium is the amount you pay to an insurance company at regular intervals (monthly, quarterly, or annually) to keep your insurance policy active. Premium depends on age, health, sum insured, policy type, and risk factors. Health insurance premiums qualify for Section 80D deduction.
💡 Real Example
A 30-year-old non-smoker pays approximately ₹700/month for ₹1 crore term insurance, while a 40-year-old might pay ₹1,500/month for the same cover.
🇮🇳 Insurance Premium in Hindi / हिंदी में
बीमा प्रीमियम — प्रीमियम बीमा पॉलिसी सक्रिय रखने के लिए बीमा कंपनी को नियमित अंतराल पर भुगतान की जाने वाली राशि है।
Insurance Premium (Hinglish) — Premium wo amount hai jo insurance company ko regularly pay karte ho policy active rakhne ke liye. Age, health, sum insured pe depend karta hai.
❓ Frequently Asked Questions
What is Insurance Premium in simple words?
Premium is the amount you pay to an insurance company at regular intervals (monthly, quarterly, or annually) to keep your insurance policy active. Premium depends on age, health, sum insured, policy type, and risk factors. Health insurance premiums qualify for Section 80D deduction.
Can you give an example of Insurance Premium?
A 30-year-old non-smoker pays approximately ₹700/month for ₹1 crore term insurance, while a 40-year-old might pay ₹1,500/month for the same cover.
What is Insurance Premium meaning in Hindi?
In Hindi, Insurance Premium is called बीमा प्रीमियम. प्रीमियम बीमा पॉलिसी सक्रिय रखने के लिए बीमा कंपनी को नियमित अंतराल पर भुगतान की जाने वाली राशि है।