Insurance Premium:
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When you take an insurance plan from any insurance company, then according to the agreement you have to pay a certain amount to the insurance company, and in return insurance company will give you a written guaranty for covering certain risk factors. That certain amount, which is paid by you to the insurance company is called insurance premium.
Insurance Companies offer different premium paying options to the insured person. In maximum insurance plans, there is always a option of paying the premium in installments.
So whenever you take an insurance plan, make sure you have read the conditions of plan carefully. You should also pay your premium on time, so that you could get best benefits from your insurance plan.
