Regular pay meaning in Insurance
What is a regular pay insurance plan?
A regular pay insurance plan is an insurance policy where the premium payment term and policy tenure are the same. You pay premiums for the entire policy duration and enjoy protection for the whole insurance term.
What is the premium payment term for a regular pay term insurance?
The premium payment term for a regular pay term insurance policy is equal to the base policy term. Under this premium payment term, the life assured gets the flexibility to choose the premium payment mode such as yearly, half-yearly, quarterly or monthly premium payments.
What is the difference between regular pay and limited pay?
With regular pay, you can choose to pay your premiums yearly, half-yearly or monthly. What is limited pay term insurance? In the limited pay option, you make recurring payments but for a pre-specified limited period. This duration is lesser than the policy term.
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