Premium Payments Duty
The plicyholder need to make a payment every year, As you need to pay to keep the policy running.
Insurance arises from the consent of paying compensation from the two parties which are a policyholder and an insurance company. From what explained when giving a definition for ‘Life insurance’, the policyholder would need to pay all premiums as agreed and stated on the contract. In a case that the insurance company or agency did not collect premiums as agreed, according to law, the policyholder himself would need to pay at one of the insurance company’s branches instead. If not, the policyholder might lose some benefits as a result of not paying for a premium.