What is premium and insurance amount?

Premium generally refers to the insurance premium, which refers to the fee paid by the policyholder to the insurance company in accordance with the relevant provisions of the contract when purchasing insurance.

Premium is an insurance term. If you want to know more, you can click: Super complete! All the insurance knowledge you want to know is here

The insurance amount refers to the maximum limit of the insurance company’s liability for compensation or payment of insurance benefits under an insurance contract. For example, if you purchase an insurance policy with an insurance amount of 500,000 Critical illness insurance, and the compensation ratio of critical illness protection is 100, and there is no additional compensation for critical illness. Therefore, when the insured unfortunately suffers from a critical illness stipulated in the contract and meets the corresponding claim conditions, the insured can receive up to up to 500,000 insured amount.

As for the amount of insurance, if you don’t know how to choose, you can read this article: What is the appropriate amount of insurance to buy? Let’s talk about the inside story

In addition, the premium will be affected by factors such as the insurance age, insurance amount, payment period, etc. Generally speaking, the more the insurance amount, the higher the premium will be, and the payment period The longer the term, the more accumulated premiums you pay.

However, the longer the payment period, the annual premium paid will usually be smaller, which means less payment pressure for us.

There are generally four ways to pay premiums, namely one-time payment, annual payment, quarterly payment, and monthly payment. The payment method for each product may be different, and the specific payment method must be based on the actual agreement. shall prevail.

How should we choose the payment period so as not to suffer a loss? Click here for details: How to choose the payment period so as not to lose money?

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