Insurance Glossary

Insurance Term - Premium

Premium is the amount paid by the insured/policyholder (the buyer) to the insurer (or insurance company) for the policy. It’s generally calculated based upon the age, duration, sum assured and type of policy purchased. In brief, premium is the amount that an individual or his/her employer, plan sponsor, or union pays in exchange for health insurance coverage. A single premium policy will need an individual to pay just one lump-sum amount during his/her lifetime. The annual premium policy will require the individual to pay every year. This will go on for a fixed period of time. The exact number of years will depend on the scheme in question or will be based upon the survival of the concerned individual. Premiums can be paid by employers, unions, employees, or shared by both the insured individual and the plan sponsor.

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