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If you mean payment of insurance premium that paid in correspondence to an insurance coverage , the answer is yes the insurance company allow the insured installment payment for insurance premium as agreed with him and may be based on a certain percentage of his monthly income.
Thanking you
No. It wont. based on the plan which you take they decide the premium amount you need to owe.
Which insurance category are we talking about? Health?
It is purely on company Policy , Most Companies needed to Keep the Insurance Active and Company can not expect to accounted Premium more than your income. also we normally calculating the worth of life by his current earning in to life expected years. Risk is that what he might earn for next years.
No, it should be based on your age group and your health status and present chronic diseases if present
Your Life insurance premium is based on the plan/benefits which you opt but at the same your source of income & salary details are required to be furnish in the Proposal Form.
Technical Answer: The cover cannot start unless the whole premium has been received in advance. (In India this is part of Section 64 VB of Insurance Act) .
Logical Answer: Ideally the premium should be deducted on monthly basis as it often becomes difficult for any customer to pay the entire premium at one go. In case of any claim, the balance premium can be deducted from the claim amount. In India, (for group mediclaim policy) some companies pay the entire premium amount upfront to the insurance company and later deduct the premium from the employee's salary.
