In a term insurance plan, a premium paying term is the period for which the buyer is committed to pay towards his/her insurance cover. In our Online Term Plan, we also have a grace period which is the time given for paying the premium from the premium due date during which the policy is supposed to be in force with the risk cover.
About Single and Regular Premium Term Insurance Plan: In the Single Premium Option, you get to pay a lump sum for your term plan. In the Regular Premium Option, you can pay the premiums periodically i.e. monthly, quarterly, half yearly, or yearly