Premium of this insurance constitutes annual premium and upon approval of AJB Bumiputera 1912, it can be paid in installment by quarter, semester, single premium or lump sum premium based on annual premium.
Lump sum premium based on Annual Premium shall be the premium paid according to the Annual Premium to be taken into account for the payment of the Annual Premium on maturity date.
PREMIUM DEPOSIT It constitutes the portion of a lump sum premium based on annual premium yet unaccounted for as the annual premium.
PREMIUM PAYMENT SUSPENSION
Insurance benefits shall not be effective if the premium payment is suspended or the premium-in-arrears is not settled during the grace period.
In the event that the premium payment is suspended or the premium-in-arrears is not settled during the grace period while the policy has incurred cash balance, then the policy shall become Premium Free Policy with the amount of Sum Insured to be determined by AJB Bumiputera 1912 and shall be referred to as Premium Free Sum Insured.
The Premium Free Sum Insured shall be paid when the Beneficiary is passed away or by the end of insurance period.
GRACE PERIOD The grace period of premium payment shall be: 30 (thirty) days commencing on the maturity date, or 1 (one) calendar month.
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