Premium is the price of the insurance contract. It can be paid annually, half-yearly, quarterly or monthly. The insurer prices each premium using mortality tables, expected investment returns, expenses and a profit margin; for participating policies, the surplus over conservative assumptions returns to policyholders as bonuses.
Premium-Paying Term (PPT) determines for how many years you pay. A limited-pay endowment like Jeevan Labh lets you finish premium payments well before the policy matures, shifting the payment burden into your high-earning years.