Confused on Term Plan Renewal payment (Pru)

[christianflies]

Hi guys! Not sure if this is the right channel for this. But my agent's not been much help clarifying this about the Prulife YourTerm I purchased.

So I paid around Php 8,000 for the initial annual premium. Then they sent me my schedule of premiums which has a column "Annual Renewal Premium" and another column "Modal Renewal Premium". Under each column they have listed Php 4,855 to be paid for next year.

Does this mean I only have to prepare Php 4,855 to renew it next year? Or do I have to prepare x2 of that (Php 9,710)?

Really couldn't find a clear cut answer anywhere else...

 

[andrew923]

@christianflies Annual renewal premium is when you pay the full premium once every year. Modal premium is when you pay in installment so given the amount, 4,855 is when you pay semi annually or twice a year.

 

[christianflies]

@andrew923 Ah I see. That looks clear. Thanks!