What Is The Full Form Of PPT In Insurance?
PPT Full Form in Insurance is Premium Paying Term. This is basically the countdown timer on how long you need to pay your premiums to keep your policy from hitting the snooze button permanently. It’s not to be mixed up with the policy term, which is the grand total time your insurance coverage lasts for.
Difference Between PPT and Policy Term
To put it simply, the policy term is the entire duration your insurance has got your back, while the PPT is just the stretch you’re shelling out cash for premiums. These two timelines can sync up or differ. For example, some savvy insurance plans let you pay premiums just for a brief spell (like a quick 10 years) while covering you for what feels like an eternity (okay, let’s say 20 years).
Benefits of Limited Premium Paying Term Plans
Smart move? Sure! These plans pack a punch with benefits. They cut down on how long you need to worry about premiums, easing up your budget, especially handy if you’re eyeing retirement or your income likes to rollercoaster sometimes, you know? On to of all that, they trim down the dread of policy lapses from missed payments since you’re clearing your premium dues way ahead of the finish line.