"renewal premium" refers to the amount of money you need to pay to continue an insurance policy for another term or period. It is the cost to renew and keep your insurance coverage active. Full definition
Ideally there should not be any waiting time for paying renewal premium at cash counters. (blogs.bajajallianzlife.com)
For annual policy, earn a cumulative discount of 5 % on renewal premium for each claim free policy year, up to a maximum of 50 %. (comparepolicy.com)
If you haven't, you can use car insurance renewal premium calculator online and get the premium details at time of renewal of your insurance policy. (policybazaar.com)