The phrase "year premium" refers to the amount of money you pay each year for insurance coverage. It is the cost you have to pay annually to keep your insurance policy active. Full definition
In case the life insured commits suicide in first year the premium paid is returned and no claim is payable. (maxlifeinsurance.com)
He chooses 12 - year premium paying term (22 - year policy term). (comparepolicy.com)
Your financial adviser will provide you with information about the growth of the cash value over time and the number of years premium payments are required. (protective.com)