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Hazoorilal took a whole life plan of Rs
60,000. He is 48 years old. He pays a
yearly premium of Rs 2000. In the tenth
year of the policy, he was unable to pay the
premium on time. As per the company rule,
a surcharge of 3% per month is levied for
delay in payment of premium. Hazoorilal
paid the premium 3 months after the due
date. How much extra amount will he be
paying for that year?
Given : He pays a yearly premium of Rs 2000.
he was unable to pay the premium on time
As per the company rule, a surcharge of 3% per month is levied for
delay in payment of premium.
Hazoorilal paid the premium 3 months after the due date
To Find : How much extra amount will he be paying for that year
Solution:
Premium to be paid = Rs 2000
Surcharge of 3% per month
Hazoorilal paid the premium 3 months after the due date
Considering simple interest surcharge
Surcharge = 2000 * 3 * 3 / 100 = Rs 180
Extra amount paid = Rs 180
Premium paid = 2000 + 180 = Rs 2180
Considering Compound interest
A = 2000( 1 + 3/100)³ = 2,185.454
Extra amount paid = 2,185.454 – 2000 = Rs 185.454
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