This is the amount you pay for keeping an insurance policy active. Usually paid in a lump sum at the start of the policy term or annually through the term, it includes all the charges and levies by the insurance company. The premium amount is based on the assessment of the matter being insured which could be human life, a car or your home. While some charges within the premium like mortality cost in case of life insurance, are fixed others are variable and hence, no two premiums may be the same.
Usually, for life and health insurance the earlier you start the lower is the premium to be paid as age is factor in determining the cost of the insurance policy.