Maqbool got a life insurance policy of Rs. 500,000. Rate of annual premium at 4.5% of the total amount of the policy whereas the policy fee is at the rate of 0.25%. Find the annual premium of the policy.

🧠 Explanation (Math):

Given: Policy amount = 500,000; annual premium 4.5%; policy fee 0.25%
Step 1: Total rate = 4.5% + 0.25% = 4.75%
Step 2: Annual premium = 0.0475 × 500,000 = 23,750
Final Answer: Rs. 23750