noun
The amount paid for an insurance policy, such as health, car, or life insurance.
毎月の保険料が高くなった。
My monthly insurance premium has gone up.
自動車保険の保険料を年払いにした。
I switched my car insurance premium to annual payment.
掛け金 can also mean insurance premium, but is a broader term for installment payments or contributions.
Compound of 保険 (insurance) and 料 (fee, charge).