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:

Premium = (4.5% \cdot 500,000 = 22,500). Policy fee = (0.25% \cdot 500,000 = 1,250). Total = (22,500 + 1,250 = 23,750). Studying this highlights financial calculations, providing lessons on accurate premium computations for insurance planning.