Premji was born on 23 September 1908 in Vanneri, Malappuram, Kerala.[4] It was a time when Kerala was experiencing a social uprising. The effect of that was visible in Premji's family and life as well. His elder twin brother M. R. Bhattathiripad, popularly known as MRB was a prominent figure in Malayalam professional plays.[5][6] Premji joined Yogakshema Sabha and worked with V. T. Bhattathiripad, E. M. S. Namboodiripad and MRB in the fight against the casteism and conservatism that existed in the Nambudiri community.[7] Premji got married at the age of 40 to Arya Antharjanam (28 years old) from Karuvat Illam, Kanjany, Trichur, who was a widow since the age of 17.[8] This was when widow-marriages were completely prohibited in Nambudiri community.[9][10] This was the second widow marriage in the modern Kerala history, after the marriage of his brother MRB with Uma Antharjanam nine years earlier.[11]
Premji started his professional life as a proof editor in Mangalodayam press Thrissur when he was 19. He soon launched his acting career with Adukkalayil Ninnu Arangathakku, a play by eminent dramatist V. T. Bhattathiripad.[12] Later, he acted in various plays: MRB's Marakkudakkullile Mahaanarakam, Moothiringode Bhavathrathan Namboothiripad's Apphante Makal, Cherukad's Nammalonnu and Snehabimbangal and P. R. Warrier's Chavittikkuzhacha Mannu are some of them. He won gold medal from the Government of Kerala for his performance in the play Shah Jahan, produced by Kalakaumudi Nataka Koottayma. He was also awarded a fellowship by the Kerala Sangeetha Nataka Akademi.[12] With his expertise in plays, he ventured into film industry.