What are the rules for H1 premium visa and will I be able to apply for it?

The H1 visa you are referring to is most probably the H-1B visa which is available to those foreigners coming temporarily to the US to perform a specialty occupation (medicine and health, education, business specialties, accounting, law, mathematics, theology, social sciences, architecture, engineering). Applicants must have a minimum of a US bachelor's degree or its equivalent. The H-1B visa is capped at 65,000 per year, therefore applicants are encouraged to file the 1st day filing is permitted, which is 4/1/2014 to commence employment not before 10/1/2014. "Premium Processing" on the other hand, is an expedited service for processing for certain employment-based petitions and applications, including the H-1B visa (it is not a "premium visa"). Applicants for Premium Processing pay the US Immigration & Citizenship Service an extra $1,000 to obtain a decision within 15 calendar days.