Let us do this comparison by considering the premiums of an insurance policy with options for
yearly mode of payment and single premium.
Not exact matches
Most
of the life insurance plan offers four
mode of premium
payment i.e. on monthly, quarterly, Half -
yearly or
yearly basis.
You are allowed to choose any
mode of premium
payment - monthly, quarterly or
yearly installments
Your first annuity
payment will be paid one month / three months / six months or one year after the commencement
of this policy, depending on the annuity
payment mode chosen by you - monthly, quarterly, half -
yearly or
yearly respectively.
Discounts in premiums are given for choosing the
yearly and half -
yearly mode of premium
payment @ 3 % and 5 % respectively
The frequency or
mode of payment can be annual, half -
yearly, quarterly, or monthly.
Secondly in which
mode of payment (monthly, quarterly, half
yearly or
yearly) should I pay and for this much cover what medical test they will do and the copy
of medical they will give it to me or not.
Please I have a doubt in
mode of payment: Single one time premium or
yearly premium for up to 35 yrs.
Your employee has to authorize transfer
of a single premium and choose annuity
payment modes - monthly, quarterly, half -
yearly or
yearly.
The permitted
modes of payments of leave encashment liability contributions are
yearly, half -
yearly, quarterly and monthly.
Premium
payment can be done by
yearly, half -
yearly, quarterly or monthly
mode (through ECS only) or through salary deductions over the term
of policy.
However, in case there is a delay in paying the premium, you are entitled to a grace period
of 15 days for monthly premium
payment mode and 30 days for quarterly, half -
yearly and annually
payment mode for paying premium without any interest.
According to LIC a grace period
of 30 days is allowed for the
mode of payment of premium is
yearly or half -
yearly.
The plan has a
yearly premium
payment mode and has maximum entry age
of 50 years.
Rebates in premiums for choosing
yearly and half -
yearly mode of premium
payment @ 2 % and 1 % respectively.
In half -
yearly mode of premium
payment, the policyholder needs to pay one half
of the
yearly premium.
Premium
payment is also flexible, with a choice to pay via monthly, quarterly, half -
yearly or
yearly modes, as per the convenience
of the policyholder.
The premium
payment modes of the policy are monthly, quarterly, half -
yearly,
yearly and single pay.
You can make the premium
payment for LIC Jeevan Lakshya monthly, quarterly, half -
yearly and
yearly modes and an ECS's facility is also available to make the
payments of the premiums easier via mobile banking or internet banking.
Premium
payment is flexible, with a choice to pay via monthly, quarterly, half -
yearly or
yearly modes, as per the convenience
of the policyholder.
Grace period: Offers a grace period
of 30 days in case you miss the due date to make the premium
payment in case
of yearly, semi-annual and quarterly
mode.
This period is 30 days in case
of yearly, half -
yearly and quarterly
payment modes, and 15 days in case
of the monthly
mode.
The
modes of pension
payment are monthly, quarterly, half -
yearly &
yearly.
Protection for your family: Get life cover
of at least 10 times the annualised premium for the entire policy term Pay as you like: With
yearly, half -
yearly, quarterly and monthly premium
payment modes Tax benefits: Get tax benefits on investment and on returns, as per the applicable income tax laws
The grace period
of 30 days is offered on
yearly, half -
yearly and quarterly
payment mode.
Dear Ashish, LIC
of India provides rebates on the premium to be paid based on the
mode of payment (monthly / quarterly / half -
yearly /
yearly) made by the policy holder.
If two successive
payments / instructions in case
of monthly premium
payment mode or any one
payment / instruction in case
of quarterly / half
yearly /
yearly premium
payment mode is not received / honoured, the Company reserves the right to automatically cancel / withdraw the facility
of ECS / Direct Debit or Standing Instructions to Credit Card.
Typically, a grace period
of 15 days is allowed for monthly
mode of premium and 30 days for quarterly, half -
yearly and
yearly premium
payment.
The first installment
of annuity shall be paid one year, six months, three months or one month after the date
of purchase
of the annuity depending on whether the
mode of annuity
payment is
yearly, half -
yearly, quarterly or monthly respectively.
However, a grace period
of one month but not less than 30 days will be allowed for
yearly, half -
yearly, quarterly
modes and 15 days for monthly
mode of premium
payment.