Discounts in premiums are given for choosing the yearly and half -
yearly mode of premium payment @ 3 % and 5 % respectively
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.
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
Let us do this comparison by considering the
premiums of an insurance policy with options for
yearly mode of payment and single
premium.
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.
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.
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.
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.
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
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.
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.