When it comes to select the mode of payment of the premiums for your policy , you have to be very cautious about it.
Who should opt for the single premium :
If your income is good and you can pay hefty amount at a time then you should opt the single premium. Benefits of paying single premium is that you don't have to remember different date that when you have to pay the premium amount.
once you have paid the premium you have to remember that next year in this month i have to pay premium again only.
Who should opt for the Yearly and Half Yearly mode :
If you are a medium class person and your premium amount ranges from amount 10,000-50,000 you should opt for the yearly if amount is less i.e. 10,000 and opt for the half yearly mode if amount is 50,000.
Benefit of paying yearly and half yearly is that you get 1.5 to 3% rebate
Who should opt for the Quarterly mode :
Those people who are belonging from the lower class of the society they are normally opting for the Quarterly mode.
Their is loss in choosing the Quarterly mode because you have to pay more as LIC has to do the administrative work each and every time when you go for paying the premium amount which increase their cost and labor so if you don't want to pay more so choose wisely and live happily.
Who should opt for the single premium :
If your income is good and you can pay hefty amount at a time then you should opt the single premium. Benefits of paying single premium is that you don't have to remember different date that when you have to pay the premium amount.
once you have paid the premium you have to remember that next year in this month i have to pay premium again only.
Who should opt for the Yearly and Half Yearly mode :
If you are a medium class person and your premium amount ranges from amount 10,000-50,000 you should opt for the yearly if amount is less i.e. 10,000 and opt for the half yearly mode if amount is 50,000.
Benefit of paying yearly and half yearly is that you get 1.5 to 3% rebate
Who should opt for the Quarterly mode :
Those people who are belonging from the lower class of the society they are normally opting for the Quarterly mode.
Their is loss in choosing the Quarterly mode because you have to pay more as LIC has to do the administrative work each and every time when you go for paying the premium amount which increase their cost and labor so if you don't want to pay more so choose wisely and live happily.
Choose wisely and live happily