What is the procedure to change LIC Premium frequency from quarterly to yearly?
I have LIC policy - Jeevan Mitra for which I am paying the premium quarterly. What is the procedure to change frequency from quarterly to yearly? I also heard that a rebate will be given when we pay half-yearly or yearly. Is it the same for quarterly too?Similar Threads:
You have to visit the LIC Office with an aplication to change the mode and photocopy and original policy document.Originally Posted by Romeo
Yes you get rebate. Check article here -I also heard that a rebate will be given when we pay half-yearly or yearly. Is it the same for quarterly too?
http://www.policywala.com/content.ph...urance-Premium
Premiums, other than single premiums, can be paid by the policyholders to LIC in yearly, half-yearly, quarterly or monthly installments or through a Salary Savings Scheme. If the mode of payment is yearly or half-yearly, LIC gives a rebate of 3% and 1.5% respectively on the premium. If the mode of payment is monthly, LIC charges an additional 5% (this additional charge is waived for the Salary Saving Scheme).
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I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.
I got this from LIC website -
Change Mode of Payment The mode or frequency of payment of premiums can be altered to higher or lower frequency during the term of the policy. Changes between Salary savings modes to direct payment modes are also allowed. This change is done in such a way as to coincide with the date of Policy anniversary or the corresponding Monthly, Quarterly or Monthly dates. As a rule, no alterations are entertained during the first policy anniversary.
Requirements- Requisition for change of Mode.
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