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Can I change my LIC plan?
After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions.
The renewal date of a policy is exactly one year after the previous year’s premium payment date. However, in order to make the premium payments easier, an insurance company like LIC allows a grace period of 30 days for paying the renewal premium.
How do I Change my LIC insurance policy from monthly to yearly?
It will be done by policy holder by writing a letter to LIC OF INDIA and NO fee will be paid in this case. Quarterly to yearly premium mode change can only be done on the month you purchased your policy provided that you had paid all the previous premiums till that time.
Can I change LIC ECS premium from quarterly to monthly?
Need to maintain Bank account properly. Balance of LIC premium apart from minimum balance should be available all time. If LIC ECS request bounces, within 7 days LIC payment should be made. Other wise policy may lapse. Yes, you can change LIc premium from quarterly to monthly.
simply saying you can change premium payment mode viz yearly , half yearly, qurterly, or monthly but you cant change month viz if your annual premium is due in may then you have to pay it in may only Lic also allows you to pay premium 30 days before and after premium due date
LIC OF INDIA offers four options for paying premium for its policies i.e. monthly, quarterly, Half yearly & Yearly. Monthly is done by ECS (Electronic Clearing System-direct from bank) and SSS (Salary Saving Scheme-direct deduction from the salary). Policyholders can choose any mode of their choice at the time of commencement of their policy.