I took a life insurance policy four years ago where I make yearly premium payments. However, in the past two years, I am finding it difficult to pay in lump sum once a year. Can I change the premium payments to monthly mode?
Raghav Batra, Bhopal
There are times when people discontinue insurance policies because of their inability to make periodic premium payments due to monetary constraints. Insurers understand such issues and are amiable to change the premium paying frequency to suit the policyholder's needs. So, yes, you can change the frequency of premium payment. You will need to approach your insurer and request for a change in the premium paying frequency and the time from when the change has to be effective. Typically, such changes are incorporated on the policy anniversary date. There is a possibility of change in the total premium that you may pay with the change in the frequency of the premium payment.
