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Saturday, March 20, 2010
Changing the mode of premium payment
In the middle of the course of premium payment the policy holder may want to change his mode of premium payment which is a easy task. The simplest way is to contact your agent and he will take care of everything else. Otherwise the policyholder has to go to the concerned branch where his policy was taken and give them a written statement that the mode of payment has to be changed.
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Yes I do need to change the mode of payment for my insurance policy from quarterly to half yearly. One of friend has told me that it can't possible to do. After reading the information that you have shared I am convinced and will talk to an agent about it. Thanks a lot.
ReplyDeleteThe 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 anniversar
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