Life insurance plans allow you to pay the premium either in one go (single payment) or through regular payments (annual, semi-annual, quarterly, or monthly). Max Life Smart Term Plan also offers the option to pay the premium for a limited payment tenure (Pay till 60).
Regular premium payment options allow you to pay in the following premium payment modes:
Annual: You pay the annualised premium (the total of the Annual premium and any extra premium plus taxes) once a year.
Semi-annual: You pay half of the annualised premium once every six months, throughout the premium payment term.
Quarterly: You pay one-third of the annualised premium once every four months, throughout the premium payment term.
Monthly: There are twelve equal parts of the annualised premium, which are payable every month.
Policyholders can change the premium payment mode during the premium payment term.