Premium Payment Options
Premium payment options for Metlife College plan and LIC Bima Diamond also include premium paying modes. For a life insurance plan, premium payment options are regular pay, single pay and limited pay. These define the frequency of premium payment. In regular pay option, there are different modes like monthly payment, quarterly payment, etc.
For Metlife College plan:
- Premium payment options: Regular Pay.
- Regular premium paying modes: Annual, Monthly, Payroll Savings Program and Quarterly.
For LIC Bima Diamond:
- Premium payment options: Limited Pay.
In regular pay, you have to pay the premium at fixed regular intervals throughout the policy term. This premium can be paid monthly, quarterly, twice in a year or once in a year. If you choose limited pay mode, you'll have to pay the premium only for few years whereas in single pay mode, entire premium is paid at once.
Top Up for Metlife College plan and LIC Bima Diamond Premium
Top up for Metlife College plan and LIC Bima Diamond premiums, is an extra amount of money that you can pay at any time during the policy term. It helps to increase value of investment over a long period of time. Top up premium is not allowed for first plan and for the second plan, it is not allowed. If allowed, top up premium can be paid anytime along with your regular premiums.