Is LIC paid monthly or yearly?

The payment frequency for LIC (Life Insurance Corporation of India) policies can vary depending on the specific policy you choose and the premium payment mode you opt for. LIC offers multiple premium payment modes to cater to the convenience of policyholders. The common premium payment modes offered by LIC are:

1. Yearly: The premium is paid once a year (annually). This is the most common and traditional mode of premium payment.

2. Half-yearly: The premium is paid twice a year, i.e., every six months.

3. Quarterly: The premium is paid four times a year, i.e., every three months.

4. Monthly: The premium is paid every month.

5. Single Premium: Some LIC policies offer the option to pay the entire premium as a lump sum amount at the beginning of the policy tenure.

The payment frequency you can choose may depend on the specific policy terms and conditions and your own financial preferences. While some policies may offer all premium payment modes, others may have restrictions or different options available. It's essential to carefully review the policy documents and consult with an LIC agent or representative to understand the available premium payment modes for the particular LIC policy you are interested in.

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