Life circumstances often change, and so do financial priorities. If you feel that your LIC premium payment schedule no longer suits your lifestyle or budget, you don’t have to worry. I assist policyholders in changing their premium payment mode so they can manage their insurance commitments more comfortably.
My name is Shankar Krishna Sawant, a licensed LIC Insurance Advisor based at H No 585/4, Malim Betim, Penha de France, Near Datta Mandir, Bardez, North Goa. I’ve worked with many individuals who wanted to adjust their premium frequency for better control over cash flow and expenses.
The premium mode is the frequency with which you pay your life insurance premium. LIC offers four modes:
Yearly
Half-Yearly
Quarterly
Monthly (ECS mode)
If your income pattern has changed, or if you want to avoid large one-time payments, you can choose a mode that works better for your financial situation. I help you make this change smoothly and officially.
You should think about changing your premium mode if:
Your income cycle has shifted (e.g., from yearly to monthly)
You want to avoid late fees by choosing auto-debit (ECS monthly)
You want to reduce the financial burden by switching to smaller, frequent payments
You find annual premiums difficult to manage in one go
Changing the premium mode ensures that your policy remains active without creating unnecessary pressure on your budget.
To carry out this change, I ask you to provide:
A written request addressed to LIC
Original LIC policy bond (or a photocopy)
Valid photo ID (Aadhaar, PAN, etc.)
Your preferred new payment mode
Once I collect these, I handle the rest of the process at the LIC servicing branch.
I follow a simple, effective process:
Understand your current mode and payment history
Discuss your financial comfort and recommend a suitable mode
Assist you in writing the request application
Submit the documents to the LIC branch
Collect confirmation and updated policy status
This structured approach helps you save time and avoid errors that might delay the process.
Switching your premium mode brings several advantages:
Improved cash flow management
Easier budgeting throughout the year
Reduced risk of missed payments
Convenience through auto-debit in monthly ECS mode
Most of my clients in Bardez, Goa, have felt a clear difference in their financial planning after making this small but impactful change.
A client working on a contractual basis wanted to move from yearly to quarterly premiums. He had missed his last due date and almost faced a lapse. I guided him through the premium mode change and set up reminders for future payments. Now, he pays easily without stress.