How frequently will you be expected to pay premiums?

When you buy a term insurance plan, you need to pay your premiums regularly at a pre-decided time. Failure to do this will result in a policy lapse and loss of benefits. 

You have the option of choosing how frequently you pay the premiums. Let’s look at the various available options: 
 

• Monthly - you pay a fixed amount every month 
  
  
• Quarterly - you pay a fixed amount every three months 
  
  
• Half-yearly - you pay a fixed amount every six months 
  
  
• Annually - you pay a fixed amount every year

It totally depends on your convenience. For example, if you don't mind annual payments, it can help you save ~5%. Or you can opt for the monthly option if that is the lightest on your wallet.

Simple. Just activate auto-pay with your bank or your credit card to ensure you never miss out on your premium payments.