What do you think is the best mode of payment for insurance premiums? Also, what are the pros and cons of ECS.
Shravan-The best way to pay the insurance premiums will be yearly through ECS. I am opting yearly, because insurance companies usually give some discount on this yearly payment. No headache of tracking monthly/quarterly/half yearly premiums. Apart from this, you can plan for this by investing monthly in RD to meet this yearly once expenses.
ECS is always best, as it avoids the premium payment headache of manually paying. However, one must know the date of ECS to mange the balance in his account. But I personally opt for yearly premium with ECS option.
At the same time, it is purely one’s own comfort about how they are managing their money.