Almost everyone is paying Insurance premium of above 26,000 per year . When we try to yearly premium for this much amount, it is difficult for most of us .So generally I follow this idea ,which is quite handy for me .
Opening a Recurring deposit is the best option . For eg if you have to pay a yearly premium of Rs 26,000 every year during May month , then open a RD for Rs 2300 on June month for 1 year .So when the amount get matured by next year , take the amount and pay your premium amount .Immediately open a another RD for Next year. What more you get some extra amount as interest also.
Now days opening a RD is very simple .We can open it thru online banking . Interest rate is also quite good .
Alternately we can open a Fixed deposit also for a Year and at the end of year , you can take the amount and pay your premium .
Hope you find this tip useful .Your valuable comments are welcomed.