Pros

Discount on premium

Save yourself from potential increase in premium in next 3 yrs

Cons

No option to move out if you are not happy with the service before completion of the tenure.

One of the major benefit is, You save on any inflation linked premium increase if that ever happens over the next two to three years.

Apart from this there really isn't much as a benefit that a advance premium brings alongwith.

Dear Ashish

I would recommend yearly renewal . Percentage discount is less than returns on mutual fund .

You can invest money , redeem and pay premoim . You will make more money .

Beside inflation linked pricing , I don't see any other benefit rather company may take such customers for granted .

Ypu are keeping them on toes when you are seeking annual renewal .