I guess I am not being able to generate enough trust in prospects even after 14 days no-question-ask-refund policy.
You should ideally keep increasing the lifetime deal price until you hit the point where you see a non-negligible number of people choose the recurring plan first, then decide where to go from there. That's just common sense for the profit-maximizer.
Can you suggest how should lifetime price compare against yearly price?
If you get good answers from that math, maybe it makes sense. But I'd wager that most business models don't have good numbers in such a scenario.
Then I would reconsider my offerings based on how each group provides or does not provide business opportunities.
Anyway raising the price of the lifetime product is the simplest way to encourage price sensitive customers into recurring plans. If that doesn’t change their choice, revenue increases.
Doesn’t work with saas probably.
If your product is for business and production, I would simply remove the lifetime purchase option.
But can't blame them. I am also like that :)