Yearly plans, paid monthly?

Adobes pricing plans include an annual option with monthly payment, for instance $52,99/mo, but you're bound for a year. If you want to cancel earlier, you'll have to pay 50% of the remaining months as a cancellation fee.

Has any member of the IH community experimented with this pricing option for their SaaS?

I've been thinking about pricing my SaaS in a similar fashion, as I'd like to offer my customers a yearly pricing plan, but without hitting them with a $200+ bill at once.

Any thoughts?