Verizon announced on Monday that customers who will buy the new Samsung Galaxy S7 and Galaxy S7 Edge smartphones through its device payment option will be eligible to receive a brand new unit through its upgrade program.

Through the company's Annual Upgrade Program, customers can turn in their older smartphone in order to get any new handset of their choice every year. The owner must have already paid at least 50 percent of the device cost and the phone has to be at least 30 days old before it can be eligible for an upgrade.

Those who don't want to avail of the upgrade program can still choose to pay for their smartphone through Verizon's 24-month payment option.

The Samsung Galaxy S7 can be bought from Verizon for $28 a month for 24 months. Its retail price is set at $672. The Galaxy S7 Edge, on the other hand, is available for $33 a month for 24 months. Its retail price is $792.

Under Verizon's upgrade program, you can buy a new Galaxy S7 smartphone now, pay for at least half of the price of the unit and turn it in to get the Galaxy S8 as soon as it comes out by next year.

Previous phone upgrades require customers to pay the full price of their smartphone first before they can become eligible.

In 2015, Verizon started a similar program for its Apple iPhone customers.

The phone company is also offering a program for customers where they can have their older smartphones traded in for a new iPhone 6S, iPhone 6S Plus, Galaxy S7, or Galaxy S7 Edge.

If you have availed of Verizon's device installment plan that has been activated before May 31, 2015, you will need to pay off at least 75 percent of your phone's price so you can be eligible for the upgrade.

Those who own a Verizon phone that has been active from June 1, 2014 to Oct. 15, 2014 have to pay at least 60 percent of their device's price, while those who own a phone before June 1, 2014 have to pay at least 50 percent of their balance.

Customers can only trade in devices that are still in good working condition before they can receive an upgrade.

Photo: Eric Hauser | Flickr