fbpx

Backdating Insurance Policy

Backdating Insurance Policy

Backdating a policy means that you can change your policy issue date from the current/present date. The simplest advantage it reflects is on your premium amount. How? While issuing the policy, insurer considers the nearest age of policyholder. Imagine Mr. A is 27 and 9 months old when he is buys the policy. The insurer will consider his age as 28 years old while issuing the policy. But if Mr. A decides to backdate the policy by 4 months, he will be considered as 27 years old.

This will change your premium amount because now you will be paying as a 27 year old. Though the benefits will remain the same.

Effects on maturity:

If Mr. A buys a policy with Plan Term of 20 years on Feb 2019. He can backdate it to May 2018 and his policy will mature at May 2038 instead of Feb 2039.

Note: You can Backdate your policy within a financial year and not more.

0 comments

Pitch series A financing innovator venture supply chain market business-to-consumer startup gamification product management success first mover advantage direct mailing return on investment. Monetization user experience bootstrapping success pivot research & development.

Fringilla etiam maecenas ligula justo nec pretium felis nisi. Pretium eget aliquam augue commodo cras semper sem nullam. Ut semper nec id adipiscing dui lorem. Pretium dapibus eget in sem donec et. Metus etiam ipsum sit. Quis blandit ut ante pulvinar adipiscing dis vel montes amet. Sed nullam rhoncus nisi augue sem tempus enim vici pede sapien viverra pellentesque.

Tellus ut aenean. Veni tellus hendrerit quam. Elit justo etiam sit. Dolor ut quis consequat venenatis odio ullamcorper rutrum dapibus porttitor commodo. Cras felis enim eget vulputate tempus quam neque cum mus sem metus nec condimentum.

Penatibus nisi ante donec lorem quis ut amet elementum sem eu. Vel nullam eleifend cum dapibus aliquet vidi libero eget ante penatibus. Consequat et nulla condimentum. Imperdiet ipsum nascetur nisi.

Sed efficitur congue dolor, et rhoncus ipsum rutrum nec. Ut ac mollis risus, bibendum molestie tortor. Fusce magna dui, pharetra eget pellentesque vehicula, consequat vel nisl. Donec auctor ex a laoreet egestas.

Leave a Reply

Your email address will not be published. Required fields are marked *

Do NOT follow this link or you will be banned from the site!