Dating back of insurance policy

Last updated: 08 May 2023

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The Supreme Court ruled that if an insurance policy is backdated, the next premium is due based on that backdated commencement date, not the date the premium was actually paid. In this case, the policy was backdated to April 28, 1995, making the next premium due on April 28, 1996. Even with a one-month grace period, the policy lapsed on May 28, 1996, as no premium was paid by then. Therefore, the insurance company was not liable for the death that occurred on August 2, 1996.

Court :
Supreme Court of India

Brief :
If Life Insurance Policy dated back , the next premium will fall due on such date to which the policy dated back. The date on which risk under the policy commenced is different from the date of policy.

Citation :
Appeal (civil) 4806 of 2005

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Judgement posted by

FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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