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And even if you forget, surely your family members can remind you of the same.
Backdating also takes care that the maturity date coincides with this significant date.
Suppose you bought a policy on 5th August 2013 but end up realizing later; had you purchased the policy two months earlier, you could have got it at better premium rates. You can request your insurer to change the official start date to 4th June 2013.
This back-date policy will reduce the premium liability for the insured during the policy tenure.
Eventually, he would not be required to pay a higher premium.
Though the difference in the premium amount seems to be minimal but it proves quite beneficial in the long run.
There are specific professions whereby the flow of income is not uniform throughout the year.
In such a situation, if he backdates his policy to 6 months earlier, then he would be considered getting that policy at an age of 40.In such a case, the policyholder can pay the premiums for the current financial year at one go, whereas, for the coming year he can deposit the premiums on the due date, set by his insurer.Many of us believe in purchasing important things on significant days like birthday, wedding anniversary and so forth.Let’s look at some advantages of backdating insurance policy.Backdating provides you the option of paying lower premium by altering the policy start date and selecting the one which gives you better premium rates.