Start Back dating to save age

Back dating to save age

Generally, most of the insurers hike the premium rates for the policyholders above 40 or 45 years because at this age an individual is more prone to diseases.

But the difference becomes substantial for individuals purchasing policy at an age of 40 and above.

If you have opted for backdating, you must ensure to move into the previous age bracket, even if by one day.

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.

Backdating comes handy as one can anytime alter the official date to some important date during the year.

It also acts as a reminder for premium payment of your life insurance policy.

May-June, December-January), so he can get the policy he bought in his off season, backdated to some date in the aforementioned vacation season.