Aditya Birla Sun Life Insurance Company Limited

Policy Anniversary Date Meaning

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Definition

Policy Anniversary Date is the policy commencement date in every subsequent year till the policy term ends.

Description:

The policy anniversary date will be the same date next year when you purchased the policy. The date will not change until the policy is renewed every year on the same date or on the premium payment term basis.

Policy Anniversary Dates in insurance are important to keep a note of the beginning of the risk cover. All the claims that arise after the policy start date will be registered only if the policy is active. The policy may be discontinued for the next year either by the insurance company or by the policyholder by giving a written notice to the other at least 30 days prior to the policy expiry.

Example:

Ashok took out a term life insurance on 31.3.2022. He was not comfortable paying the premium and wanted to buy insurance from another company. Ashok then gave a written intimation for the insurer, 30 days before the policy anniversary date.

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ABSLI Salaried Term Plan

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Recently Added Article

ABSLI Salaried Term Plan (UIN:109N141V02) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6100/- ( which is ₹ 508.33/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/8/22-23/1211