Dates when premium payable

The dates when premiums are payable in a life insurance policy are given in the schedule of the policy as ‘’on the stipulated due date in’’ and the rest is filled up for each policy separately. Assuming that a policy commenced on 19^th June 2004 the stipulated due date for (premium payment) a policy with yearly mode is 19^th June every year. For a policy with half yearly mode the stipulated due dates are 19^th June and 19^th December every year. For a policy with quarterly premium paying mode the stipulated due dates are 19^th June, 19^th September, 19^th December and 19^th March every year. For a policy with monthly premium paying mode the stipulated due date is 19^th of every month. It may well be asked as to what are the due dates for a proposal that was underwritten on 29^th February. This date is not available even for yearly payment. Therefore life insurer may show the last date for commencement of a policy as 28^th of a month because this is the last day of a month that is available to all the twelve months of the calendar. So a proposal underwritten on 29^th February is generally given the date of commencement as 28<sup>th 

Key words:
Life insurance
Schedule of policy
Policy bond
Due dates of premium</sup>