Pre-issuance payments

What are ‘Pre-issuance Payments’?

The benefits under your policy start only once your policy is issued. The amount that you pay to the company during this period is called the pre-issuance payment. Once this amount is received, the policy is processed for issuance.

Important Information on ‘Pre-issuance Payment’:

• Only the proposer^ can make the online premium payment. The company will not consider online payment made by any third party on proposer’s behalf.
• The risk cover under the policy begins only after the policy is issued.
• In case you have chosen a Unit Linked product, the NAV* on the date of issued policy shall be applicable.

* Net Asset Value (NAV) is the price at which the units of a fund (be it equity or debt) are purchased.

^ A proposer is an individual who wants an insurance policy either for self or for a loved one, and makes all the premium payments under the policy. For example,For example, you will be the proposer when you take a life cover for your wife, as all the payments in the policy are made by you. Your spouse will be the life assured, for whom the Life cover is taken.