Life Insurance
What is the date of commencement of risk for LIC policies?
The risk under which the risk for LIC policies commences is the date of receipt of the first premium in full or the date of acceptance, whichever is later. But if the acceptance of the proposal is conditional upon the proposer's compliance with any requirements, then the risk under the policy will commence on the date on which all requirements are satisfactorily complied with or on the date of receipt of the first premium in full, whichever is later.
