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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