Insurance Premium Cheque: When is Payment Officially Received?

Business Standard · business

A recent discussion explored the crucial question of when an insurance premium payment is legally considered received when sent via post. The core issue revolves around determining the definitive date for premium receipt under the law. This date could potentially be when the cheque is dispatched, when the insurer actually receives it, or when the funds are successfully credited to the insurer's account after encashment. Clarifying this date is vital for policyholder compliance and insurer record-keeping.