Section 43 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
43. Renewal Premium in advance.
- (i) Collection of renewal premium in advance shall be allowed within the same financial year for the premium due in that financial year. Provided, the premium due in one financial year may be collected in advance in earlier financial year for a maximum period of three months in advance of the due date of the premium.(ii)The renewal premium so collected in advance shall only be adjusted on the due date of the premium.(iii)The commission shall only be paid after adjustment of premium on due date.
