(a) What is the effective date of the policy? The effective date is the date policy coverage begins. Benefits due under a policy issued under section 1922(a) are payable any time after the effective date. Benefits due under a policy issued under section 1922B are payable any time two years after the effective date.
(b) How is the effective date established? The effective date is the date you deliver both of the following to VA:
(1) A valid application.
(2) A premium payment.
Note 1 to paragraph (b):
If your valid application and premium are mailed to VA, the postmark date will be the date of delivery.
Note 2 to paragraph (b):
If a postmark date is not available, the date of delivery will be the date your valid application and premium are received by VA.
Note 3 to paragraph (b):
If you apply for insurance coverage through an electronic medium, the date of delivery of the premium payment will be the date you authorize payment of the initial premium. In cases where the authorization does not result in the required premium payment because there were insufficient funds to cover the full initial premium, the delivery date of the premium payment will be the date your full initial premium is received by VA.
(c) Can you have a different effective date? For insurance other than VALife, if you would like an effective date other than the date of delivery as described in paragraph (b) of this section, you may choose one of the following three options as an effective date:
(1) The first day of the month in which you deliver your valid application and premium payment to VA. For example, if VA receives your application and premium payment on August 15, you may request an effective date of August 1.
(2) The first day of the month following the month in which you deliver your valid application and premium payment. For example, if VA receives your application and premium payment on August 15, you may request an effective date of September 1.
(3) The first day of any month up to six months prior to the month in which you deliver your valid application and premium payment. For example, if VA receives your application and premium payment on August 15, you may request an effective date of February 1 or the first day of any month following up to August 1. However, you must pay the following:
(i) The insurance reserve amount for the time period for each month starting with the requested effective date up to the first day of the month prior to the month in which you delivered your application to VA; and
(ii) The premium for the month in which you delivered your application to VA.
Note to paragraph (c):
For example, if your postmark date is August 15 and you request an effective date of February 1, you must pay the insurance reserve amount for February 1 through July 31, and also pay the August premium.
[67 FR 54738, Aug. 26, 2002, as amended at 87 FR 73653, Dec. 1, 2022]