Mr. Uren Kumar,
That's a lovely question you have raised at this forum.
Please note every insurer is bound to issue Money receipt on acceptance of premium cheque/ deposits.
1. The date of cheque and the date of receipt has to be same.
2. The date of clearence should not have any role in considering /allocating units and its NAV.
3. For example, if a cheque is given to insurer on Thursady say 04.03.2011 and they send it for clearance on 10.03.2011 or even later date. The nav that of friday max should be considered,
Pl. note that above would be appicable only in case the cheque is not dishonoured by your bankers whenever it is actually presented by the insurer's.
In other words, under the circumstance narrted by you the insurer are bound to take NAV valus that of the next working day (at max) and should allot additional units to your policy/account accordingly and certainly cannot prolong the adjustment till 1 months time or on the later date.
Hope you would like to cross check this with your insurer and share the outcome for the benefit of other policy holders.
Bye Bye
