Effect of NAV on Switching between funds!! What is cut off time?

You can switch between different funds in ULIP.
But what is the cut off time for the switch?.

According to irda, cut off time is 4:15 PM. Well here is the example

Scenario : Switching between Debt to Equity Fund

Time : Placing the request at say 2:00 PM. By written request or through cash.

Date: March 03, 2007

NAV of Equity fund dated March 02, 2007 : Rs 30

NAV of Equity fund dated March 03, 2007 : Rs 31

NAV of Equity fund dated March 04, 2007 : Rs 33

o.k shall we do the analysis now.. ?

As you put your request by 2 PM your NAV will be taken as Rs. 31.

As per my observation, NAVs are usually declared at 10:00 PM or so..

IRDA says

10.6.1.1 In respect of premiums/funds switched received up to 4.15
p.m. by the insurer along with a local cheque or a demand draft
payable at par at the place where the premium is received, the
closing NAV of the day on which premium is received shall be
applicable.

10.6.1.2 In respect of premiums/funds switched received after 4.15
p.m. by the insurer along with a local cheque or a demand draft
payable at par at the place where the premium is received, the
closing NAV of the next business day shall be applicable.
10.6.1.3 In respect of premiums received with outstation
cheques/demand drafts at the place where the premium is received,
the closing NAV of the day on which cheques/demand draft is realized
shall be applicable.