Typically a rate guarantee last up to 45 days. The annuitant (owner) agrees to transfer the total amount of premium to the life insurance company.
This rate guarantee is not a guarantee of income but rather a guarantee of the rate basis used in the quotation. Note the rate basis is only one of the factors used to calculate the income or single premium. If the funds are not received on the exact policy date (i.e. effective date), the insurance company will re-quote based on the actual date of receipt, using the same guaranteed rate to determine the revised income or single premium amount but adjust the policy date to the date of receipt of payment.
What this means is that for most registered fund cases, the income quoted will not be exactly the same when the policy is issued. The reason for this is due to the date the transfer request is received by the company. For example, if the quoted rate guarantee deposit date was Dec 1 with a Jan 1 start date producing and income of $497.70 but the insurance company receives the money on Dec 16 the new income could be $496.66.
As you can see the transfer date change produces a lower premium of $1.04.
If the money is received by the insurance company more than 45 days after the date of this request, the company has the right to give the less favourable of the rate basis in effect on the date of transfer and the guaranteed rate basis, but in no case will a more favourable rate than the guaranteed rate be given.