You could make a lot of money by investing in the right stocks. While you can’t go back in time when it comes to stock investments, you can buy certain life insurance policies with a back date. Back-dating of a life insurance policy is a perfectly legal and standard practice in the insurance industry. Back-dating is useful in certain situations. A life insurance policy is not the best way to save tax and there are better, more flexible and lucrative options to do so says Sachin Karpe. Even so, millions of taxpayers buy life insurance primarily to save tax. Worse, many of them wake up in February-March to make their Section 80C investments.