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Key Takeaways
Most insurers offer a grace period of 15 days for monthly premiums and 30 days for quarterly, half-yearly, or annual premiums before the policy lapses.
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What to Do if You Cannot Pay Premiums?
Leverage theGrace Period: According to the IRDAI (Insurance Regulatory and Development Authority of India), all life insurance policies must incorporate a grace period of 30 days from the due date of payment. For policies with monthly premiums, the waiting period is 15 days. On the other hand, for policies with quarterly premiums, the grace period is 30 days. During this period, the policy will be in force, and the claim will be payable subject to the deduction of the unpaid premium, as per the policy terms.