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Key Takeaways
A grace period is the additional time provided after the premium due date to keep your life insurance policy active The grace period typically ranges from 15 days (monthly mode) to 30 days (other premium modes)
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What happens when you do not pay the premium on time?
A grace period is an extension provided by the insurer post your policy due date to help you pay your premium so that you can revive your insurance plan and continue to avail the coverage. However, if the premium payment is not made by the insured even during this grace period, the policy becomes null and void. The insurance company will not provide you coverage, even if you paid previous premiums diligently. Your insurance plan benefits no longer apply and your policy is officially considered lapsed.