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Important Terminologies in a Life Insurance Policy
A grace period is an additional window, usually ranging from 15 to 30 days after the premium due date, during which policyholders can pay outstanding premiums without the policy becoming inactive.
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Important Life Insurance Terms You Should Know
Grace Period: You should pay the life insurance premiums on or a little before the due date. This will ensure that your premium is invested at the right time and enjoys maximum growth, and your life cover also continues. However, if you miss the due date Grace Period is there to save you. The grace period is the time available to you for paying the premium without affecting the policy. You usually have a 15 days grace period for monthly premium payment modes and 30 days for other modes.