Paragraph match score 84.7%
Page A-575
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.
Page A-583
How Long is the Grace Period?
The duration of the grace period depends on the policy terms and premium payment frequency. It typically ranges from 15 to 30 days. For monthly premium payment modes, the grace period is generally 15 days, while for quarterly, half-yearly or annual modes, it is usually 30 days.