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Glossary
Grace Period: Extra time after the premium due date to pay without immediate policy lapse Policy Lapse: Termination of a life insurance policy due to non-payment of premiums
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Glossary
Policy Lapse: Termination of a life insurance plan when premiums remain unpaid beyond the grace period . Grace Period: Extra 15-30 days after the due date, when a life insurance policy stays active despite non-payment.