4 min Read Jan 23, 2020
A grace period in insurance is the additional time — typically ranging from 15 to 30 days after the due date — granted to a policyholder to pay a past-due premium without the policy lapsing or coverage being cancelled. During the grace period, the insurance policy remains in force, meaning claims can still be made even if the premium has not yet been paid. If the premium is not paid by the end of the grace period, the policy may lapse, and the insured may lose coverage and accumulated benefits. For policyholders in India, understanding the grace period is critical to maintaining uninterrupted life, health, and general insurance coverage, particularly for policies linked to financial planning and wealth protection strategies through platforms like Ventura Securities.
For android only
