What is grace period for lic premium payment

The grace period for policies where the premium payment mode is monthly is 15 days from the due date. The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.

What happens if I pay premium after due date?

Generally, you will be provided a grace period which is typically up to 30 days after your due date. If you fail to pay your premium in the grace period as well, then your insurance policy will get terminated.

How to calculate late fee for LIC premium?

Depending on the insurance policy, the grace period can be as little as 24 hours or as long as 30 days. The amount of time granted in an insurance grace period is indicated in the insurance policy contract. Paying after the due date may attract a financial penalty from the insurance company.

What is the duration of the grace period in a policy?

If, by the end of the 90-day grace period, the amount owed for all outstanding premium payments is not paid in full, the insurer can terminate coverage. In addition, during the first 30 days of the grace period, the insurer must continue to pay claims.