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Grace Period In Life Insurance

Life insurance policy provides financial security to the life assured and their family members in case of an untimely demise during the policy tenure in exchange of regular premium payments by the policyholder to the insurance company. It is essential to make regular premium payments to keep the life insurance policy in force. In case the policyholder is unable to make the premium payment for life insurance policy, all insurance providers give policyholders a chance to make the due premium payment after the due date during the grace period.

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1 Crore Life Cover starting from just ₹16/Day*
1 Crore Life Cover starting from just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

What Is The Grace Period?

To put it in simple words, grace period refers to the additional time period offered to the policyholder after the premium is not paid on the due date to avoid policy lapse. Grace period refers to a maximum number of days allowed by the insurance provider in which a policyholder can make due renewal premium payment.

There are different premium payment frequencies available under a life insurance policy. You can choose to pay a premium on a yearly, half-yearly, quarterly and monthly basis. Grace period depends on the premium payment frequency chosen by the policyholder. 15 days of grace period is offered for monthly premium payments and 30 days of grace period is provided for quarterly, half yearly and yearly premium payments.

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Final Plan Eligibility will depend on some other factors including tobacco habits, education, occupation and income of the life assured / proposer

What Happens If You Do Not Pay Premiums During the Grace Period?

Regular premium payments ensure the policy remains in force. In case you are not able to make due premium payment a grace period for the due premium payment shall be offered. If you are unable to make the due premium payment even during the grace period, the life insurance policy will lapse and you will not be able to avail benefits under life insurance policy. A lapsed life insurance policy can be a huge loss for the policyholder because the policyholder will lose the entire premium they paid so far and the insurance coverage. However, if the life assured passes away during the grace period, the nominee will receive the death benefit after the insurance company has deducted the unpaid premium.

Life Insurance Companies User Reviews

What users are saying
  • Hassle-Free Policy Purchase

    Buying Axis Max Life Insurance was seamless with InsuranceDekho. Their website showed me different plans, premium details, and benefits in one place. The purchase process was straightforward, and I received my policy document without any trouble. Highly recommended!

    R
    Axis Max
    By Rajesh Verma
    On: February 25, 2025
  • Smooth Claim Settlement

    I had to file a claim for my HDFC Life Insurance, and I was unsure how to proceed. InsuranceDekho guided me through the entire process and helped me submit the necessary documents. The claim was settled smoothly, and their team was very supportive throughout.

    P
    HDFC
    By Priya Deshmukh
    On: February 25, 2025
  • Helped with Policy Renewal

    Renewing my TATA AIA Life Insurance was easy with InsuranceDekho. I received timely reminders, and their customer support explained the renewal benefits. The process was quick, and I didn’t have to worry about missing the due date. Great service!

    A
    TATA AIA
    By Anil Sharma
    On: February 25, 2025
  • Securing Family

    I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

    S
    LIC
    By Sandeep Bishnoi
    On: June 24, 2024
  • Perfect Gift for my family

    My parents are getting older, I surprised them with a life insurance policy from Bajaj Allianz Life Insurance. I purchased it through InsuranceDekho; the process was smooth and a totally easy breeze. Thank you team, for helping me secure my family.

    A
    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024

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