Grace period

1. 

   rishipatelsh
   

   member
   Joined: Jun '09
   Posts: 17

   Reputation:34

    

   It is a time period which comes after the due date of premium. Within this period the policy remains in force even though premium is not paid.

   Posted 2 years ago #
2. 

   devanand
   

   senior admin
   Joined: Jun '09
   Posts: 94

   Reputation:97

    

   In life insurance policies only, grace period are given.

   Policies with Quaterly,Half yearly and Yearly premium payment mode are provided with 1 months grace period for submission of premium from its due date.

   For montly premium mode policy grace period alloted is only 15 days.

   All claims arising during the grace period are duly paid by the insurer after current years premium adjustment from the claim amount.

   The policy is not termed as lapsed during garce period. but after the grace period is over and the premium is not paid then the policy lapses and it has to be revived by payment of premium with interest and submission of documents as per the insurer.

   IBS

   Posted 2 years ago #

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