Grace Period

Grace Period is the additional time after the premium due date during which the policyholder can pay the renewal premium without losing insurance cover.

For most life and health insurance policies, the grace period is 15 to 30 days, while for government-sponsored schemes like PMJJBY and PMSBY it is one month. During the grace period, the policy remains in force, but any claim settled may be subject to deduction of the unpaid premium. Beyond the grace period, the policy lapses and revival procedures apply.