Grace Period

By | August 28, 2009

Whether for ULIP or traditional insurance plans, grace period is usualy the same. Its the period in which the insurance cover will be in force eventhough one didnt pay the premium in time.
After this period, the policy lapses and the cover cease.
For yearly, half yearly, quarterly premium mode, grace period is 30 days,
For Monthly mode, its 15 days.
The police can be revived even after this period by paying the lapsed premiums.

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