New Delhi, Oct. 9 -- Missing a life insurance premium payment deadline does not usually bring your cover to an immediate end. A grace period begins on the due date, generally lasting 15 days for monthly instalments and 30 days for quarterly, half-yearly or annual instalments, as per the Insurance Regulatory and Development Authority of India's (IRDAI) life insurance product circular issued in 2024.

If you fail to pay the premium within the grace period, your policy could lapse or its benefits could change, depending on the policy terms and how long premiums have been paid. However, policyholders may still be able to revive a lapsed policy by following their insurer's prescribed process.

Let's understand the concept of grace period with ...