What is Grace Period in Life Insurance Policy?

2025-06-02

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It is the duration that is provided to the insured to pay his premium before his policy lapse. In any mode you decide to pay your premiums, there is a due date set. If you do not pay your premiums even after the due date, then you are notified by the company. After this, the grace period sets in. If you do not pay even in the grace period, your life insurance policy will lapse and no benefits will be payable to you.

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How Long is the Grace Period?

Duration of the grace period depends on the insurance company. It can range from 15 to 30 days. Canara HSBC Insurance Company provides a grace period of 30 days. In case of monthly policies, it is restricted to 15 days.

Your policy stays active in the grace period as well. So, if anything happens to you during the grace period, the insurance company will still be liable to pay the sum assured to your family.

What to Do After the Grace Period Ends?

If you fail to pay your premiums even after the due date, then your policy is void. You now have to revive the policy by paying penalty charges. You can revive your policy within 2-5 years of the lapse of the policy.

Frequently Asked Questions

Anyone who meets the eligibility criteria of the plan chosen by them can buy the life insurance online.

If you do not feel like going ahead with the online insurance you have chosen, you can always cancel it within the free-look period to get a refund. A free-look period is the timeframe allowed within which a policyholder can cancel the life insurance policy without getting charged any penalty.

Yes. You can buy multiple life insurance plans online from the same insurance provider or from different providers.

Online insurance plans are insurance policies that you can purchase directly from the insurance provider. Thus, the whole process is performed over the internet.

With the advancements in technology, more and more things can now be done online, even buying Insurance. Insurance companies have now come up with plans that are available only on the online mode as well.

Buying insurance online removes the need for the middle man and provides you with the utmost convenience and cost savings.

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Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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