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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.
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.
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 lapse of the policy.