Grace period
If you fail to pay LIC PREMIUM on time then LIC gives you days to pay Your premium without any hassle.
Grace period of one calendar month 30 days will be allowed for the payment of premium under early half yearly quarterly mode and 15 days of premium under monthly mode without changing the interest.
If premium paid after Grace period then interest from due date of premium is charged.
In case of death of life assured in grace period full death claim is payable. However the unpaid premium falling due to before next policy anniversary will be deducted claim amount payable.
If premium chart not paid expiry Grace period the policy lapses and clean under the policy is not payable in case of death after Grace period.
So agent has also to ensure the policy holders pay the premium within Grace period and policy holder should also take it note.
The above Grace period will also apply for the rider premiums and benefit also.