'Days of Grace in LIC Premium Payment' (130 Words)

Wednesday, December 25, 2013

Policyholders of LIC are required to pay the premiums to the Life Insurance Corporation of India on the due dates. However, a grace period of one month but not less than thirty days is allowed for payment of Yearly, Half-Yearly and Quarterly premiums, and fifteen days for payment of Monthly premiums.

Policyholder should pay the premiums on due dates. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly/ half-yearly/ quarterly premiums and 15 days for monthly premiums. When the days of grace expire on a Sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force. If the premium is not paid before the expiry of the days of grace, the policy lapses. 

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