Does premium paid during the grace period affect the risk coverage in a life policy?
During the grace period, the policy remains in full force, even if the due premium is not paid
Does premium paid during the grace period affect the risk coverage in a life policy?
Kranti Singh, Lucknow
During the grace period, the policy remains in full force, even if the due premium is not paid. Also, there is no additional interest charged on the premium paid during this period. Even in the case of a claim on account of death of the insured during the grace period, the claim is payable in full subject, however, to the deduction of the unpaid premium amount.