Grace period is an additional period of time offered by insurers from the premium due date during which the term insurance policy remains active. It is 15 days if you pay your premiums monthly and 30 days if you have opted for an annual premium payment.It is offered to help people avoid a policy lapse and pay the premium, especially when they are facing a financial emergency and cannot clear the payment on the due date.Let’s hope you will always be able to pay your premiums on time without needing a grace period to clear your dues!