When you buy a term insurance policy, you have to pay your insurance premiums regularly. When you buy a term plan, the premium payment frequency and premium payment terms are agreed upon between you and your insurer.You need to pay your premiums on time to continue enjoying the policy cover. However, in case you miss paying it on time, you can take advantage of the grace period offered by insurers from the premium due date during which the policy remains active. (Don’t make a habit of this though!)But if you fail to pay your premiums on time, even during the grace period, your policy lapses and becomes inactive and you lose all policy benefits and premiums paid so far.Find out more about how your term policy can lapse.