1. Days of grace
Policy holders are expected to pay premium on due dates, a period of 15-30 days is allowed as grace to make payment of premium from the due date is Days of grace.
The insurance grace period is the period specified after the premium payment where the policyholder can make the premium payment without the expiry of the cover period.
Depending on the insurance policy, the grace period of 15-30 days is allowed to make payment of premium from the due date is Days of grace.