Life insurance terminology shouldn't be confusing. Here is the definition of grace period.
A uniform mandatory provision that gives the insured a period of time, based on the payment mode, to pay the required premium. During the grace period, the policy is still in force.
For example: Policyholders can pay the premium 31 days after the initial due date.
Life insurance terminology doesn't have to be confusing. Here are definitions of the most common terms and phrases you'll find in a policy.
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