LIC - What is grace period?

[Manish_Kumar]

I have a LIC Policy for which I have not paid any premium after due date on 25th June'2009. I have discussed with my agent for revival of the above policy and he suggested that the above policy will be reinstated after paying additional premium and one application to the branch manager.

1. I have also heard that there is some thing called grace period in LIC. What is grace period?
2. Could you please tell me more info about grace period in LIC?
3. Whether above policy is covered under grace period?

Similar Threads:

• Is there free look up period in Home Insurance?
• Any insurance policy without 30 day waiting period
• What is “COOLING OFF” PERIOD?
• Grace Period for LIc ulip?
• Lock in period for funds in SIP

[Master]

Manish,

Please tell us more ino about the policy you are having and also the payment mode i.e. Quaterly,Half yearly and Yearly premium.

Thanks
Master

[CONFUSED]

I have also heard that there is some thing called grace period in LIC. What is grace period?
Could you please tell me more info about grace period in LIC?

Source - licindia.com -

Days Of Grace
Policy holders are expected to pay premium on due dates. a period is 15-30 days is allowed as grace to make payment of premium; such period is days of grace.
Reinstatement
The restoration of a lapsed policy to in-force status. Reinstatement can only occur after the expiration of the grace period. The company may require evidence of insurability (and, if health status has changed, deny reinstatement), and will always require payment of the total amount of past due premium.