Glossary
Grace Period
Extra days after the due date to renew without losing continuity.
The standard grace period is 15 days for monthly premiums and 30 days in other cases. Paying within it keeps waiting-period credit intact, though cover may not apply for the days before payment is received, depending on the wording.
Related guides
More glossary terms
DeductibleCo-payment (Co-pay)IDV (Insured Declared Value)No Claim Bonus (NCB)Claim Settlement Ratio (CSR)Incurred Claim Ratio (ICR)
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