Paying Premium after the due date – We can use grace period ?

POSTED BY invQ ON December 1, 2013 10:59 pm COMMENTS (2)

What is the issue if one pay the insurance (like LIC classic policy Ex: Jeevan Anand etc or Aviva iLife Term Life) premium after the due date, with in one month of the due date. I think all insurance provider gives 1 month grace period and we can pay during the grace period. Please let me know all Pros and Cons of this situation.

2 replies on this article “Paying Premium after the due date – We can use grace period ?”

  1. ashalanshu says:

    Dear InvQ, if death happens before paying your prem. there may be problem in claim settlement. that’s the only issue.

    Thanks

    Ashal

  2. swapnil.kendhe100 says:

    There are no cons of paying your premium within grace period.

    Thanks
    Swapnil

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