2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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60-days
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45-days
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30-days
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15-days
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Detailed explanation-1: -The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.
Detailed explanation-2: -Payment of Premiums: A grace period of one month but not less than 30 days is allowed where the mode of payment is yearly, half-yearly or quarterly and 15 days for monthly payments. If death occurs within this period, the life assured is covered for full sum assured.
Detailed explanation-3: -For a monthly premium payment mode, it is 15 days, whereas, for a yearly, half-yearly, or quarterly premium payment mode, it is 30 days. The insurance providers like LIC inform you before the due date of your premium payment and even when you enter into the grace period.
Detailed explanation-4: -What does happen if I pay LIC premium late? Ans. If you have crossed the grace period, you will be charged a late payment fee at an interest rate of 9.5% on the delayed premium.