MANAGEMENT

Detailed explanation-1: -What is an Insurance Grace Period? An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing. The insurance grace period can vary depending on the insurer and policy type.

Detailed explanation-2: -In general, most life insurance policies come with an insurance grace period of thirty days from each premium’s due date. In some cases, it also depends on the mode of premium payment chosen.

Detailed explanation-3: -If, by the end of the 90-day grace period, the amount owed for all outstanding premium payments is not paid in full, the insurer can terminate coverage. In addition, during the first 30 days of the grace period, the insurer must continue to pay claims.

Detailed explanation-4: -The maturity benefit is a lump-sum payment made by the insurance provider when the policy has reached its expiration date. It simply implies that if your insurance policy has a 15-year term, you, the insured, will get a payout at the end of those 15 years.

Detailed explanation-5: -Non-payment of premium results in a policy being declared null and void. To run a policy, certain amount of premium is to be paid at a regular interval of time period. If someone fails to pay that certain amount of premium within the gven period of time, then as a result the policy becomes null and void.