What is the duration of the grace period for ordinary life insurance policies?

The duration of the grace period for ordinary life insurance policies is typically 30 days. This grace period is crucial because it provides policyholders additional time to make premium payments after the due date without risking a lapse in coverage. During this 30-day grace period, the insurance company cannot cancel the policy for non-payment, and the policy remains in force. If the premium is paid within this timeframe, the coverage continues as if the payment had been made on the original due date. If the insured passes away during this grace period, the insurer is generally required to pay the death benefit, minus any outstanding premium, ensuring that the policyholder’s beneficiaries are still protected. This standard practice provides peace of mind and financial security to policyholders, allowing them a brief window to fulfill their payment obligations.