Dear Nikhil

If my understanding is correct then you want to understand grace period of term insurance.

So if you are paying in monthly mode then you get 15 days grace period , in all other mode ypu get 30 days grace period .

For example , Rakesh bought term insurance of Rs 50 lalh by paying annual premium of Rs 15000 on 21 January. This policy need to be renewed each year on 21 Jan.

Rakesh dies on 15 February and premium of 21 Jan was unpaid and policy status was lapsed .

But claim will be payable because death happened within grace period of 30 days but insurance company will recover Rs 15000 from claim amount .

So family will receive rs 49.85 lakh .

Hope this suffice