Your policy has to be serviced with regular premium payments, based on the premium frequency or premium payment mode fixed in the policy. If you miss the premium payment on the due date, you have an additional time window to pay the premium due before the policy lapses completely.
If you pay the premium before the end of the grace period, your cover will remain intact even during the period when the premium was overdue. In case of death during the grace period, it is important to inform the insurance company during the grace period. The insurer will deduct the premium due on the policy and pay out the remaining claim amount.
In the case of Term Insurance, the Grace period is 15 days for monthly payment mode and 30 days for all other non-monthly payment modes