Delayed payment of Premiums

[sagar_joshi]

Hi All,

I am Software Engineer and last year, I have gone to US for my Overseas assignment. So I would not be able to pay my LIC premium on time. Could anybody tell me how much grace period is allowed in LIC for Delayed payment of Premiums?

[Expert]

As per the contract the policyholder is expected to pay his premiums on the due date(s). But grace period of 30 days is allowed in case of yearly and Half Yearly or Quarterly policies and 15 day's is allowed in case of monthly mode of payment. LIC will not charge any interest during the grace period and the policy remains enforce.

Note - But in certain policies like Bima Kiran there is no grace period allowed

[Administrators]

You have to approach the PS/Revivals dept. of the original branch only to revive your Lapsed policy and pay the arrears of premia.