if a person has taken a 1 crore term plan for a 25 yrs period with premium Rs 5,000 per year on 20th dec 2010 and imagine the policy has run for 3 yrs , and now its the 4th premium is to be paid on 31th dec 2014 . The grace period will be upto 30th Jan 2015 .
Shiv Answered question April 28, 2023
if the policy holder dies within the grace period or on the due date, still the policy will be valid and the beneficiaries will get the sum assured after deducting the the unpaid premium year.
In this particular case the if policy holder dies on 20th jan 2015 and premium is still not paid. then sum assured will be 1Cr – 5000 = 99.5lac.
Shiv Answered question April 28, 2023
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