You can get 30 days of grace period for every LIC Policy after policy payment due date. If you have LIC Credit Card, it will pay your amount automatically, five days before the grace period (25 days after due date). Then, LIC Credit Card gives you 45 days time for Credit Card payment. So, That means after your policy payment due date, you can avail around 70 days time to pay your policy amount.
To get a grace period of 70 days for LIC premium payment, you have to follow these steps:
- Link your LIC policy with your LIC credit card: After linking your LIC policy with your LIC credit card, the premium amount will be automatically paid after 25 days of the due date.
- In yearly, half-yearly, or quarterly premium payment modes, a grace period of one month (30 days) will be allowed.
- In monthly premium payment mode, a grace period of 15 days can be allowed.
In the grace period, you can pay the premium without any interest charges.
Additionally, if you missed the premium payment within the due date, you can still have a certain period to make the payment without paying any interest. LIC permits a grace period of 30 days for quarterly, half-yearly, and yearly premium payment modes . After the grace period, if the premium remains unpaid, the policy may lapse.
It’s worth noticing that the specific details and conditions may differ depending on the LIC policy you hold. It’s advisable to refer to the policy documents or contact LIC directly for accurate and up-to-date information regarding grace periods and premium payment options.
Please note that the information provided here is based on the search results and may not cover all possible scenarios or policy-specific details.
Note: It’s important to note that the grace period for LIC premium payment varies depending on the premium payment mode.