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A short period — usually 90 days — after your monthly health insurance payment is due. If you haven’t made your payment, you may do so during the grace period and avoid losing your health coverage.
Is it possible to pay LIC premium after due date?
The grace period for policies where the premium payment mode is monthly is 15 days from the due date. The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.
LIC pays service charges to the Bank/Service provider as per pre-decided rates. Policies with Ordinary Mode of payment i.e. Yearly, Half-Yearly and Quarterly Mode of payment are allowed under this scheme.
What is LIC grace period?
A grace period of one month but not less than 30 days is allowed where the mode of payment is yearly, half-yearly or quarterly and 15 days for monthly payments. If death occurs within this period, the life assured is covered for full sum assured.
If premiums or co-payments are not paid, the policyholder will receive a reminder, followed by a demand for payment.
How can I change my LIC premium from half yearly to monthly?
To change the premium payment mode of your policy, the simple thing to do is to write a letter to the LIC branch manager from where you have got your LIC policy. This is how it usually works but currently, it is not possible for you to change the premium payment mode online.
In term insurance, failure to pay the premium before the due date results in the policy lapsing, which forfeits your insurance benefits and the premiums paid so far. The policy is still in force during the grace period, and if anything happens to the insured, the nominee would still be eligible for the benefits.
Can I change my LIC premium from quarterly to half-yearly online?
Currently, it is NOT possible to change your policy premium payment mode ONLINE. You shall either post the letter along with your identity proof, addressing to the Branch manager or you shall submit these documents to the LIC Branch office in person.
How much can you charge for a late fee?
The most common late fee amount is between $50 and $100. As you’re setting your late fee amount, keep in mind there may be state or local laws that limit how much you can charge. We recommend doing some research to find out if your state or city has laws that limit your late fee amount.