Section 24 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
24.
"Grace Period for other than Single Premium Policies" means the time granted by the insurer from the due date for the payment of premium, without any penalty or late fee, during which time the policy is considered to be inforce with the risk cover without any interruption, as per the terms & conditions of the policy. The grace period for payment of the premium for all types of non-linked insurance policies shall be: fifteen days, where the policyholder pays the premium on a monthly basis; and 30 days in all other cases.
