Grace Period of One Month for Paying Premium can be 31 Days: NCDRC

The National Consumer Disputes Redressal Commission (NCDRC) said that one-month grace period for the payment of insurance premium be taken as 31 days. The NCDRC order came in view of LIC’s rejection of claim for non-payment of insurance premium before 30 days.

The National Consumer Disputes Redressal Commission has given judgment that up to December 23, 2008 in which event the insurance policy was valid and subsisting at the time and date of death of the life assured and the sum assured would, therefore, be payable after adjusting the unpaid premium. Finally, the beneficiary got insurance benefit by deducting the unpaid premium.

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