What is a Grace period?
The grace period is extra time after your renewal due date to pay the premium without losing continuity benefits such as waiting-period credit. If you pay within the grace period, your policy is treated as continuous; if it lapses, you can lose accumulated credits.
Why the grace period matters
Continuity is valuable: it preserves the waiting periods you have already served and any accumulated bonus. Paying within the grace period keeps that continuity intact.
A lapse beyond the grace period can mean starting waiting periods again and losing No Claim Bonus, so the renewal date is worth a calendar reminder.
Frequently asked questions
What happens if I miss the grace period?
The policy can lapse. You may lose waiting-period credit and accumulated bonus, and a fresh policy would restart those clocks. Pay within the grace period to avoid this.