Which of the below statement is correct with regards to grace period of an insurance policy?

A. Standard length of the grace period is one month

B. The standard length of the grace period is 30 days

C. The standard length of the grace period is one month or 30 days

D. The standard length of the grace period is one month or 31 days

Answer: Option D

Solution(By Examveda Team)

The standard length of the grace period is one month or 31 days. The days of grace may be computed from the next day after the due date fixed for payment of the premium.